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Tech Shares May Weigh On Taiwan Stock Market

The Taiwan stock market has climbed higher in three straight sessions, gathering almost 210 points or 2 percent along the way. The Taiwan Stock Exchange now rests just above the 10,615-point plateau although investors may cash in on Thursday.

The global forecast for the Asian markets is negative on continuing concerns over world trade, plus a deep drop in crude oil prices. The European and U.S. markets were down and the Asian markets figure to open in similar fashion.

The TSE finished slightly higher on Wednesday as gains from the technology stocks were offset by weakness from the financial sector.

For the day, the index rose 7.90 points or 0.07 percent to finish at 10,615.66 after trading between 10,566.37 and 10,630.69.

Among the actives, Cathay Financial shed 0.48 percent, while Mega Financial tumbled 1.92 percent, Fubon Financial slid 0.22 percent, First Financial skidded 1.35 percent, Taishin Financial lost 0.71 percent, Taiwan Semiconductor Manufacturing Company added 0.61 percent, United Microelectronics Corporation climbed 1.12 percent, Hon Hai Precision jumped 1.80 percent, AsusTek Computer rose 0.23 percent, Catcher Technology soared 3.19 percent, MediaTek gained 0.49 percent and Largan Precision and CTBC Financial were unchanged.

The lead from Wall Street is soft as stocks turned in a lackluster performance on Wednesday before ending slightly lower, extending losses from the previous session.

The Dow shed 43.68 points or 0.17 percent to finish at 26,004.83, while the NASDAQ lost 29.85 points or 0.38 percent to 7,792.72 and the S&P 500 fell 5.88 points or 0.20 percent to 2,879.84.

The weakness on Wall Street came as traders weighed lingering trade concerns against optimism about an interest rate cut by the Federal Reserve.

The U.S.-China trade conflict has moved back into the spotlight ahead of the G20 summit later this month - however, a report showing tame inflation has further fueled expectations that the Federal Reserve will cut interest rates in the near future.

Crude oil futures plunged sharply on Wednesday after the Energy Information Administration showed a jump in U.S. crude stockpiles for a second straight week. West Texas Intermediate Crude oil futures for July ended down $2.13 or 4 percent at $51.14 a barrel, the lowest settlement price since mid-January.

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