Ahead of Monday`s holiday, the Taiwan stock market had finished higher in two of three trading days since the end of the two-day losing streak win which it had surrendered more than 100 points or 0.9 percent. The Taiwan Stock Exchange now rests just above the 10,970-point plateau although it`s expected to head south again on Tuesday.
The global forecast for the Asian markets is cautious ahead of ongoing trade concerns and this week`s FOMC meeting. The European and U.S. markets were mostly lower and the Asian bourses figure to follow that lead.
The TSE finished sharply higher on Friday following gains from the financials, technology stocks and chemical companies.
For the day, the index spiked 141.00 points or 1.30 percent to finish at the daily high of 10,972.41 after moving as low as 10,835.84 on turnover of 155.53 billion Taiwan dollars.
Among the actives, Cathay Financial advanced 1.34 percent, while Fubon Financial climbed 1.39 percent, CTBC Financial gathered 1.35 percent, Mega Financial collected 0.56 percent, Taiwan Semiconductor Manufacturing Company added 0.58 percent, United Microelectronics Corporation surged 2.59 percent, Largan Precision jumped 1.84 percent, Hon Hai Precision gained 0.26 percent, AU Optronics picked up 0.78 percent, Catcher Technology perked 0.59 percent, AsusTek Computer was up 1.19 percent, Formosa Petrochemical surged 5.76 percent, Formosa Chemicals spiked 4.92 percent, Formosa Plastics advanced 3.52 percent and Chunghwa Telecom shed 0.45 percent.
The lead from Wall Street is soft as stocks opened lower on Monday and mostly stayed that way throughout the session, although bargain hunting among the technical shares nudged the NASDAQ into positive territory.
The Dow shed 181.45 points or 0.68 percent to finish at 26,562.05, while the NASDAQ added 6.29 points or 0.08 percent to 7,993.25 and the S&P fell 10.30 points or 0.35 percent to 2,919.37.
The weakness on Wall Street comes amid news China has canceled trade talks with the U.S. as tariffs on billions of dollars of goods take effect.
Traders also were reluctant to make significant moves ahead of Wednesday`s Federal Reserve meeting. The Fed is widely expected to raise interest rates by another quarter point.
The accompanying statement is likely to attract considerable attention along with Fed Chairman Jerome Powell`s press conference as traders attempt to gauge the outlook for further rate hikes.
Crude oil prices moved up sharply on Monday, as crude exports from Iran dropped and top oil producers signaled they were in no rush to increase output. West Texas Intermediate crude oil futures for November ended up $1.30 or 1.8 percent at $72.08 a barrel on the New York Mercantile Exchange, the highest settlement in more than two months.
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