Bargain Hunting May Lift Taiwan Stock Market – Nasdaq

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(RTTNews.com) – The Taiwan stock market has finished lower in consecutive trading days, plunging almost 260 points or 2.5 percent along the way. The Taiwan Stock Exchange now rests just beneath the 10,400-point plateau, although it may stop the bleeding on Thursday.

The global forecast for the Asian markets is flat to lower, thanks to concerns of violence in the Middle East and a decline in crude oil prices. The European and U.S. markets were mixed and little changed and the Asian markets figure to follow suit.

The TSE finished sharply lower on Wednesday with losses across the board – particularly among the financials, technology stocks and steel companies.

Among the actives, Cathay Financial skidded 1.47 percent, while Fubon Financial dropped 1.75 percent, Mega Financial dipped 0.21 percent, Taiwan Semiconductor Manufacturing Company shed 1.09 percent, Largan Precision plummeted 9.83 percent, Hon Hai Precision tumbled 2.72 percent, Innolux lost 1.15 percent, Catcher Technology plunged 6.33 percent, Formosa Plastics shed 0.64 percent, AU Optronics was unchanged, Taiwan Steel retreated 2.54 percent and China Steel fell 0.61 percent.

The lead from Wall Street offers little clarity as stocks turned in a lackluster performance on Wednesday, bouncing back and forth across the unchanged line before ending mixed.

The NASDAQ added 14.16 points or 0.21 percent to 6,776.38, while the Dow shed 39.73 points or 0.16 percent to 24,140.91 and the S&P 500 fell 0.30 points or 0.01 percent to 2,629.27.

The choppy trading came as traders expressed uncertainty about the economic impact of the Republican tax reform plan.

Concerns about the possibility of violence in the Middle East also weighed on the markets as President Donald Trump announced he is officially recognizing Jerusalem as the capital of Israel.

In economic news, payroll processor ADP noted a slightly bigger than expected increase in private sector employment. Also, the Labor Department saw a significant increase in labor productivity in the third quarter.

Crude oil futures plunged Wednesday, extending recent losses after official data confirmed a huge build in U.S. gasoline supplies. WTI light sweet crude oil for January was down $1.66 or 2.9 percent to $55.96 a barrel.

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