Taiwan Stock Market May Extend Thursday's Losses – Markets Insider

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(RTTNews) – The Taiwan stock market has alternated between positive and negative finishes through the last six trading days since the end of the two-day slide in which it had surrendered almost 125 points or 1.2 percent. The Taiwan Stock Exchange now rests just beneath the 10,370-point plateau and it’s looking at another soft start for Friday.

The global forecast for the Asian markets is weak amidst soft economic data, although a technical rebound in the price of crude oil offers a measure of support. The European and U.S. markets fell and the Asian markets are tipped to follow suit.

The TSE finished modestly lower on Thursday following losses from the technology, cement and financial sectors.

For the day, the index dropped 36.59 points or 0.35 percent to finish at 10,368.20 after trading between 10,336.32 and 10,381 on turnover of 85.78 billion Taiwan dollars.

Among the actives, Largan Precision spiked 3.22 percent, while Taiwan Semiconductor Manufacturing Company shed 0.48 percent, Hon Hai Precision lost 0.43 percent, AU Optronics fell 0.75 percent, Innolux skidded 1.55 percent, Cathay Financial dipped 0.51 percent, Fubon Financial eased 0.21 percent and Taiwan Cement gave away 0.42 percent.

The lead from Wall Street is negative as stocks saw considerable weakness on Thursday, with the NASDAQ and the S&P 500 hitting their lowest closing levels in a month.

The Dow slid 158.13 points or 0.7 percent to 21,320.04, while the NASDAQ tumbled 61.39 points or 1 percent to 6,089.46 and the S&P 500 slumped 22.79 points or 0.9 percent to 2,409.75.

The weakness followed a report from payroll processor ADP showing weaker than expected private sector job growth in June. The report from ADP comes a day ahead of the Labor Department’s monthly jobs report, due later today.

The Institute for Supply Management noted an unexpected gain in service sector growth in June. Also, the Labor Department saw an uptick in first-time claims for unemployment benefits in the week ended July 1. The Commerce Department said the U.S. trade deficit narrowed in May.

Crude oil futures rose Thursday after a large drop in U.S. oil stockpiles. WTI light sweet crude oil gained 39 cents to $45.52 a barrel, after dropping more than 4 percent in the previous session.

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