The Taiwan stock market turned lower again on Wednesday, one session after it had halted the four-day losing streak in which it had surrendered almost 160 points or 1.5 percent. The Taiwan Stock Exchange now rests just above the 10,630-point plateau and it's expected to open under pressure again on Thursday.
The global forecast for the Asian markets is negative following uninspired economic news, concerns over tax reform and a fall in crude oil prices. The European and U.S. markets were down and the Asian bourses figure to follow suit.
The TSE finished modestly lower on Wednesday as losses from the technology stocks and steel producers were tempered by support from the cement companies and a mixed bag from the financial sector.
For the day, the index gave up 56.53 points or 0.53 percent to finish at 10,630.65 after trading between 10,600.26 and 10,669.59 on turnover of 126.525 billion Taiwan dollars.
Among the actives, Hon Hai Precision tumbled 2.83 percent, while AU Optronics was unchanged, Pegatron skidded 2.63 percent, Largan Precision climbed 0.81 percent, Taiwan Semiconductor Manufacturing Company dropped 1.04 percent, Cathay Financial collected 0.50 percent, CTBC Financial added 0.26 percent, Fubon Financial shed 0.42 percent, Mega Financial fell 0.21 percent, Taiwan Steel retreated 1.32 percent and Taiwan Cement surged 3.12 percent.
The lead from Wall Street is soft as stocks opened in the red on Wednesday and stayed there throughout the session, extending recent losses.
The Dow shed 139.16 points or 0.59 percent to 23,271.28, while the NASDAQ lost 31.66 points or 0.47 percent to 6,706.21 and the S&P 500 fell 14.25 points or 0.55 percent to 2,564.62.
The weakness followed a fall by stocks overseas amid concerns for the global economy. Uncertainty about Republican lawmakers' ability to pass tax reform legislation also weighed on the markets.
In economic news, the Commerce Department noted a modest increase in retail sales in October. Also, the Labor Department reported an uptick in U.S. consumer prices in October. And growth in New York manufacturing activity slowed more than anticipated in November, according to the Federal Reserve Bank of New York.
Crude oil futures fell Wednesday after government data showed a modest build in U.S. oil stockpiles. WTI light sweet crude oil fell 37 cents or 0.7 percent to $55.33/bbl on Nymex, a two-week low.
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