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Taiwan Stocks: Support Expected At 10,800 Points

The Taiwan stock market has moved lower in back-to-back trading days, sliding more than 60 points or 0.6 percent along the way. The Taiwan Stock Exchange now rests just above the 10,805-point plateau although it may stop the bleeding on Monday.

The global forecast for the Asian markets is upbeat after earnings season kicked off with better than expected numbers. The European and U.S. markets were up and the Asian bourses figure to follow suit.

The TSE finished barely lower on Friday following mixed performances from the financial shares and technology stocks.

For the day, the index eased 3.47 points or 0.03 percent to finish at 10.805.30 after trading between 10,782.02 and 10,836.44.

Among the actives, United Microelectronics Corporation added 0.83 percent, while AsusTek Computer rose 0.22 percent, Hon Hai Precision soared 3.22 percent, Largan Precision tumbled 1.92 percent, MediaTek perked 0.69 percent, Catcher Technology sank 0.95 percent, Cathay Financial eased 0.11 percent, Mega Financial collected 0.18 percent, CTBC Financial lost 0.72 percent, Fubon Financial gained 0.33 percent, Taishin Financial shed 0.35 percent, Taiwan Cement dipped 0.12 percent, Formosa Plastic and Formosa Chemical both skidded 1.36 percent and Asia Cement, First Financial and Taiwan Semiconductor Manufacturing Company were unchanged.

The lead from Wall Street is positive as stocks opened higher on Friday and remained in the green throughout the session.

The Dow jumped 269.25 points or 1.03 percent to 26,412.30, while the NASDAQ added 36.80 points or 0.46 percent to 7,984.16 and the S&P 500 rose 19.09 points or 0.66 percent to 2,907.41. For the week, the Dow fell 0.1 percent, while the NASDAQ added 0.6 percent and the S&P 500 rose 0.5 percent.

The early strength on Wall Street followed quarterly results from JPMorgan Chase (JPM), which posted record Q1 earnings and revenues that beat the street - although some apprehension remains ahead of more earnings news this week.

In economic news, the Labor Department noted a bigger than expected increase in import prices in March, while the University of Michigan said that consumer sentiment deteriorated more than expected in April.

Crude oil futures ended higher on Friday with escalating unrest in Libya, the U.S. sanctions on Iran and Venezuela and OPEC-led output cuts tightening crude supply in the global market. West Texas Intermediate Crude oil futures for May ended up $0.31 or 0.5 percent at $63.89 a barrel.

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