Taiwan Shares May Run Out Of Steam On Thursday
(RTTNews) - The Taiwan stock market has climbed higher in four straight sessions, advancing more than 65 points or 0.6 percent along the way. The Taiwan Stock Exchange now rests just above the 11,025-point plateau although investors may cash in on Thursday.
The global forecast for the Asian markets suggests mild consolidation thanks to uninspired earnings news and a drop in crude oil prices. The European markets were mixed and the U.S. bourses were down - and the Asian markets figure to split the difference.
The TSE finished slightly higher on Wednesday following gains from the financial shares and mixed performances from the technology and cement stocks.
For the day, the index added 1.96 points or 0.02 percent to finish at 11,027.64 after trading between 10,995.83 and 11,070.85.
Among the actives, Taiwan Semiconductor Manufacturing Company added 0.37 percent, while AsusTek Computer sank 0.84 percent, Hon Hai Precision skidded 1.59 percent, Largan Precision advanced 0.86 percent, MediaTek eased 0.17 percent, Catcher Technology climbed 0.97 percent, Cathay Financial dipped 0.11 percent, Mega Financial jumped 1.60 percent, CTBC Financial collected 0.24 percent, Fubon Financial rose 0.11 percent, First Financial picked up 0.47 percent, Taishin Financial gained 0.35 percent, Asia Cement perked 0.99 percent, Taiwan Cement slid 0.12 percent and Formosa Plastic and United Microelectronics Corporation were unchanged.
The lead from Wall Street is soft as stocks showed a lack of direction Wednesday, bouncing back and forth across the unchanged line before finishing in the red.
The Dow shed 59.34 points or 0.22 percent to finish at 26,597.05, while the NASDAQ lost 18.81 points or 0.23 percent to 8,102.01 and the S&P 500 fell 6.43 points or 0.22 percent to 2,927.25.
Traders seemed reluctant to make significant moves following a mixed batch of earnings news from big-name companies such as Boeing (BA), Caterpillar (CAT) and AT&T (T).
Crude oil prices edged lower on Wednesday after the Energy Information Administration noted a much higher than expected increase in crude stockpiles in the U.S. West Texas Intermediate Crude oil futures for June ended down $0.41 or 0.6 percent at $65.89 a barrel.