Plus   Neg

Taiwan Stock Market May Run Out Of Steam On Wednesday

The Taiwan stock market has finished higher in three straight trading days, advancing almost 290 points or 2.7 percent along the way. The Taiwan Stock Exchange now rests just beneath the 11,650-point plateau although investors may cash in on Wednesday.

The global forecast for the Asian markets is murky thanks to ambiguity regarding trade and interest rates. The European markets were slightly higher and the U.S. bourses were mixed and little changed and the Asian markets figure to see little movement as well.

The TSE finished modestly higher on Tuesday following gains from the financial shares and a mixed picture from the technology stocks.

For the day, the index advanced 87.18 points or 0.75 percent to finish at the daily high of 11,644.03 after moving as low as 11,576.18.

Among the actives, Cathay Financial collected 1.22 percent, while Mega Financial added 0.83 percent, CTBC Financial perked 0.23 percent, First Financial rose 0.22 percent, E Sun Financial gained 0.54 percent, Taiwan Semiconductor Manufacturing Company climbed 1.14 percent, United Microelectronics Corporation skidded 1.02 percent, Hon Hai Precision jumped 1.12 percent, Largan Precision advanced 0.98 percent, Catcher Technology fell 0.18 percent, MediaTek spiked 3.16 percent, Asia Cement dipped 0.11 percent, Taiwan Cement sank 0.12 percent and Fubon Financial and Formosa Plastic were unchanged.

The lead from Wall Street offers little clarity as stocks showed a lack of direction on Tuesday, bouncing back and forth across the unchanged line before ending mixed.

The Dow added 30.52 points or 0.11 percent to 27,492.63, while the NASDAQ rose 1.48 points or 0.02 percent to 8,434.60 and the S&P 500 fell 3.65 points or 0.12 percent to 3,074.62.

The early strength on Wall Street came amid continued optimism about a potential U.S.-China trade deal, with President Donald Trump and Chinese President Xi Jinping expected to sign phase one of an agreement sometime this month.

Buying interest was subdued, however, as traders wait for more concrete developments before continuing to buy stocks following the recent run to record highs.

But stocks ebbed following a report from the Institute for Supply Management showing better than expected growth in the U.S. service sector in October. The data raised concerns about the outlook for interest rates after the Federal Reserve said last week it's putting further rate cuts on hold.

Crude oil for December delivery is extending to recent gains on continued optimism about the outlook for global demand. West Texas Intermediate advanced $0.70 or 1.24 percent to $57.22.

For comments and feedback contact: editorial@rttnews.com

Follow RTT