Tech Shares May Weigh On Taiwan Stock Market
(RTTNews) - The Taiwan stock market has climbed higher in four straight sessions, advancing almost 300 points or 2.8 percent along the way. The Taiwan Stock Exchange now rests just above the 11,650-point plateau although the rally may stall on Thursday.
The global forecast for the Asian markets is fairly rudderless amid a lack of catalysts as investors look for concrete details in a possible trade agreement between the United States and China. The European markets were slightly higher and the U.S. bourses were mixed and flat and the Asian markets figure to follow the latter lead.
The TSE finished slightly higher on Wednesday as gains from the financials and technology stocks were capped by weakness from the cement and plastic sectors.
For the day, the index gained 9.04 points or 0.08 percent to finish at 11,653.07 after trading between 11,601.70 and 11,668.20.
Among the actives, Cathay Financial soared 3.74 percent, while Mega Financial climbed 1.49 percent, CTBC Financial advanced 1.16 percent, Fubon Financial collected 2.00 percent, E Sun Financial rose 0.18 percent, Taiwan Semiconductor Manufacturing Company added 0.16 percent, Hon Hai Precision gained 0.44 percent, Largan Precision accelerated 1.84 percent, Catcher Technology skidded 1.25 percent, MediaTek spiked 2.12 percent, Asia Cement lost 0.81 percent, Taiwan Cement sank 0.24 percent, Formosa Plastic fell 0.20 percent and United Microelectronics Corporation and First Financial were unchanged.
The lead from Wall Street offers little clarity as stocks showed a lack of direction on Wednesday, bouncing back and forth across the unchanged line before ending mixed.
The Dow eased 0.07 points to end at 27,492.56, while the NASDAQ fell 24.05 points or 0.29 percent to 8,410.63 and the S&P rose 2.16 points or 0.07 percent to 3,076.78.
The choppy trading on Wall Street came as traders were reluctant to make significant moves amid uncertainty about the near-term outlook for the markets after the recent run to record highs.
Optimism about a potential U.S.-China trade deal contributed to the strength on Wall Street, but traders now seem to be looking for more concrete developments - limiting the upside.
In U.S. economic news, the Labor Department said labor productivity in the U.S. unexpectedly edged lower in the third quarter.
Crude oil prices drifted lower on Wednesday, snapping a three-day winning streak, after data showed a larger than expected increase in crude inventories last week. West Texas Intermediate Crude oil futures for December ended down $0.88 or 1.5 percent at $56.35 a barrel.
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