Taiwan Stock Market May Extend Thursday's Gains
(RTTNews) - The Taiwan stock market has alternated between positive and negative finishes through the last four trading days since the end of the two-day winning streak in which it had jumped more than 430 points or 2.6 percent. The Taiwan Stock Exchange now sits just beneath the 16,8905-point plateau and it may add to its winnings on Friday.
The global forecast for the Asian markets is mixed to higher with projected upbeat earnings news offset by sinking crude oil prices. The European markets were down and the U.S. bourses mostly higher and the Asian markets figure to follow the latter lead.
The TSE finished barely higher on Thursday following gains from the financials and cement companies, while the technology stocks were mixed.
For the day, the index rose 1.69 points or 0.01 percent to finish at 16,889.51 after trading between 16,873.99 and 17,026.89.
Among the actives, Cathay Financial collected 0.69 percent, while Mega Financial rose 0.15 percent, CTBC Financial jumped1.74 percent, Fubon Financial gained 0.67 percent, E Sun Financial gathered 0.76 percent, Taiwan Semiconductor Manufacturing Company shed 0.33 percent, United Microelectronics Corporation retreated 1.19 percent, Hon Hai Precision added 0.47 percent, Largan Precision dropped 0.97 percent, Catcher Technology advanced 0.92 percent, MediaTek climbed 1.33 percent, Delta Electronics lost 0.59 percent, Asia Cement slid 0.34 percent, Taiwan Cement improved 0.83 percent and First Financial and Formosa Plastic were unchanged.
The lead from Wall Street again is mixed as the major averages opened slightly lower on Thursday. The S&P 500 and the NASDAQ quickly climbed into the green and finished that way, but the Dow remained slightly mired in negative territory all day.
The Dow eased 6.26 points or 0.02 percent to finish at 35,603.08, while the NASDAQ jumped 94.02 points or 0.62 percent to close at 15,215.70 and the S&P 500 rose 13.59 points or 0.30 percent to end at 4,549.78.
The continued strength on Wall Street came the Labor Department said first-time claims for U.S. unemployment benefits unexpectedly edged lower last week. Also, the National Association of Realtors said existing home sales rebounded more than expected in September.
Upbeat earnings news also contributed to the continued advance, thanks to the likes of Tesla (TSLA) and HP Inc. (HPQ). Meanwhile, a steep drop by shares of IBM Corp. (IBM) weighed on the Dow, with the tech giant plunging by 9.6 percent after reporting weaker than expected Q3 revenues.
Crude oil prices tumbled on Thursday, weighed down by a forecast that U.S. weather this winter will likely be warmer than average. Profit taking after recent strong gains and lower coal and natural gas prices also contributed to oil's decrease. West Texas Intermediate Crude oil futures for December ended down by $0.92 or 1.1 percent at $82.50 a barrel.
Closer to home, Taiwan will release September numbers for unemployment later today; in August, the jobless rate was 4.08 percent.
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