Taiwan Shares Expected To Find Traction On Wednesday

(RTTNews) - The Taiwan stock market has tracked lower in two straight sessions, tumbling almost 400 points or 1.8 percent along the way. The Taiwan Stock Exchange now sits just beneath the 23,000-point plateau although it's due for support on Wednesday.

The global forecast for the Asian markets offers little clarity as the markets figure to stagnate amidst a lack of catalysts. The European and U.S. markets were mixed and the Asian bourses are likely to follow that lead.

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

For the day, the index plunged 352.64 points or 1.51 percent to finish at 22,987.92 after trading between 22,985.90 and 23,486.08.

Among the actives, Mega Financial climbed 1.07 percent, while First Financial eased 0.17 percent, Fubon Financial shed 0.72 percent, E Sun Financial tanked 2.92 percent, Taiwan Semiconductor Manufacturing Company declined 1.74 percent, United Microelectronics Corporation skidded 1.02 percent, Hon Hai Precision tumbled 1.82 percent, Largan Precision sank 0.81 percent, Catcher Technology retreated 1.39 percent, MediaTek rose 0.35 percent, Delta Electronics fell 0.39 percent, Novatek Microelectronics shed 0.51 percent, Formosa Plastics perked 0.13 percent, Nan Ya Plastics plunged 3.36 percent, Asia Cement advanced 0.89 percent and Cathay Financial and CTBC Financial were unchanged.

The lead from Wall Street is murky as the major averages opened on opposite sides of the unchanged line and finished the same way.

The Dow climbed 179.37 points or 0.40 percent to finish at 44,502.44, while the NASDAQ shed 81.49 points or 0.39 percent to close at 20,892.69 and the S&P 500 perked 4.02 points or 0.06 percent to end at a fresh record high of 6,309.62.

Profit taking contributed to the initial weakness on Wall Street after the NASDAQ and the S&P ended the previous session at record closing highs, while a negative reaction to earnings news also weighing on the markets.

Shares of General Motors (GM) plunged after the automaker reported Q2 earnings that exceeded estimates but were down sharply on year. Leading global security, defense and aerospace contractor Lockheed Martin (LMT) also tumbled on weaker than expected second quarter revenues.

Crude oil moved lower for a third straight session on Tuesday as continuing uncertainty on tariff negotiations between the U.S. and its trading partners has increased demand concerns. West Texas Intermediate crude closed down by $0.99 to settle at $66.21 per barrel.

Closer to home, Taiwan will provide June numbers for industrial production later today; in May, production jumped 22.6 percent on year.