(RTTNews) – The Taiwan stock market has moved lower in back-to-back sessions, sliding more than 60 points or 0.6 percent along the way. The Taiwan Stock Exchange now rests just above the 10,625-point plateau and it’s expected to halt its losing streak on Friday.
The global forecast for the Asian markets is upbeat thanks to positive earnings news and generally encouraging economic data. The European and U.S. markets were higher on Thursday and the Asian markets figure to follow that lead.
The TSE finished barely lower on Thursday as losses from the financial and cement stocks were mitigated from the technology shares.
For the day, the index eased 5.61 points or 0.05 percent to finish at 10,625.04 after trading between 10,609.23 and 10,666.66 on turnover of 104.6 billion Taiwan dollars.
Among the actives, Largan Precision shed 0.53 percent, while Hon Hai Precision climbed 0.97 percent, Taiwan Semiconductor Manufacturing Company added 0.21 percent, MediaTek lost 0.47 percent, AU Optronics jumped 1.22 percent, Innolux advanced 1.14 percent, Cathay Financial fell 0.20 percent, Mega Financial dipped 0.42 percent, Fubon Financial eased 0.21 percent, Taiwan Steel retreated 0.83 percent and China Steel gave away 0.41 percent.
The lead from Wall Street is firm as stocks moved higher on Thursday after sliding in the previous two sessions, allowing the NASDAQ to hit a new record closing high.
The Dow added 187.80 points or 0.80 percent to 23,458.36, while the NASDAQ was up 87.08 points or 1.30 percent to 6,793.29 and the S&P 500 added 21.02 points or 0.82 percent to 2,585.64.
The strength reflected a positive reaction to better than expected quarterly results from Wal-Mart (WMT) and Cisco Systems (CSCO). Stocks also advanced after the House voted to approve the Republican tax reform bill, although final passage of legislation remains uncertain.
In economic news, the Labor Department said first-time claims for jobless benefits increased in the week ended November 11. It also said U.S. import prices rose less than expected in October. Also, the National Association of Home Builders noted a gain in homebuilder confidence in November.
The Federal Reserve Bank of Philadelphia said that growth in Philadelphia-area manufacturing activity slowed more than expected in November. The Federal Reserve also said industrial production increased more than expected in October.
Crude oil futures continued to fall Thursday as a large build in U.S. oil inventories has weighed on prices. December WTI oil fell 19 cents or 0.3 percent to $55.14/bbl, sliding further from recent two-year highs near $58.
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