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Taiwan Shares May See Slight Recovery On Thursday

The Taiwan stock market has alternated between positive and negative finishes through the last four trading days since the end of the two-day slide in which it had surrendered almost 80 points or 0.8 percent. The Taiwan Stock Exchange now rests just above the 10,530-point plateau although it may find its footing on Thursday.

The global forecast for the Asian markets is mildly positive, again riding continued strength from crude oil prices. The European and U.S. markets were slightly higher and the Asian markets figure to follow suit.

The TSE finished modestly lower on Wednesday following losses from the financials and cement stocks, while the technology shares came in mixed.

For the day, the index dropped 77.47 points or 0.73 percent to finish at the daily low of 10,532.88 after peaking at 10,620.31 on turnover of 125.12 billion Taiwan dollars.

Among the actives, Mega Financial eased 0.21 percent, while Fubon Financial lost 0.84 percent, Cathay Financial was unchanged, Taiwan Semiconductor Manufacturing Company shed 0.46 percent, AU Optronics advanced 0.81 percent, Catcher Technology plunged 4.96 percent, Hon Hai Precision skidded 1.28 percent, Innolux jumped 1.06 percent, Largan Precision plummeted 3.84 percent, Taiwan Cement fell 0.30 percent and Eclat Textile dropped 2.01 percent.

The lead from Wall Street suggests mild upside as stocks wound up slightly higher on Wednesday, bouncing back and forth across the unchanged line before finishing slightly higher at fresh record closing highs.

The Dow added 39.32 points or 0.18 percent to 22,158.18, while the NASDAQ gained 5.91 points or 0.09 percent to 6,460.19 and the S&P was up 1.89 points or 0.08 percent to 2,498.37.

The choppy trading came amidst uncertainty about the near-term outlook for the markets following recent strength. Traders also stuck to the sidelines ahead of key economic data later this week.

Traders kept an eye on Washington, where House Speaker Paul Ryan, R-Wis., said Republicans will release an outline of their tax reform plan the week of September 25th.

Energy stocks saw considerable strength, with an increase by the price of crude oil generating buying interest. Crude oil for October delivery jumped $1.07 to $49.30 a barrel.

by RTT Staff Writer

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