logo
  

Taiwan Stock Market Predicted To End Losing Streak

The Taiwan stock market has finished lower in three straight sessions, sinking more than 370 points or 2.2 percent along the way. The Taiwan Stock Exchange now sits just beneath the 16,350-point plateau although it may find support on Thursday.

The global forecast for the Asian markets is cautiously optimistic on easing concerns for the outlook for interest rates. The European markets were up and the U.S. bourses were mostly higher and the Asian markets are also tipped to open in the green.

The TSE finished modestly lower on Wednesday as the financial shares and technology stocks were mostly in the red.

For the day, the index sank 114.85 points or 0.70 percent to finish at 16,347.99 after trading between 16,328.47 and 16,543.33.

Among the actives, Cathay Financial fell 0.35 percent, while Mega Financial collected 0.15 percent, CTBC Financial and First Financial both slid 0.22 percent, Fubon Financial lost 0.40 percent, Taiwan Semiconductor Manufacturing Company shed 0.70 percent, United Microelectronics Corporation tanked 3.59 percent, Hon Hai Precision added 0.48 percent, Catcher Technology dropped 0.92 percent, MediaTek tumbled 2.82 percent, Delta Electronics dipped 0.20 percent, Formosa Plastic retreated 1.70 percent, Asia Cement was down 0.11 percent, Taiwan Cement gained 0.60 percent and Largan Precision, E Sun Financial, Uni-President Enterprises and Far Eastern New Century were unchanged.

The lead from Wall Street is mostly upbeat as the NASDAQ opened higher and remained solidly in the green. The Dow and S&P spent much of the day in negative territory, with the later managing to climb into positive territory and the former closing just under the line.

The Dow eased 0.53 points to finish at 34,377.81, while the NASDAQ jumped 105.71 points or 0.73 percent to close at 14,571.63 and the S&P 500 rose 13.15 points or 0.30 percent to end at 4,363.80.

The higher close on Wall Street came as a report from the Labor Department showed consumer prices rose by slightly more than expected in September, but the data was not seen as likely to accelerate the Federal Reserve's tapering plans.

Also, the minutes of the Fed's September meeting outlined the central bank's plans to gradually scale back its asset purchases. Participants generally agreed that a gradual tapering of asset purchases that concludes around the middle of next year would likely be appropriate if the economic recovery remained broadly on track.

Crude oil prices drifted lower on Wednesday, weighed down by concerns the slowdown in global economic growth could weaken the outlook for energy demand. West Texas Intermediate Crude oil futures for November eased $0.20 or 0.3 percent at $80.44 a barrel.

For comments and feedback contact: editorial@rttnews.com

Follow RTT