Tech Shares Likely To Power Taiwan Stock Market

(RTTNews) - The Taiwan stock market has finished lower in back-to-back sessions, falling more than 870 points or 3.3 percent in that span. The Taiwan Stock Exchange now sits just above the 26,580-point plateau, although it's expected to find traction on Thursday.

The global forecast for the Asian markets is upbeat, with better-than-expected earnings news from AI darling Nvidia (NVDA) expected to fuel the markets. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

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

For the day, the index dropped 176.00 points or 0.66 percent to finish at the daily low of 26,580.12 after peaking at 26,902.97.

Among the actives, Mega Financial skidded 1.14 percent, while Fubon Financial tumbled 1.56 percent, E Sun Financial collected 0.33 percent, Taiwan Semiconductor Manufacturing Company sank 0.71 percent, United Microelectronics Corporation rose 0.34 percent, Hon Hai Precision fell 0.43 percent, Largan Precision perked 0.24 percent, Catcher Technology advanced 0.97 percent, MediaTek dropped 0.85 percent, Delta Electronics shed 0.45 percent, Formosa Plastics plunged 3.49 percent, Nan Ya Plastics plummeted 6.11 percent, Asia Cement climbed 1.08 percent and Cathay Financial, CTBC Financial, First Financial and Novatek Microelectronics were unchanged.

The lead from Wall Street is cautiously optimistic as the major averages opened higher on Wednesday and hugged the line for most of the day before ending with modest gains.

The Dow added 47.03 points or 0.10 percent to finish at 46,138.77, while the NASDAQ jumped 131.38 points or 0.59 percent to end at 22,564.23 and the S&P 500 gained 24.84 points or 0.38 percent to close at 6,642.16.

The early strength on Wall Street came as traders looked to pick up stocks at reduced levels following the significant weakness of the past few sessions. The major averages slumped to their lowest closing levels in a month on Tuesday on lingering concerns about a potential AI bubble.

Buying interest waned over the course of the session, however, as traders looked ahead to the release of earnings news Nvidia after the close of Wednesday's trading.

Stocks continued to show a lack of direction after the minutes of the Federal Reserve's latest monetary policy meeting revealed officials had mixed views about the outlook for interest rates.

Crude oil tumbled on Wednesday, with various data points reinforcing oversupply concerns. West Texas Intermediate crude for December delivery was down $1.22 or 2.01 percent at $59.52 per barrel.

Closer to home, Taiwan will see Q3 data for current account and October figures for export orders later today. In Q2, the current account surplus was $36.23 billion, while export orders surged 30.5 percent on year in September.