Taiwan stock market lagging behind for support

(RTTNews) – Ahead of the long Mid-Autumn Festival holiday weekend, Taiwan’s stock market had ended lower in five straight sessions, losing nearly 200 points or 1.2% along the way. The Taiwan Stock Exchange now sits just above the 17,275 point plateau, although it could stop the bleeding on Wednesday.

Global forecasts for Asian markets are mixed to higher ahead of the Federal Reserve’s monetary policy announcement later today. European markets were up and US stock markets were mixed and Asian markets were counting to divide the difference.

The TSE ended just lower on Friday following losses in financials and cement stocks, while tech companies were mixed.

For the day, the index fell 1.91 points or 0.01% to end at 17,276.79 after trading between 17,235.45 and 17,408.71.

Among assets, Cathay Financial fell 1.34%, while Mega Financial lost 0.62%, CTBC Financial lost 1.71%, Fubon Financial lost 2.35%, First Financial sank 1, 10%, E Sun Financial slipped 0.38%, United Microelectronics Corporation fell 0.91%, Hon Hai Precision was up 0.93%, Largan Precision slipped 1.42%, Catcher Technology jumped 6.41%, MediaTek added 0.43%, Delta Electronics fell 1.54%, Formosa Plastic fell 0.97%, Asia Cement plunged 3.23%, Taiwan Cement fell 1 , 93% and Taiwan Semiconductor The manufacturing company remained unchanged.

The Wall Street lead offers little clarity as the major averages opened firmly higher on Tuesday, but quickly turned lower, bouncing off the unchanged line before ending mixed.

The Dow Jones lost 50.63 points or 0.15% to close at 33,919.84, while the NASDAQ added 32.49 points or 0.22% to close at 14,746 and the S&P 500 lost 3. 54 points or 0.08% to finish at 4,354.19.

Choppy trading on Wall Street came before the Fed’s announcement. The Fed is expected to leave its monetary policy unchanged, but may revise the outlook for its asset purchase program.

On the economic news side, the Commerce Department said new residential construction in the United States rose more than expected in August.

Crude oil prices rose on Tuesday, ahead of weekly US crude inventory data. But the gains were only modest, as traders weighed down the outlook for global energy demand amid the surge in coronavirus cases in the United States and several other countries. West Texas Intermediate crude oil futures for October stood at $ 70.56 per barrel on the day of expiration, gaining $ 0.27 or 0.4% during the session.

Closer to home, Taiwan will release unemployment data for August later today; in July, the unemployment rate was 4.36 percent.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

About Troy McMiller

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