Taiwan Bourse May Remain Stuck In Neutral
(RTTNews) - The Taiwan stock market on Tuesday snapped the four-day winning streak in which it had jumped more than 260 points or 2.6 percent. The Taiwan Stock Exchange now rests just above the 10,750-point plateau and it may continue to spin its wheels on Wednesday.
The global forecast for the Asian markets suggests mild upside on expectations of further stimulus. The European markets were up and the U.S. bourses were mixed and little changed and the Asian markets figure to split the difference.
The TSE finished modestly lower on Tuesday as losses from the technology stocks and cement companies were offset by support from the financial sector.
For the day, the index lost 47.56 points or 0.44 percent to finish at 10,753.58 after trading between 10,732.78 and 10,810.03.
Among the actives, Cathay Financial climbed 1.10 percent, while Mega Financial advanced 1.20 percent, CTBC Financial jumped 1.45 percent, Fubon Financial collected 0.79 percent, First Financial gained 1.62 percent, E Sun Financial accelerated 2.12 percent, Taiwan Semiconductor Manufacturing Company skidded 1.32 percent, Hon Hai Precision shed 0.80 percent, Largan Precision plummeted 5.39 percent, MediaTek skidded 1.18 percent, Asia Cement sank 1.46 percent, Taiwan Cement eased 0.12 percent, Formosa Plastic rose 0.32 percent and Formosa Chemical, United Microelectronics Corporation and Catcher Technology were unchanged.
The lead from Wall Street continues to be murky as stocks saw another lackluster performance on Tuesday, eventually closing mixed and roughly flat for the third consecutive session.
The Dow added 73.92 points or 0.28 percent to 26,909.43, while the NASADQ fell 3.28 points or 0.04 percent to 8,084.16 and the S&P 500 rose 0.96 points or 0.03 percent to 2,979.39.
The early weakness on Wall Street reflected uncertainty ahead of the European Central Bank's monetary policy decision on Thursday as well as next week's Federal Reserve meeting. Both the ECB and the Fed are expected to cut interest rates in reaction to indications of a global slowdown.
The weaker than expected jobs data released last Friday raised concerns about the economic outlook but also reinforced expectations of another interest rate cut by the Fed next week.
Crude oil prices edged lower on Tuesday, with traders taking profits after recent strong gains and looking ahead to weekly inventory reports. West Texas Intermediate Crude oil futures for October were down $0.45 or 0.8 percent at $57.40 a barrel.