Rally May Stall For Taiwan Stock Market
(RTTNews) - The Taiwan stock market has moved higher in two straight sessions, advancing more than 65 points or 0.6 percent along the way. The Taiwan Stock Exchange now rests just above the 11,000-point plateau although the market may run out of steam on Friday.
The global forecast for the Asian markets is soft on sliding crude oil prices and ahead of U.S. employment data later today. The European and U.S. markets were down and the Asian markets figure to open in similar fashion.
The TSE finished modestly higher on Thursday following gains from the financial shares, technology stocks and cement companies.
For the day, the index rose 36.76 points or 0.34 percent to finish at 11,004.49 after trading between 10,988.70 and 11,046.64.
Among the actives, Cathay Financial jumped 2.13 percent, while Fubon Financial advanced 1.75 percent, CTBC Financial perked 1.65 percent, Mega Financial collected 1.52 percent, First Financial fell 0.23 percent, United Microelectronics Corporation added 0.74 percent, AsusTek Computer climbed 1.06 percent, Largan Precision sank 0.86 percent, Catcher Technology spiked 2.25 percent, MediaTek rose 0.85 percent, Asia Cement gained 0.72 percent, Taiwan Cement was up 0.48 percent and Formosa Plastic, Taiwan Semiconductor Manufacturing Company and Hon Hai Precision were unchanged.
The lead from Wall Street is weak as stock shrugged off a positive open Thursday but turned lower as the day progressed and finished in the red.
The Dow shed 122.35 points or 0.46 percent to 25,307.79, while the NASDAQ lost 12.87 points or 0.16 percent to 8,036.77 and the S&P 500 fell 6.21 points or 0.21 percent to 2,917.52.
The pullback on Wall Street was attributed to continued disappointment with Wednesday's remarks by Federal Reserve Chairman Jerome Powell suggesting the central bank is not likely to lower interest rates in the near future as some had hoped.
Traders also moved out of risky assets such as stocks ahead of the Labor Department's closely watched monthly jobs report later today.
In economic news, the Labor Department said productivity surged 3.6 percent in the first quarter after climbing by a downwardly revised 1.3 percent in the fourth quarter. Also, the Commerce Department said new orders for manufactured goods jumped more than expected in March amid a rebound in orders for transportation equipment.
Crude oil futures fell to their lowest level in about a month on Thursday, weighed down by data showing record U.S. crude production and inventories. West Texas Intermediate Crude oil futures for June ended down $1.79 or 2.8 percent at $61.81 a barrel, the lowest settlement since April 1.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.