Taiwan Stock Market May Run Out Of Steam On Friday


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(RTTNews.com) - The Taiwan stock market has moved higher in two straight sessions, gathering more than 70 points or 0.7 percent along the way. The Taiwan Stock Exchange now rests just above the 9,260-point plateau, although the market may head south again on Friday.

The global forecast for the Asian markets suggests mild consolidation ahead of key U.S. jobs data later today - although support from crude oil prices should limit the downside. The European and U.S. markets were mostly lower and the Asian bourses figure to follow suit.

The TSE finished modestly higher on Thursday following gains from the chemical stocks were offset by weakness from the technology shares.

Among the actives, Nan Ya Plastics spiked 2.09 percent, while Formosa Petrochemical advanced 1.86 percent, Taiwan Semiconductor Manufacturing Company was unchanged, Largan Precision shed 1.08 percent and Innolux fell 0.45 percent.

The lead from Wall Street is slightly negative as stocks were mixed on Thursday as traders continued to digest OPEC's decision to curtail oil output.

The Dow rose 68.35 points or 0.4 percent to 19,191.93, but the NASDAQ tumbled 72.57 points or 1.4 percent to 5,251.11 and the S&P 500 fell 7.73 points or 0.4 percent to 2,191.08.

The mixed performance came as traders continued to react to news that OPEC plans to reduce oil production by 1.2 million barrels to 32.5 million barrels a day. Crude for January delivery jumped $1.62 to $51.06 a barrel after soaring $4.21 to $49.44 a barrel a day earlier.

In economic news, the Institute for Supply Management noted a faster rate of growth in manufacturing activity in November. Also, the Labor Department said initial jobless claims climbed to a five-month high in the week ended November 26.

Later today, the Labor Department will release its closely watched monthly employment report for November. Employment is expected to add 170,000 jobs in November after climbing by 161,000 jobs in October, while the jobless rate is expected to hold at 4.9 percent.

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