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Renewed Consolidation Predicted For Taiwan Stock Market

The Taiwan stock market on Monday wrote a finish to the two-day slide in which it had fallen more than 60 points or 0.6 percent. The Taiwan Stock Exchange now rests just above the 10,875-point plateau although it may head south again on Tuesday.

The global forecast for the Asian markets suggests mild consolidation on weak earnings news and falling crude oil prices. The European markets were slightly higher and the U.S. bourses were slightly lower and the Asian markets are tipped to follow the latter lead.

The TSE finished modestly higher on Monday as gains from the technology stocks and cement companies were tempered by weakness from the financials.

For the day, the index jumped 70.30 points or 0.65 percent to finish at 10.875.60 after trading between 10,849.55 and 10,897.21.

Among the actives, Taiwan Semiconductor Manufacturing Company climbed 1.39 percent, while United Microelectronics Corporation skidded 1.23 percent, Hon Hai Precision spiked 3.24 percent, AsusTek Computer added 0.87 percent, MediaTek advanced 1.02 percent, Catcher Technology rose 0.19 percent, Cathay Financial collected 0.11 percent, Mega Financial fell 0.35 percent, CTBC Financial dropped 0.73 percent, Taiwan Cement jumped 1.19 percent and Formosa Plastic, Formosa Chemical, Asia Cement, Largan Precision, Fubon Financial, First Financial and Taishin Financial all were unchanged.

The lead from Wall Street is soft as stocks opened lower on Monday; they made back ground as the day progressed but still finished slightly in the red.

The Dow shed 27.53 points or 0.10 percent to finish at 26,384.77, while the NASDAQ lost 8.15 points or 0.10 percent to 7,976.01 and the S&P 500 fell 1.83 points or 0.06 percent to end at 2,905.58.

The weakness on Wall Street reflected a negative reaction to earnings news from Goldman Sachs (GS) and Citigroup (C), while traders were reluctant to make significant moves ahead of more quarterly results in the coming days.

In economic news, the New York Federal Reserve reported that growth in regional manufacturing activity picked up somewhat in April but remained fairly subdued.

Crude oil futures edged lower on Monday on reports Russia and OPEC might increase production to boost their market share. West Texas Intermediate crude oil futures for May ended down $0.49 or 0.8 percent at $63.40 a barrel.

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