(RTTNews.com) - The Taiwan stock market turned emphatically lower again on Tuesday, one session after it had ended the three-day slide in which it had surrendered almost 75 points or 0.7 percent. The Taiwan Stock Exchange now rests just above the 9,775-point plateau and it's likely to extend its losses on Wednesday.
The global forecast for the Asian markets remains grim thanks to geopolitical concerns, economic outlook and plummeting crude oil prices. The European and U.S. markets were down and the Asian bourses figure to open in similar fashion.
The TSE finished sharply lower on Tuesday with damage across the board - particularly among the financials and technology stocks.
For the day, the index tumbled 199.08 points or 2.99 percent to finish at the daily low of 9,775.20 after peaking at 9,912.28 on turnover of 101.28 billion Taiwan dollars.
Among the actives, Taiwan Semiconductor Manufacturing Company tumbled 2.95 percent, while United Microelectronics Corporation retreated 2.67 percent, MediaTek shed 3.39 percent, Largan Precision skidded 4.85 percent, Taiwan Steel Union declined 1.98 percent, Asia Cement plunged 6.46 percent, Chunghwa Telecom was down 0.93 percent, Formosa Plastic contracted 1.46 percent, Cathay Financial dropped 1.99 percent, Fubon Financial lost 0.90 percent, CTBC Financial fell 0.71 percent, Mega Financial collected 0.19 percent, First Financial slid 1.51 percent and AsusTek Computer and China Steel were unchanged.
The lead from Wall Street is negative as stocks opened sharply lower on Tuesday. They made back considerable ground in afternoon trade but still ended in the red.
The Dow shed 125.98 points or 0.50 percent to finish at 25,191.43, while the NASDAQ lost 31.09 points or 0.42 percent to 7,437.54 and the S&P 500 fell 15.19 points or 0.55 percent to 2,640.69.
The early sell-off reflected an extension of the significant weakness seen in overseas markets, which came amid worries about global economic growth and mounting geopolitical tensions.
A negative reaction to quarterly results from some big-name companies also contributed to sharp decline by stocks - including Caterpillar (CAT) and 3M Co. (MMM), although McDonald's (MCD) beat the street.
Crude oil prices plunged sharply on Tuesday amid speculation of a possible drop in demand due to uncertainty about the outlook for global economic growth. Crude oil futures for December delivery were down $2.93 or 4.2 percent at $66.43 a barrel, the lowest settlement since August 20.
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