Rebound Tipped For Taiwan Stock Market – Markets Insider

(RTTNews) – The Taiwan stock market on Wednesday snapped the two-day winning streak in which it had gathered almost 30 points or 0.3 percent. The Taiwan Stock Exchange now rests just beneath the 10,420-point plateau although it may bounce higher again on Thursday.

The global forecast for the Asian markets is upbeat thanks to positive earnings news and a continued rebound in the price of crude oil. The European and U.S. markets were up and the Asian bourses are tipped to follow suit.

The TSE finished modestly lower on Wednesday following losses from the technology stocks and a mixed performance from the financial sector.

For the day, the index lost 44.04 points or 0.42 percent to finish at 10,419.11 after trading between 10,416.57 and 10,500.11 on turnover of 107.60 billion Taiwan dollars.

Among the actives, Taiwan Semiconductor Manufacturing Company shed 0.47 percent, while AU Optronics retreated 1.22 percent, Largan Precision skidded 1.88 percent, Hon Hai Precision tumbled 1.28 percent, Cathay Financial eased 0.10 percent, Mega Financial dipped 0.58 percent, Fubon Financial collected 0.32 percent, Formosa Plastics lost 1.32 percent and China Steel added 0.20 percent.

The lead from Wall Street is form as stocks moved higher on Wednesday, sending the major averages to record closing highs.

The Dow added 97.58 points or 0.45 percent to 21,711.01, while the NASDAQ gained 10.57 points or 0.16 percent to 6,422.75 and the S&P was up 0.70 points or 0.03 percent to 2,477.83.

In earnings news, Boeing (BA) and Facebook (FB) beat the street, with Boeing also offering an improved outlook.

Crude oil futures surged on Wednesday, the highest in almost two months. September WTI crude rose 86 cents or 1.8 percent to $48.75 a barrel on the New York Mercantile Exchange.

In economic news, the Federal Open Market Committee voted to maintain its key interest rate at a 1.00 to 1.25 percent range, but vowed to raise rates once by year’s end. It failed to offer specifics about its plan to unwind its bloated balance sheet.

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