Taiwan Bourse May Spin Its Wheels On Friday
(RTTNews.com) - The Taiwan stock market bounced higher again on Thursday, one session after it had ended the eight-day winning streak in which it had soared almost 450 points or 4.2 percent. The Taiwan Stock Exchange now rests just above the 11,165-point plateau and it's looking at a fairly flat lead for Friday.
The global forecast for the Asian markets is mixed and flat thanks to inconsistent economic data and a mild drop in crude oil prices. The European markets were down and the U.S. bourses were mixed but little changed - and the Asian markets figure to follow the latter lead.
The TSE finished slightly higher on Thursday following gains from the financial shares, technology stocks and steel p roducers.
For the day, the index gathered 13.79 points or 0.12 percent to finish at 11,165.95 after trading between 11,131.85 and 11,268.61 on turnover of 160.29 billion Taiwan dollars.
Among the actives, Cathay Financial shed 0.18 percent, while Fubon Financial climbed 1.14 percent, Mega Financial jumped 1.19 percent, China Steel added 0.40 percent, Taiwan Steel gained 0.53 percent, Hon Hai Precision lost 0.52 percent, AU Optronics spiked 1.81 percent, United Microelectronics Corporation perked 0.69 percent and Taiwan Semiconductor Manufacturing Company and Largan Precision were unchanged.
The lead from Wall Street offers little clarity as stocks were mixed again on Thursday as the Dow and the S&P 500 hit new record closing highs, but the tech-heavy NASDAQ ended in the red.
The Dow added 140.67 points or 0.54 percent to 26,392.79, while the NASDAQ fell 3.89 points or 0.05 percent to 7,411.16 and the S&P 500 gained 1.71 points or 0.06 percent to 2,839.25.
Stocks opened higher thanks to upbeat earnings news as several big-name companies beat estimates, including 3M (MMM) and Caterpillar (CAT).
In economic news, the Commerce Department noted a steep drop in new home sales in December and the Labor Department said initial jobless claims bounced off their lowest level in nearly 45 years in the week ended January 20. Also, the Conference Board reported a bigger than expected increase by its index of leading economic indicators.
Crude oil futures were flat Thursday, hovering near Wednesday's three-year highs. The dollar steadied after three-year lows, prompting some profit taking after a furious rally for most commodities. March WTI oil falls 10 cents or 0.2 percent to $65.51/bbl.
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This article appears in: World Markets , US Markets , StocksSource: Google News Taiwan | Netizen 24 Taiwan