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Win Streak May Continue For Taiwan Stock Market

The Taiwan stock market has climbed higher in five straight sessions, advancing more than 270 points or 2.5 percent along the way. The Taiwan Stock Exchange now rests just beneath the 10,520-point plateau and it's expected to open higher again on Friday.

The global forecast for the Asian markets is upbeat thanks to solid economic data and a rebound in the price of crude oil. The European and U.S. markets were up and the Asian markets are expected to follow that lead.

The TSE finished modestly higher on Thursday following gains from the steel, finance and technology sectors.

For the day, the index collected 48.92 points or 0.47 percent to finish at 10,518.27 after trading between 10,473.28 and 10,530.93 on turnover of 105.06 billion Taiwan dollars.

Among the actives, Taiwan Steel surged 5.11 percent, while China Steel perked 0.82 percent, Taiwan Semiconductor Manufacturing Company added 0.90 percent, AU Optronics climbed 1.65 percent, Catcher Technology surged 3.44 percent, Mega Financial and Hon Hai Precision were unchanged, Innolux picked up 0.71 percent, Largan Precision gained 0.81 percent, Cathay Financial collected 0.41 percent and Fubon Financial fell 0.21 percent.

The lead from Wall Street is positive as stocks moved higher on Thursday as the major averages again hit fresh record closing highs.

The Dow rose 113.75 points or 0.50 percent to 22,775.39, while the NASDAQ advanced 50.73 points or 0.78 percent to 6,585.36 and the S&P added 14.33 points or 0.56 percent to 2,552.07.

Positive sentiment was generated after the House approved a $4.1 trillion budget resolution. The resolution includes major spending cuts but is largely seen as a vehicle for Republicans to enact their proposed tax cuts.

Trading activity was subdued ahead of the closely watched monthly jobs report due later today. Employment is expected to rise by 90,000 jobs in September, and the unemployment rate is expected to hold at 4.4 percent.

In economic news, the Labor Department said first-time claims for unemployment benefits fell more than expected in the week ended September 30. Also, the Commerce Department said the trade deficit narrowed by more than expected in August, and also that factory orders jumped 1.2 percent.

Crude oil rebounded on Thursday after weakness earlier in the week. November WTI crude oil was up 81 cents of 1.6 percent to $50.79/bbl.

by RTTNews Staff Writer

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