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Losing Streak Likely To Continue For Taiwan Bourse

The Taiwan stock market has finished lower in back-to-back sessions, giving away almost 100 points or 1 percent along the way. The Taiwan Stock Exchange now rests just beneath the 10,745-point plateau and it may extend its futility on Friday.

The global forecast for the Asian markets is weak, thanks mainly to concerns over U.S> tax reform - although a bump in crude oil prices should limit the downside. The European and U.S. markets were down and the Asian markets are expected to open in similar fashion.

The TSE finished modestly lower on Thursday as the financial shares and technology stocks were mostly in the red.

For the day, the index sank 75.72 points or 0.70 percent to finish at 10,743.27 after trading between 10,721.87 and 10,831.38 on turnover of 144.62 billion Taiwan dollars.

Among the actives, Largan Precision skidded 2.54 percent, while Hon Hai Precision tumbled 2.25 percent, Innolux gained 0.39 percent, Taiwan Semiconductor Manufacturing Company shed 0.62 percent, AU Optronics was unchanged, Cathay Financial lost 0.61 percent, Mega Financial collected 0.42 percent, Fubon Financial fell 0.52 percent, Taiwan Steel dipped 0.31 percent and China Steel added 0.61 percent.

The lead from Wall Street is negative as stocks climbed off their worst levels but still ended Thursday trade firmly in the red - pulling back from record closing highs in the previous session.

The Dow shed 101.42 points or 0.43 percent to 23,461.94, while the NASDAQ lost 39.06 points or 0.58 percent to 6,750.05 and the S&P 500 fell 9.76 points or 0.38 percent to 2,584.62.

The weakness came as traders reacted to reports of the Senate version of tax reform legislation. The proposed bill has several key differences with the House version, including a delay in cutting in the corporate tax rate.

In economic news, the Labor Department reported a bigger than expected increase in initial jobless claims in the week ended November 4. Also, the Commerce Department said wholesale inventories rose 0.3 percent in September, matching estimates.

Crude oil futures continued to rise Thursday despite reports tempering expectation for further supply cuts from OPEC. WTI light sweet crude oil rose 35 cents to $57.16 a barrel after Wednesday's decline.

by RTT Staff Writer

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