Taiwan Bourse May Head South Again On Thursday
(RTTNews) - Ahead of Wednesday's Labor Day holiday, the Taiwan stock market had snapped the two-day slide in which it had stumbled more than 100 points or 0.9 percent. The Taiwan Stock Exchange now rests just beneath the 10,970-point plateau although it's expected to see renewed consolidation on Thursday.
The global forecast for the Asian markets is soft on the outlook for interest rates and on sliding crude oil prices. The European markets were mixed and little changed and the U.S. bourses were down and the Asian markets figure to follow the latter lead.
The TSE finished modestly higher on Tuesday following gains from the financial shares and mixed performances from the technology and cement stocks.
For the day, the index collected 28.67 points or 0.26 percent to finish at 10,967.73 after trading between 10,910.78 and 10,978.10.
Among the actives, Taiwan Semiconductor Manufacturing Company shed 0.19 percent, while United Microelectronics Corporation advanced 0.75 percent, Hon Hai Precision dropped 1.03 percent, Largan Precision fell 0.32 percent, MediaTek spiked 2.78 percent, Catcher Technology plunged 3.36 percent, Cathay Financial collected 0.22 percent, Mega Financial climbed 1.02 percent, CTBC Financial jumped 1.20 percent, Fubon Financial slid 0.22 percent, First Financial advanced 0.68 percent, Asia Cement rose 0.60 percent, Taiwan Cement lost 0.24 percent, Formosa Plastic declined 0.44 percent and AsusTek Computer and Taishin Financial were unchanged.
The lead from Wall Street is negative as stocks shook off early support on Wednesday and finished firmly in the red.
The Dow shed 162.77 points or 0.61 percent to finish at 26,430.14, while the NASDAQ lost 45.75 points or 0.57 percent to 8,049.64 and the S&P 500 fell 22.10 points or 0.75 percent to 2,923.73.
The late-day pullback came after Federal Reserve Chairman Jerome Powell dashed traders' hopes for a near-term interest rate cut. The comments from Powell came after the Fed announced its widely expected decision to leave interest rates unchanged at 2.25 to 2.50 percent for the third straight meeting.
Meanwhile, traders were also reacting to mixed economic data, as separate reports showed a jump in private sector employment and a significant slowdown in growth in the manufacturing sector.
Crude oil prices slid Wednesday after data showed a larger than expected increase in U.S. crude stockpiles last week. West Texas Intermediate Crude oil futures for June settled at $63.62 a barrel, losing $0.15 or 0.24 percent for the session.
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