Mild Upside Seen For Taiwan Stock Market – Markets Insider

(RTTNews) – The Taiwan stock market on Tuesday wrote a finish to the five-day losing streak in which it had plummeted more than 350 points or 3.4 percent. The Taiwan Stock Exchange now rests just above the 10,310-point plateau and it may tick slightly higher again on Wednesday.

The global forecast for the Asian markets suggests little movement thanks to mixed economic data and flattening crude oil prices. The European markets were up and the U.S. bourses were mostly lower, and the Asian markets figure to split the difference.

The TSE finished modestly higher on Tuesday as gains from the financials and technology stocks were capped by weakness from the steel producers.

For the day, the index climbed 85.88 points or 0.84 percent to finish at 10,311.16 after trading between 10,271.03 and 10,336.22 on turnover of 93.91 billion Taiwan dollars.

Among the actives, Taiwan Semiconductor Manufacturing Company climbed 1.42 percent, while AU Optronics gained 0.85 percent, Hon Hai Precision jumped 1.32 percent, Innolux perked 1.82 percent, Largan Precision advanced 1.63 percent, Advanced Semiconductor Engineering spiked 1.90 percent, Catcher Technology dropped 0.94 percent, Cathay Financial collected 0.31 percent, Mega Financial gained 0.21 percent and Taiwan Steel tumbled 2.49 percent.

The lead from Wall Street offers little clarity as stocks remained near the flat line for much of Tuesday before finishing little changed and on opposite sides.

The Dow added 5.28 points or 0.02 percent to 21,998.99, while the NASDAQ shed 7.22 points or 0.11 percent to 6,333.01 and the S&P fell 1.23 percent or 0.05 percent to 2,464.61.

President Donald Trump is under fire for his late response to white nationalist violence over the weekend. A number of business leaders have quit his economic council in response.

In economic news, the National Association of Home Builders noted a rebound in confidence in August, while the Commerce Department said that business inventories in the U.S. increased more than expected in June.

Crude oil futures were flat Tuesday ahead of U.S. inventories data. WTI light sweet crude oil was up 4 cents to $47.55 a barrel on the New York Mercantile Exchange.

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