(RTTNews) – The Taiwan stock market has tracked lower in back-to-back sessions, retreating more than 115 points or 1.1 percent along the way. The Taiwan Stock Exchange now rests just beneath the 10,110-point plateau and the market may extend its losses on Tuesday.
The global forecast for the Asian markets suggests mild consolidation after recent gains, and ahead of the FOMC rate decision later this week. The European and U.S. markets were down and the Asian markets figure to follow suit.
The TSE finished modestly lower on Monday as losses from the technology and cement stocks were mitigated by support from the financial sector.
For the day, the index skidded 89.69 points or 0.88 percent to finish at the daily low of 10,109.96 after peaking at 10,158.64 on turnover of 89.49 billion Taiwan dollars.
Among the actives, Taiwan Semiconductor Manufacturing Company plummeted 2.12 percent, while AU Optronics added 0.41 percent, Innolux advanced 1.81 percent, Hon Hai Precision plunged 2.86 percent, Advanced Semiconductor Engineering dropped 2.22 percent, Largan Precision shed 0.72 percent, Taiwan Cement tumbled 1.45 percent, Fubon Financial collected 0.44 percent and Cathay Financial climbed 1.92 percent.
The lead from Wall Street is soft as stocks opened in the red on Monday and stayed that way all day as investors cashed in on recent gains.
The Dow shed 36.30 points or 0.2 percent to 21,235.67, while the NASDAQ fell 32.45 points or 0.5 percent to 6,175.46 and the S&P 500 dipped 2.38 points or 0.1 percent to 2,429.39.
Traders looked ahead to Wednesday’s policy announcement from the Federal Reserve. The Fed is widely expected to raise interest rates by a quarter-point, and traders will look to the accompanying statement for clues about the outlook for rates.
Crude oil futures remained steady Monday morning, trimming some of last week’s losses despite further signs of robust U.S. production. July WTI oil gained 25 cents or 0.6 percent to $46.08/bbl.
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