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Taiwan Bourse May Be Stuck In Neutral On Wednesday

The Taiwan stock market has finished higher in two straight sessions, jumping almost 310 points or 1.9 percent along the way. The Taiwan Stock Exchange now sits just beneath the 16,740-point plateau and it may take a breather on Wednesday.

The global forecast for the Asian markets is mixed and fairly flat amid a lack of strong catalysts. The European markets were up and the U.S. bourses were down and the Asian markets figure to split the difference.

The TSE finished sharply higher on Tuesday following mixed performances from the financial shares and technology stocks.

For the day, the index surged 168.59 points or 1.02 percent to finish at 16,739.87 after trading between 16,711.79 and 16,804.45 on turnover of 336.53 billion Taiwan dollars.

Among the actives, Taiwan Semiconductor Manufacturing Company, United Microelectronics Corporation, MediaTek, Cathay Financial, Mega Financial, Fubon Financial, Taiwan Cement and Formosa Chemical all finished higher - while Formosa Plastic, Asia Cement, Hon Hai Precision, Largan Precision, Catcher Technology, CTBC Financial and First Financial ended in the red.

The lead from Wall Street suggests mild consolidation as the major averages opened lower but then spent the day bouncing back and forth across the unchanged line before eventually closing slightly in the red.

The Dow shed 96.95 points or 0.29 percent to finish at 33,430.24, while the NASDAQ dipped 7.21 points or 0.05 percent to end at 13,698.38 and the S&P 500 eased 3.97 points or 0.10 percent to close at 4,073.94.

The choppy trading on Wall Street came as traders expressed some uncertainty about the near-term outlook for the markets following recent strength.

Meanwhile, traders largely shrugged off news the International Monetary Fund raised its global growth projections for this year and next, citing huge fiscal stimulus in some big economies and a vaccine-driven recovery in the future.

Crude oil prices moved higher on Tuesday, riding a weaker U.S. dollar. West Texas Intermediate Crude oil futures for May ended higher by $0.68 or 1.2 percent at $59.33 a barrel.

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