(RTTNews) – The Taiwan stock market has finished lower in two of three trading days since the end of the six-day winning streak in which it had surged more than 300 points or 3.1 percent. The Taiwan Stock Exchange now rests just beneath the 10,510-point plateau and the losses figure to accelerate on Wednesday.
The global forecast for the Asian markets is negative thanks to discouraging economic and political news. The European and U.S. markets were down and the Asian markets are expected to follow suit.
The TSE finished barely lower on Tuesday following mixed performances from the technology stocks and weakness from the cement companies.
For the day, the index eased 1.90 points or 0.02 percent to finish at 10,512.06 after trading between 10,489.10 and 10545.70 on turnover of 112.56 billion Taiwan dollars.
Among the actives, Taiwan Semiconductor Manufacturing Company skidded 1.63 percent, while Largan Precision shed 0.60 percent, Innolux lost 0.31 percent, Hon Hai Precision advanced 1.25 percent, Foxconn Technology spiked 3.15 percent, Taiwan Cement fell 0.71 percent, Formosa Petrochemical surged 3.07 percent and Cathay Financial and Fubon Financial were unchanged.
The lead from Wall Street is negative as stocks moved lower on Tuesday, with the tech-heavy NASDAQ underperforming the rest.
The Dow shed 98.89 points or 0.5 percent to 21,310.66, while the NASDAQ lost 100.53 points or 1.6 percent to 6,146.62 and the S&P slid 19.69 points or 0.8 percent to 2,419.38.
The weakness came after the International Monetary Fund lowered its outlook for U.S. economic growth due to uncertainty about President Donald Trump’s ability to accomplish his goals.
Negative sentiment was also generated by news that Senate Republicans have delayed a vote on their bill to repeal and replace Obamacare until after the July 4th recess.
In economic news, the Conference Board saw an unexpected improvement in U.S. consumer confidence in June.
Crude oil futures rose for a fourth consecutive session Tuesday, moving further from a yearly low set last week. August WTI oil climbed 86 cents or 2 percent to $44.24/bbl.
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