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Tech Shares May Lift Taiwan Stock Market

The Taiwan stock market on Monday wrote a finish to the two-day slide in which it had fallen almost 70 points or 0.7 percent. The Taiwan Stock Exchange now rests just above the 10,460-point plateau and it may inch higher again on Tuesday.

The global forecast for the Asian markets is ambiguous ahead of the Federal Reserve's monetary policy announcement on Wednesday. The European and U.S. markets were mixed and little changed and the Asian markets figure to follow suit.

The TSE finished modestly higher on Monday following gains from the technology and cement stocks, while the financials were mixed.

For the day, the index gained ended up 24.58 points or 0.24 percent to finish at the daily high of 10,461.28 after trading as low as 10,406.81 on turnover of 81.47 billion Taiwan dollars.

Among the actives, Taiwan Semiconductor Manufacturing Company added 0.23 percent, while Hon Hai Precision climbed 0.87 percent, AU Optronics lost 0.41 percent, Catcher Technology spiked 2.64 percent, Innolux picked up 0.34 percent, Largan Precision advanced 1.11 percent, Formosa Plastics gained 0.55 percent, Taiwan Cement fell 0.28 percent, Mega Financial jumped 1.38 percent, Fubon Financial dipped 0.53 percent and Cathay Financial was unchanged.

The lead from Wall Street is inconclusive as stocks showed a lack of direction on Monday, bouncing back and forth across the unchanged line before ending mixed.

The NASDAQ climbed 23.05 or 0.4 percent to a record 6,410.81, while the Dow fell 66.90 points or 0.3 percent to 21,513.17 and the S&P eased 2.63 points or 0.1 percent to 2,469.91.

The choppy trading came ahead of the FOMC announcement. The Fed is widely expected to leave interest rates unchanged, and traders will pay close attention to the accompanying statement for insight into the outlook for interest rates.

In economic news, the National Association of Realtors noted a bigger than expected drop in existing home sales in June.

by RTT Staff Writer

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