Tech Shares Expected To Boost Taiwan Stock Market

(RTTNews) - The Taiwan stock market has finished lower in two straight sessions, shedding almost 360 points or 1.5 percent along the way. The Taiwan Stock Exchange now rests just above the 22,900-point plateau although it's due for support on Thursday.

The global forecast for the Asian markets is upbeat on improved optimism about the outlook for interest rates. The European markets were up and the U.S. bourses were mostly higher and the Asian markets figure to follow suit.

The TSE finished modestly lower on Wednesday following losses from the financial shares, technology stocks and plastics companies.

For the day, the index dropped 221.45 points or 0.96 percent to finish at 22,903.63 after trading between 22,880.57 and 23,108.36.

Among the actives, Cathay Financial slipped 0.29 percent, while Mega Financial lost 0.76 percent, CTBC Financial perked 0.16 percent, First Financial slumped 1.42 percent, Fubon Financial fell 0.43 percent, Taiwan Semiconductor Manufacturing Company tanked 1.88 percent, United Microelectronics Corporation stumbled 1.60 percent, Hon Hai Precision declined 1.56 percent, Largan Precision rallied 1.43 percent, Delta Electronics spiked 2.85 percent, Novatek Microelectronics sank 0.72 percent, Formosa Plastics retreated 1.72 percent, Nan Ya Plastics tumbled 1.91 percent, Asia Cement advanced 0.95 percent and Catcher Technology, MediaTek and E Sun Financial were unchanged.

The lead from Wall Street is mixed to higher as the major averages opened in the green on Wednesday, although the Dow was unable to hold those gains.

The Dow dropped 99.27 points or 0.22 percent to finish at 44,148.56, while the NASDAQ surged 347.65 points or 1.77 percent to close at a record 20,034.89 and the S&P 500 rallied 49.28 points or 0.82 percent to end at 6,084.19.

The strength in the broader markets followed the release of closely watched inflation data that came in line with estimates.

With the data matching expectations, the report has increased confidence that the Federal Reserve will lower interest rates by another quarter-point next week.

CME Group's FedWatch Tool is currently indicating a 98.6 percent chance the Fed will cut rates by 25 basis points at its December meeting.

Oil futures settled higher Wednesday on possible sanctions on Russia by the European Union, expectations of increased demand from China and data showing a jump in gasoline stockpiles. West Texas Intermediate crude oil futures for January closed up $1.70 or 2.5 percent at $70.29 a barrel.