Taiwan Stock Market Due For Consolidation On Wednesday

(RTTNews) - The Taiwan stock market has finished higher in four straight sessions, rallying more than 680 points or 3.2 percent in that span. The Taiwan Stock Exchange now rests just shy of the 23,300-point plateau, although it's due for profit taking on Wednesday.

The global forecast for the Asian markets is negative thanks to a combination of weak economic and earnings news, while profit taking may also be in order. The European and U.S. markets were down and the Asian bourses are expected to follow that lead.

The TSE finished sharply higher on Tuesday following gains from the financials, technology stocks and cement companies, although the plastics were soft.

For the day, the index surged 316.75 points or 1.38 percent to finish at 23,292.04 after trading between 23,082.06 and 23,353.91.

Among the actives, Cathay Financial collected 1.62 percent, while Mega Financial climbed 1.03 percent, CTBC Financial accelerated 2.11 percent, First Financial strengthened 1.62 percent, Fubon Financial improved 1.55 percent, E Sun Financial advanced 1.24 percent, Taiwan Semiconductor Manufacturing Company spiked 2.39 percent, United Microelectronics Corporation perked 0.19 percent, Hon Hai Precision soared 4.02 percent, Largan Precision increased 1.41 percent, Catcher Technology gained 1.46 percent, MediaTek added 0.78 percent, Delta Electronics rallied 2.84 percent, Novatek Microelectronics skidded 1.16 percent, Formosa Plastics plunged 3.30 percent, Nan Ya Plastics slumped 1.04 percent and Asia Cement was up 1.20 percent.

The lead from Wall Street is soft as the major averages opened mixed on Tuesday but quickly turned lower and saw all of them finish well under water.

The Dow tumbled 324.80 points or 0.75 percent to finish at 42,740..42, while the NASDAQ slumped 187.10 points or 1.01 percent to close at 18,315.59 and the S&P 500 sank 44.59 points or 0.76 percent to end at 5,815.26.

The pullback on Wall Street reflected profit taking as traders looked to cash in on recent strength in the markets after the Dow and S&P hit record closing highs on Monday.

Corporate earnings also weighed, led lower by the likes of UnitedHealth (UNH) and Citigroup (C), although Walgreens Boots Alliance (WBA) rallied on its results.

On the U.S. economic front, the Federal Reserve Bank of New York reported that regional manufacturing activity has returned to contraction in October.

Oil prices fell sharply on Tuesday as fears about supply disruptions faded on reports that Israel will avoid targeting Iran's oil sites. West Texas Intermediate crude oil futures for November sank $3.25 or 4.4 percent at $70.58 a barrel.