Taiwan Bourse May Extend Losing Streak

(RTTNews) - The Taiwan stock market has finished lower in four straight sessions, slumping more than 500 points or 2 percent along the way. The Taiwan Stock Exchange now sits just above the 24,000-point plateau and it may take further damage on Wednesday.

The global forecast for the Asian markets is negative on renewed ambiguity surrounding U.S. tariff policies. The European and U.S. markets were down and the Asian bourses are expected to follow that lead.

The TSE finished slightly lower on Tuesday following losses from the plastics and cement companies, gains from the financials and a mixed picture from the technology stocks.

For the day, the index slipped 54.95 points or 0.23 percent to finish at 24,016.78 after trading between 23,890.33 and 24,295.03.

Among the actives, Cathay Financial jumped 1.44 percent, while Mega Financial collected 0.74 percent, First Financial improved 0.88 percent, Fubon Financial rallied 2.72 percent, E Sun Financial climbed 1.04 percent, Taiwan Semiconductor Manufacturing Company lost 0.43 percent, United Microelectronics Corporation rose 0.37 percent, Largan Precision added 0.65 percent, Delta Electronics shed 0.44 percent, Novatek Microelectronics advanced 0.93 percent, Formosa Plastics tumbled 1.93 percent, Nan Ya Plastics plummeted 6.12 percent, Asia Cement dipped 0.14 percent and Catcher Technology, MediaTek, Hon Hai Precision and CTBC Financial were unchanged.

The lead from Wall Street is weak as the major averages opened lower and remained in the red throughout the day, although off session lows.

The Dow dropped 249.07 points or 0.55 percent to finish at 45,295.81, while the NASDAQ sank 175.92 points or 0.82 percent to end at 21,279.63 and the S&P 500 lost 44.72 points or 0.69 percent to close at 6,415.54.

The early sell-off on Wall Street came amid renewed trade uncertainty after the U.S. Court of Appeals for the Federal Circuit ruled most of President Donald Trump's global tariffs are illegal.

Treasury yields surged in reaction to the ruling amid concerns the government may have to repay the billions of dollars already brought in through Trump's tariffs.

In U.S. economic news, the Institute for Supply Management released a report showing a slight increase by its reading on U.S. manufacturing activity in August, although the index still posted its sixth consecutive month of contraction.

Crude oil jumped on Tuesday on concerns about supply disruptions increased following strikes on Russian energy sites by Ukraine. West Texas Intermediate crude for October delivery was up $1.51 or 2.36 percent at $65.52 per barrel.