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Tech Shares Likely To Boost Taiwan Stock Market

The Taiwan stock market on Wednesday wrote a finish to the five-day slide in which it had tumbled almost 500 points or 4.6 percent. The Taiwan Stock Exchange now rests just above the 10,560-point plateau and it's looking at another green light again on Thursday.

The global forecast for the Asian markets is positive on global trade optimism and rising crude oil prices. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.

The TSE finished modestly higher on Wednesday as the financial shares and technology stocks ended mostly in the green.

For the day, the index gained 41.46 points or 0.39 percent to finish at 10,560.71 after trading between 10,535.24 and 10,612.50.

Among the actives, Cathay Financial climbed 1.24 percent, while Mega Financial collected 0.68 percent, CTBC Financial skidded 1.19 percent, Fubon Financial was up 0.23 percent, First Financial perked 0.47 percent, Taiwan Semiconductor Manufacturing Company added 0.20 percent, United Microelectronics Corporation shed 0.77 percent, Hon Hai Precision tumbled 2.38 percent, Largan Precision slid 0.23 percent, AsusTek Computer rose 0.47 percent, Catcher Technology picked up 0.23 percent, MediaTek advanced 0.35 percent, Asia Cement lost 0.24 percent, Taiwan Cement jumped 0.48 percent, Formosa Plastic accelerated 0.93 percent and Taishin Financial was unchanged.

The lead from Wall Street is upbeat as stocks shook off initial weakness and moved mostly higher on Wednesday, continuing to recover from Monday's sell-off.

The Dow added 115.97 points or 0.45 percent to end at 25,648.02, while the NASDAQ jumped 87.65 points or 1.13 percent to 7,822.15 and the S&P 500 rose 16.55 points or 0.58 percent to 2,850.96.

The strength on Wall Street reflected a positive reaction to reports President Donald Trump plans to delay imposing steep tariffs on auto imports. Reports indicated Trump plans to delay imposing the auto tariffs by up to six months in order to allow negotiations to continue.

Stocks initially came under pressure a Commerce Department showing an unexpected pullback in U.S. retail sales in April. Negative sentiment was also generated by a Federal Reserve report showing an unexpected drop in industrial output in April.

Crude oil futures inched higher on Wednesday, despite data from the Energy Information Administration that showed an unexpected increase in U.S. crude stockpiles last week. West Texas Intermediate Crude oil futures for June ended up $0.24 at $62.02 a barrel.

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