(RTTNews.com) – The Taiwan stock market on Monday snapped the two-day slide in which it had fallen more than 70 points or 0.7 percent. The Taiwan Stock Exchange now rests just above the 9,880-point plateau, and the market is looking at a steady start on Tuesday.
The global forecast for the Asian markets is fairly rudderless, with geopolitical concerns tempered by the resulting spike in crude oil prices. The European markets were slightly lower and the U.S. bourses were barely higher – and the Asian markets also figure to be flat.
The TSE finished slightly higher on Monday following gains from the technology stocks and financial shares
Among the actives, Hon Hai Precision added 0.42 percent, while Taiwan Semiconductor Manufacturing Company lost 0.52 percent, Innolux surged 6.13 percent, MediaTek gained 0.23 percent, AU Optronics perked 2.88 percent, Advanced Semiconductor Engineering collected 0.60 percent, Cathay Financial climbed 1.1 percent and Fubon Financial advanced 0.4 percent.
The lead from Wall Street suggests very mild upside as stocks spent Monday bouncing back and forth across the unchanged line before closing barely higher.
The Dow added 0.84 points or 0.1 percent, while the NASDAQ was up 3.11 points or 0.1 percent to 5,880.93, and the S&P 500 ticked up 1.61 points or 0.1 percent to 2,357.17.
Traders kept an eye on geopolitical events following the U.S. strike on a Syrian airbase in retaliation for a chemical weapons attack on civilians.
The price of crude oil showed a solid upward move on Monday amid the rising geopolitical tensions. Crude for May delivery climbed $0.84 to $53.08 a barrel for its best closing level in over a month.
While an increase by the price of crude oil generated early buying interest, traders quickly cashed in on those gains.
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