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Taiwan Stock Market Likely To Remain Rangebound

The Taiwan stock market has finished higher in three straight sessions, collecting almost 140 points or 1.4 percent along the way. The Taiwan Stock Exchange now rests just above the 11,015-point plateau although it may head south again on Wednesday.

The global forecast for the Asian markets is broadly negative on diminishing hopes for a resolution to the trade dispute between the United States and China. The European and U.S. bourses were sharply lower and the Asian markets are expected to open in similar fashion.

The TSE finished modestly higher on Tuesday following gains from the financial shares, technology stocks and cement companies.

For the day, the index climbed 82.25 points or 0.75 percent to finish at 11,017.31 after trading between 10,986.01 and 11,020.51.

Among the actives, Cathay Financial collected 0.25 percent, while Mega Financial added 0.52 percent, CTBC Financial climbed 0.97 percent, Fubon Financial gained 0.68 percent, First Financial perked 0.91 percent, E Sun Financial was up 0.19 percent, Taiwan Semiconductor Manufacturing Company spiked 3.06 percent, Hon Hai Precision advanced 0.82 percent, Catcher Technology skidded 1.14 percent, MediaTek rose 0.13 percent, Asia Cement gathered 1.06 percent, Taiwan Cement was up 1.15 percent and United Microelectronics Corporation and Largan Precision were unchanged.

The lead from Wall Street is weak as stocks opened lower on Tuesday, rebounded slightly but then headed firmly into the red at the close.

The Dow shed 313.98 points or 1.19 percent to 26,164.04, while the NASDAQ sank 132.52 points or 1.67 percent to 7,823.78 and the S&P fell 45.73 points or 1.56 percent to 2,893.06.

Selling pressure re-emerged late in the session after the Trump administration imposed visa restrictions on Chinese officials over abuses of Muslim minorities in the Xinjiang region. The new visa restrictions come just two days before the U.S. and China are scheduled to resume high-level trade talks in Washington.

Traders largely shrugged off a Labor Department report showing an unexpected decrease in U.S. producer prices in September - which may clear the way for the Federal Reserve to continue cutting interest rates amid signs of slowing economic growth.

Crude oil futures ended lower on Tuesday as fading optimism about U.S.-China trade talks weighed on prospects for near term energy demand. West Texas Intermediate Crude oil futures for November ended down $0.12 or 0.2 percent at $52.63 a barrel.

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