(RTTNews) – The Taiwan stock market on Tuesday ended the three-day slide in which it had given away more than 120 points or 1.2 percent. The Taiwan Stock Exchange now rests just above the 10,415-point plateau and it’s expected to remain in that neighborhood again on Wednesday.
The global forecast for the Asian markets is rudderless, ahead of Federal Reserve Chair Janet Yellen’s testimony before Congress. The European markets were slightly lower and the U.S. bourses were mixed but flat – and the Asian markets figure to split the difference.
The TSE finished sharply higher on Tuesday following gains from the financial shares and the technology stocks.
For the day, the index spiked 125.66 points or 1.22 percent to finish at the daily high of 10,415.57 after moving as low as 10,313.08 on turnover of 108.28 billion Taiwan dollars.
Among the actives, Cathay Financial jumped 1.64 percent, while Mega Financial collected 1.19 percent, Fubon Financial added 0.54 percent, Taiwan Semiconductor Manufacturing Company spiked 2.91 percent, AU Optronics gathered 2.35 percent, Hon Hai Precision advanced 2.60 percent, Largan Precision surged 3.83 percent, Quanta Computer climbed 1.11 percent and Formosa Plastics perked 0.87 percent.
The lead from Wall Street is murky as stocks showed a lack of direction on Tuesday before ending mixed.
The S&P eased 1.90 points or 0.1 percent to 2,425.53, while the Dow added 0.55 points or 0.1 percent to 21,409.07 and the NASDAQ rose 16.91 points or 0.3 percent to 6,193.30.
Traders were reluctant to make moves ahead of Yellen’s comments, which could have a significant impact on the outlook for interest rates ahead of the central bank’s monetary policy meeting later this month.
Traders also reacted to news Donald Trump Jr. released a chain of emails that led to his meeting with a Russian lawyer and indicate the Kremlin’s support for President Donald Trump’s campaign.
The latest revelations represent another headache for the White House amid an ongoing investigation of alleged Russian meddling in last year’s election.
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