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Technology Stocks May Boost Taiwan Shares

The Taiwan stock market has ticked higher in two straight sessions, collecting almost 150 points or 1.4 percent along the way. The Taiwan Stock Exchange now rests just beneath the 10,980-point plateau and it may add to its winnings on Wednesday.

The global forecast for the Asian markets is murky, with little movement expected ahead of the FOMC interest rate decision later today. The European markets were up and the U.S. bourses were mostly lower - and the Asian markets figure to split the difference.

The TSE finished slightly higher on Tuesday following gains from the steel companies and mixed performances from the financials, technology stocks.

For the day, the index added 6.44 points or 0.06 percent to finish at 10,978.85 after trading between 10,941.77 and 11,003.49 on turnover of 113.72 billion Taiwan dollars.

Among the actives, Mega Financial added 0.55 percent, while CTBC Financial collected 0.67 percent, Cathay Financial eased 0.19 percent, Taiwan Semiconductor Manufacturing Company climbed 0.76 percent, Hon Hai Precision perked 0.40 percent, Largan Precision plunged 3.62 percent, Catcher Technology skidded 1.03 percent, MediaTek gained 0.21 percent, China Steel picked up 0.40 percent, Taiwan Steel Union advanced 2.31 percent, Taiwan Cement dipped 0.50 percent, Asia Cement plummeted 3.03 percent, Formosa Petrochemical tumbled 3.40 percent, Formosa Plastics skidded 1.70 percent and Fubon Financial and Chunghwa Telecom were unchanged.

The lead from Wall Street offers little guidance as stocks opened slightly higher on Tuesday before fading in afternoon trade - although the tech-heavy NASDAQ remained in the green.

The Dow shed 69.84 points or 0.26 percent to finish at 26,492.21, while the NASDAQ added 14.22 points or 0.18 percent to 8,007.47 and the S&) fell 3.81 points or 0.13 percent to 2,915.56.

The uncertainty on Wall Street comes as traders look ahead to the Fed's monetary policy announcement. The Fed is widely expected to raise interest rates by a 25 basis points, although traders will pay attention to the accompanying statement for clues about the outlook for rates.

Fed Chairman Jerome Powell's subsequent press conference is also likely to attract attention, with the central bank expected to raise rates by at least once more this year.

In economic news, the Conference Board noted an unexpected improvement in consumer confidence in September as its index hit an 18-year high.

Crude oil prices climbed on Tuesday after OPEC declined to increase production after upcoming U.S. sanctions against Iran take hold. U.S. West Texas Intermediate futures for November delivery gained $0.20 or 0.3 percent to $72.28.

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