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Tech Shares Likely To Weigh On Taiwan Stock Market

The Taiwan stock market headed south again on Wednesday, one session after it had ended the four-day losing streak in which it had tumbled almost 300 points or 2.7 percent. The Taiwan Stock Exchange now rests just above the 10,720-point plateau and it may take further damage on Thursday.

The global forecast for the Asian markets is cautiously optimistic thanks to a spike in crude oil prices. The European markets were slightly higher and the U.S. bourses were mixed but little changed - and the Asian markets figure to split the difference.

The TSE finished modestly lower on Wednesday following losses from the financial and steel stocks, while the technology shares came in mixed.

For the day, the index slid 29.73 points or 0.28 percent to finish at 10,722.57 after trading between 10,667.25 and 10,779.93 on turnover of 123.52 billion Taiwan dollars.

Among the actives, Taiwan Semiconductor Manufacturing Company added 0.19 percent, while AU Optronics advanced 1.18 percent, Largan Precision tumbled 3.00 percent, Hon Hai Precision shed 0.90 percent, United Microelectronics skidded 1.60 percent, Catcher Technology dropped 2.56 percent, AsusTek Computer gained 0.59 percent, Fubon Financial dipped 0.20 percent, CTBC Financial fell 1.17 percent, Taiwan Steel Union lost 0.47 percent, China Steel retreated 1.02 percent and Cathay Financial, Chunghwa Telecom, MediaTek, Mega Financial and Formosa Plastics all were unchanged.

The lead from Wall Street is murky as stocks showed a lack of direction on Wednesday before ending mixed and roughly flat.

The Dow added 27.86 points or 0.11 percent to 25,998.92, while the NASDAQ fell 18.25 points or 0.23 percent to 7,954.23 and the S&P 500 gained 1.03 points or 0.04 percent to 2,888.92.

Traders seemed reluctant to make significant moves amid lingering uncertainty about the trade dispute between the U.S. and China, despite reports of a new round of talks in the near future.

In economic news, the Labor Department noted a drop in producer prices in August, while the Federal Reserve's Beige Book said the U.S. economy expanded at a moderate pace through the end of August.

Crude oil prices climbed higher on Wednesday after the U.S. Energy Information Administration noted a drop in crude inventories last week. Crude oil futures for October delivery ended up $1.12 or 1.6 percent at $70.37 a barrel, the best settlement price in about eight weeks.

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