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Win Streak May End For Taiwan Stock Market

The Taiwan stock market has finished higher in four straight sessions, advancing more than 350 points or 3.2 percent along the way. The Taiwan Stock Exchange now rests just beneath the 11,100-point plateau although investors figure to lock in gains on Wednesday.

The global forecast for the Asian markets is broadly negative thanks to renewed geopolitical concerns and a drop in crude oil prices. The European and U.S. markets were firmly lower and the Asian bourses figure to follow suit.

The TSE finished modestly higher on Tuesday following gains from the technology stocks and steel producers, while the financials came in mixed.

For the day, the index collected 93.53 points or 0.85 percent to finish at the daily high of 11,095.63 after moving as low as 11,014.87 on turnover of 130.46 billion Taiwan dollars.

Among the actives, Cathay Financial skidded 1.10 percent, while Fubon Financial shed 0.39 percent, Mega Financial collected 0.79 percent, Taiwan Semiconductor Manufacturing Company jumped 1.97 percent, AU Optronics added 0.74 percent, Hon Hai Precision climbed 0.95 percent, Largan Precision spiked 2.28 percent, Nanya Technology surged 8.31 percent, China Steel gained 0.63 percent and United Microelectronics Corporation and Taiwan Steel Union were unchanged.

The lead from Wall Street is soft as stocks failed to hold a higher open Tuesday before sliding firmly into negative territory.

The Dow slid 171.58 points or 0.68 percent to 25,007.03, while the NASDAQ tumbled 77.31 points or 1.02 percent to 7,511.01 and the S&P fell 17.71 points or 0.64 percent to 2,765.31.

The weakness came amid renewed geopolitical concerns after President Donald Trump fired Secretary of State Rex Tillerson and replaced him with CIA Director Mike Pompeo.

Traders shrugged off a Labor Department report showing a modest increase in consumer prices and core CPI in February.

Crude oil futures were lower Tuesday amid expectations that U.S. oil inventories rose for a third week in a row. April WTI oil was down 65 cents or 1.1 percent to settle at $60.71/bbl.

by RTTNews Staff Writer

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