Markets

Taiwan Bourse May Reverse Wednesday's Losses

(RTTNews) - The Taiwan stock market on Wednesday snapped the modest two-day winning streak in which it had collected more than 90 points or 0.8 percent. The Taiwan Stock Exchange now rests just beneath the 11,240-point plateau although it's tipped to rebound on Thursday.

The global forecast for the Asian markets is cautiously optimistic on mixed earnings news and a jump in crude oil prices. The European markets were mixed and the U.S. bourses were higher and the Asian markets figure to split the difference.

The TSE finished modestly lower on Wednesday following losses from the financial shares and cement companies and a mixed performance from the technology stocks.

For the day, the index fell 31.58 points or 0.28 percent to finish at 11,239.67 after trading between 11,209.10 and 11,281.12.

Among the actives, Cathay Financial skidded 1.33 percent, while Mega Financial collected 0.17 percent, CTBC Financial fell 0.47 percent, Fubon Financial sank 0.66 percent, First Financial dropped 1.12 percent, E Sun Financial retreated 0.75 percent, Taiwan Semiconductor Manufacturing Company shed 0.34 percent, United Microelectronics Corporation added 0.36 percent, Hon Hai Precision climbed 1.26 percent, Largan Precision tumbled 1.82 percent, Catcher Technology lost 0.77 percent, MediaTek rose 0.13 percent, Asia Cement declined 0.91 percent, Taiwan Cement plunged 1.09 percent and Formosa Plastic was down 1.03 percent.

The lead from Wall Street suggests mild upside as stocks showed a lack of direction on Wednesday, bouncing back and forth across the unchanged line before ending modestly higher.

The Dow added 45.85 points or 0.17 percent to end at 26,833.95, while the NASDAQ rose 15.50 points or 0.19 percent to 8,119.79 and the S&P 500 rose 8.53 points or 0.28 percent to 3,004.52.

The choppy trading on Wall Street came as traders digested soft earnings news from big-name companies like Boeing (BA), Caterpillar (CAT) and Texas Instruments (TXN).

A lack of major developments on the Brexit and U.S.-China trade deal fronts also kept traders reluctant to make more significant moves.

Crude oil futures rose sharply and settled at a one-month high on Wednesday after data showed an unexpected decline in crude inventories in the U.S. last week. West Texas Intermediate Crude oil futures for December ended up $1.49 or 2.7 percent at $55.97 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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