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Taiwan Stock Market May Find Traction On Tuesday

The Taiwan stock market has finished lower in two straight sessions, giving away more than 100 points or 0.9 percent along the way. The Taiwan Stock Exchange now rests just beneath the 11,150-point plateau although it may stop the bleeding on Tuesday.

The global forecast for the Asian markets is cautiously optimistic ahead of today's summit between U.S. President Donald Trump and North Korean leader Kim Jong Un. The European and U.S. markets were slightly higher on the Asian markets are expected to follow suit.

The TSE finished slightly lower on Monday following losses from the steel companies and mixed performances from the financials and technology stocks.

For the day, the index dipped 7.19 points or 0.06 percent to finish at 11,149.23 after trading between 11,118.81 and 11,186.67 on turnover of 153.13 billion Taiwan dollars.

Among the actives, Taiwan Semiconductor Manufacturing Company shed 0.44 percent, while Innolux gained 0.41 percent, Hon Hai Precision skidded 1.02 percent, Largan Precision added 0.11 percent, Catcher Technology advanced 0.43 percent, United Microelectronics soared 2.44 percent, Fubon Financial lost 0.19 percent, Cathay Financial collected 0.73 percent, Mega Financial fell 0.55 percent, First Financial picked up 0.24 percent, Chunghwa Telecom dipped 0.45 percent, China Steel tumbled 1.23 percent, Taiwan Steel Union declined 0.43 percent and AU Optronics and CTBC Financial were unchanged.

The lead from Wall Street suggests slim upside as stocks showed a lack of direction Monday before inching higher on Monday as the Dow and the S&P hit their best closing levels in three months.

The Dow inched up 5.78 points or 0.02 percent to 25,322.31, while the NASDAQ rose 14.41 points or 0.19 percent to 7,659.93 and the S&P 500 edged up 2.97 points or 0.11 percent to 2,782.00.

The higher close came as traders looked ahead to the summit between Trump and Kim later today. Reports suggest the U.S. may offer North Korea unique security assurances in exchange for the complete and verifiable denuclearization of the Korean peninsula.

Traders also looked ahead to monetary policy announcements by the Federal Reserve and the European Central Bank. The Fed is expected to raise interest rates by 25 basis points, while the ECB may end its bond purchasing program.

Meanwhile, trade concerns continue to hang over the markets after Trump backed out of a joint G7 communiqué over the weekend. Trump continued to hammer U.S. allies on trade after leaving the G7 summit early to attend the meeting with Kim.

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