(RTTNews) – The Taiwan stock market climbed higher again, one day after it had ended the three-day winning streak in which it had advanced more than 100 points or 1 percent. The Taiwan Stock Exchange now rests just above the 10,615-point plateau, although it may see renewed consolidation on Wednesday.
The global forecast for the Asian markets is soft thanks to ongoing political and geopolitical concerns, although the price of crude oil offers support. The European and U.S. markets were down and the Asian bourses figure to open in similar fashion.
The TSE finished modestly higher on Tuesday as gains from the technology stocks and financials were capped by weakness from the steel and cement companies.
For the day, the index advanced 47.97 points or 0.45 percent to finish at the daily high of 10,617.84 after moving as low as 10,564.26 on turnover of 109.68 billion Taiwan dollars.
Among the actives, Taiwan Semiconductor Manufacturing Company added 0.23 percent, while AU Optronics spiked 2.45 percent, Innolux climbed 1.05 percent, Fubon Financial and Hon Hai Precision were unchanged, Formosa Plastics climbed 0.85 percent, Cathay Financial collected 0.41 percent, CTBC Financial gained 0.52 percent, Mega Financial picked up 0.21 percent, Taiwan Cement shed 0.58 percent and Taiwan Steel plummeted 3.45 percent.
The lead from Wall Street is negative as stocks moved sharply lower on Tuesday, reacting for the first time to North Korea’s major nuclear test over the weekend.
The Dow plunged 234.25 points or 1.1 percent to 21,753.31, while the NASDAQ shed 59.76 points or 0.9 percent to 6,375.57 and the S&P fell 18.70 points or 0.8 percent to 2,457.85.
U.S. President Donald Trump condemned the nuclear test, saying North Korea continues to be very hostile and dangerous to the U.S. He said the U.S. is considering stopping all trade with any country doing business with North Korea in response to the test.
Traders also kept an eye on any developments in Washington, as lawmakers returned following the August recess. Lawmakers are under pressure to raise the debt ceiling and pass a government spending bill before the end of the month.
Crude oil futures hit their highest in four weeks Tuesday, supported by concerns about rigs in the Gulf of Mexico amidst a potent hurricane season. October WTI oil climbed $1.37 or 2.9 percent to $48.66/bbl, the highest since August 11.
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