The Taiwan stock market has moved lower in two straight sessions, sinking more than 35 points or 0.3 percent along the way. The Taiwan Stock Exchange now rests just beneath the 12,920-point plateau and it may extend its losses on Thursday.
The global forecast for the Asian markets is negative on rising coronavirus cases and fading optimism for stimulus. The European and U.S. markets were down and the Asian bourses are expected to open in similar fashion.
The TSE finished modestly lower on Wednesday following mixed performances from the financial shares and the technology stocks.
For the day, the index fell 27.82 points or 0.21 percent to finish at 12,919.31 after trading between 12,895.79 and 12,960.00.
Among the actives, Cathay Financial collected 0.39 percent, while Mega Financial fell 0.53 percent, CTBC Financial rose 0.28 percent, Fubon Financial advanced 0.84 percent, First Financial dipped 0.24 percent, Taiwan Semiconductor Manufacturing Company shed 0.65 percent, United Microelectronics Corporation rallied 2.06 percent, Hon Hai Precision skidded 1.14 percent, Largan Precision lost 0.67 percent, MediaTek retreated 1.43 percent, Catcher Technology and Formosa Plastic both dropped 1.11 percent, Asia Cement sank 0.62 percent and Taiwan Cement and E Sun Financial were unchanged.
The lead from Wall Street is soft as stocks moved mostly lower on Wednesday, extending losses from the previous session.
The Dow shed 165.81 points or 0.58 percent to finish at 28,514.00, while the NASDAQ dropped 95.17 points or 0.80 percent to end at 11,768.73 and the S&P 500 fell 23.26 points or 0.66 percent to close at 3,488.67.
The weakness on Wall Street followed comments from Treasury Secretary Steven Mnuchin, which offset recent optimism about a new stimulus bill. He said getting something done on a new stimulus bill before the election "would be difficult."
A negative reaction to the latest batch of earnings news also weighed, with Bank of America (BAC) shares falling sharply after the financial giant reported Q3 earnings that beat estimates but missed on revenues. Wells Fargo (WFC) and UnitedHealth (UNH) also were key drags.
Crude oil prices moved higher Wednesday despite concerns about the energy demand outlook amid a continued surge in coronavirus cases and fresh lockdown restrictions. West Texas Intermediate Crude oil futures for November ended up $0.84 or 2.1 percent at $41.04 a barrel.
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