(RTTNews) – Taiwan’s stock market on Tuesday broke a two-day winning streak in which it had gained more than 75 points, or 0.5 percent. The Taiwan Stock Exchange is now just above the 16,000-point plateau, although it is expected to open in the green on Wednesday.
The global forecast for Asian markets is cautiously optimistic ahead of the Federal Reserve’s monetary policy announcement later today. European markets were mixed and US markets rose, with Asian markets expected to follow suit.
The TSE finished modestly lower on Tuesday after losses in technology stocks and mixed performances in the cement and financial sectors.
For the day, the index fell 148.41 points or 0.92 percent to end at 16,001.27, after trading between 15,975.91 and 16,215.35.
Among active companies, Cathay Financial fell 0.11 percent, while Mega Financial rose 0.41 percent, Fubon Financial gained 0.50 percent, Taiwan Semiconductor Manufacturing Company fell 0.56 percent, United Microelectronics Corporation fell 0.43 percent, Hon Hai Precision rose 2.12 percent and Largan Precision rose 2.22 percent. Catcher Technology fell 1.09 percent, MediaTek plunged 1.75 percent, Delta Electronics retreated 1.53 percent, Novatek Microelectronics added 0.55 percent, Formosa Plastics lost 0.26 percent, Nan Ya Plastics went 0.98 percent ahead, Asia Cement fell 0.25 percent, Taiwan Cement improved 0.78 percent, China Staal gained 0.21 percent and CTBC Financial, First Financial and E Sun Financial were unchanged.
Wall Street’s lead is positive as the major averages shook off early weakness on Tuesday, moving into positive territory by midday and finishing solidly in the green.
The Dow Jones advanced 123.91 points or 0.38 percent to end at 33,052.87, while the NASDAQ added 61.76 points or 0.48 percent to close at 12,851.24 and the S&P 500 added 26.98 points or 0.65 percent gained to end at 4,193.80.
The early weakness on Wall Street reflected a negative reaction to a Labor Department report showing labor costs rose slightly more than expected in the third quarter.
However, selling pressure eased shortly after the start of trading as traders appeared reluctant to make significant moves ahead of the Federal Reserve’s monetary policy announcement later today.
The subsequent recovery in stocks came as traders resumed their bargain hunting on Monday, as shares remain at relatively low levels despite the previous session’s rally.
Oil prices fell on Tuesday, also posting a monthly loss, as concerns about the outlook for energy demand and a stronger dollar weighed on the commodity. West Texas Intermediate crude futures for December fell $1.29, or 1.6 percent, to 81.02 per barrel, the lowest settlement in two months. WTI crude oil futures fell nearly 11 percent in October.
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