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Rebound Tipped For Taiwan Stock Market

The Taiwan stock market in Thursday snapped the three-day winning streak in which it had advanced more than 190 points or 1.8 percent. The Taiwan Stock Exchange now rests just above the 10,960-point plateau although it figures to bounce higher again on Friday.

The global forecast for the Asian markets suggests mild upside on rising crude oil prices. The European and U.S. markets were slightly higher and the Asian bourses are expected to follow suit.

The TSE finished modestly lower on Thursday following losses from the cement companies and mixed performances from the financials and technology stocks.

For the day, the index shed 35.24 points or 0.32 percent to finish at 10,962.02 after trading between 10,926.85 and 11,077.99.

Among the actives, Taiwan Semiconductor Manufacturing Company climbed 1.15 percent, while United Microelectronics Corporation skidded 1.64 percent, AsusTek Computer tumbled 1.67 percent, Hon Hai Precision shed 0.22 percent, Largan Precision added 0.11 percent, Catcher Technology plunged 3.63 percent, Cathay Financial collected 0.23 percent, Mega Financial gained 0.36 percent, CTBC Financial slid 0.74 percent, Fubon Financial sank 0.44 percent, Asia Cement retreated 1.08 percent, Taiwan Cement fell 0.83 percent, Formosa Plastic was down 0.92 percent and First Financial and Taishin Financial both were unchanged.

The lead from Wall Street is cautiously optimistic as stocks continued to show a lack of direction on Thursday before ending slightly higher.

The Dow added 110.00 points or 0.42 percent to 26,559.54, while the NASDAQ gained 1.98 points or 0.02 percent to 7,998.06 and the S&P rose 4.58 points or 0.16 percent to 2,905.03. For the holiday-shortened week, the Dow advanced 0.6 percent, the NASDAQ rose 0.2 percent and the S&P fell 0.1 percent.

The choppy trading on Wall Street came as traders were reluctant to make significant moves going into the long Easter weekend.

They were also looking ahead to next week's quarterly earnings news from companies like Coca-Cola (KO), Procter & Gamble (PG), Boeing (BA), Facebook (FB), Microsoft (MSFT), Amazon (AMZN), Intel (INTC), and Exxon Mobil (XOM).

In economic news, the Commerce Department said retail sales rebounded more than expected in March. Also, the Labor Department said initial jobless claims dipped last week to a nearly 50-year low.

Crude oil futures edged higher on Thursday, with traders weighing near term crude supply and demand prospects. West Texas Intermediate Crude oil futures for May ended up $0.24 or 0.4 percent at $64.00 a barrel.

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