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Taiwan Bourse May Reverse Thursday's Losses

The Taiwan stock market headed south again on Thursday, one session after it had ended the five-day slide in which it had tumbled almost 500 points or 4.6 percent. The Taiwan Stock Exchange now rests just beneath the 10,475-point plateau although it's tipped to rebound again on Friday.

The global forecast for the Asian markets is upbeat on solid earnings news and rising crude oil prices. The European and U.S. markets were up and the Asian markets are tipped to follow that lead.

The TSE finished modestly lower on Thursday as losses from the financials and technology stocks were mitigated by support from the cement companies.

For the day, the index shed 86.10 points or 0.82 percent to finish at the daily low of 10,474.61 after peaking at 10,573.93.

Among the actives, Cathay Financial skidded 2.32 percent, while Mega Financial fell 0.51 percent, CTBC Financial lost 0.48 percent, Fubon Financial retreated 2.89 percent, Taishin Financial eased 0.36 percent, Taiwan Semiconductor Manufacturing Company shed 0.80 percent, United Microelectronics Corporation added 0.39 percent, MediaTek sank 0.69 percent, Catcher Technology plunged 3.60 percent, Hon Hai Precision tumbled 2.44 percent, Largan Precision slid 0.35 percent, AsusTek Computer dipped 0.23 percent, Asia Cement soared 4.28 percent, Taiwan Cement rose 0.60 percent, Formosa Plastic was down 0.46 percent and First Financial and Formosa Chemical were unchanged.

The lead from Wall Street remains positive as stocks moved mostly higher on Thursday, extending recent gains and offsetting Monday's steep drop.

The Dow added 214.66 points or 0.84 percent to 25,862.68, while the NASDAQ gained 75.90 points or 0.97 percent to 7,898.05 and the S&P 500 rose 25.36 points or 0.89 percent to 2,876.32.

The strength on Wall Street reflected solid earnings news from companies like Walmart (WMT) and networking giant Cisco Systems (CSCO), who both beat the street.

In economic news, the Labor Department said initial jobless claims dropped more than expected last week, while the Commerce Department noted a substantial increase in new residential construction in April.

Crude oil prices climbed to a two-week high on Thursday, extending recent gains amid concerns about supply disruptions due to an escalation in tensions in the Middle East. West Texas Intermediate Crude oil futures for June ended up $0.85 or 1.4 percent at $62.87 a barrel.

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