Taiwan Stock Market Overdue For Profit Taking

(RTTNews) - The Taiwan stock market has tracked higher in six straight sessions, surging more than 3,250 points or 7.2 percent along the way. The Taiwan Stock Exchange now sits just above the 48,150-point plateau although investors are likely to cash in on Thursday.

The global forecast for the Asian markets is negative thanks to a rebound in crude oil prices and a spike in treasury yields. The European and U.S. markets were down and the Asian bourses are expected to follow that lead.

The TSE finished modestly higher on Wednesday as gains from the technology, cement and rubber stocks were capped by weakness among the financials and shipping companies.

For the day, the index improved 357.12 points or 0.75 percent to finish at 48,157.29 after trading between 47,894.77 and 48,341.56.

The lead from Wall Street is weak as the major averages opened in the red on Wednesday and continued to trend lower throughout the session, ending at daily lows.

The Dow sank 352.10 points or 0.68 percent to finish at 51,511.59, while the NASDAQ dropped 308.24 points or 1.13 percent to close at 26,936.04 and the S&P 500 lost 58.61 points or 0.75 percent to end at 7,706.03.

The weakness that emerged on Wall Street came after a rebound in crude oil prices and treasury yields that followed comments a day earlier from U.S. President Donald Trump.

Speaking before the United Nations General Assembly on Tuesday, Trump said that a deal with Iran may be possible after the midterm elections but said that he may instead just decide to "annihilate the Islamic Republic." He also spoke of setting up a "large military presence" on Greenland.

Crude oil prices snapped a five-day losing streak on Wednesday as prices climbed thanks to ongoing concerns about the Middle East conflict. West Texas Intermediate Crude oil futures for November delivery rose $1.90 or 2.1 percent to $92.40 a barrel.