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Rebound Expected For Taiwan Stock Market

The Taiwan stock market on Thursday halted the three-day winning streak in which it had gathered almost 210 points or 2 percent. The Taiwan Stock Exchange now rests just above the 10,560-point plateau although it figures to bounce higher again on Friday.

The global forecast for the Asian markets is upbeat on rising oil prices and an improved outlook for interest rates. The European and U.S. markets were up and the Asian bourses are tipped to follow suit.

The TSE finished modestly lower on Thursday following losses from the cement stocks and financial shares, while the technology companies were mixed.

For the day, the index sank 54.65 points or 0.51 percent to finish at 10,561.01 after trading between 10,539.49 and 10,617.06.

Among the actives, Cathay Financial lost 0.60 percent, while Mega Financial dipped 0.33 percent, CTBC Financial fell 0.24 percent, Fubon Financial skidded 1.58 percent, First Financial collected 0.91 percent, Taiwan Semiconductor Manufacturing Company plunged 2.44 percent, United Microelectronics Corporation jumped 1.48 percent, Hon Hai Precision added 0.68 percent, Largan Precision soared 2.94 percent, AsusTek Computer shed 0.46 percent, Catcher Technology advanced 1.67 percent, Asia Cement dropped 1.28 percent, Taiwan Cement rose 0.23 percent and Formosa Plastic, MediaTek and Taishin Financial were unchanged.

The lead from Wall Street is positive as stocks bounced higher Thursday following two days of weakness, although the buying interest was somewhat subdued.

The Dow added 101.94 points or 0.39 percent to 26,106.77, while the NASDAQ gained 44.41 points or 0.57 percent to 7,837.13 and the S&P 500 rose 11.80 points or 0.41 percent to 2,891.64.

Continued optimism tame inflation will lead the Federal Reserve to cut interest rates contributed to the strength on Wall Street after a Labor Department report showed bigger than expected decreases in U.S. import and export prices.

Crude oil prices rebounded Thursday from five-month lows, as reports of an attack on oil tankers in the Gulf of Oman suggested a likely fall in crude supply in the international market. West Texas Intermediate Crude oil futures for July ended up $1.14 or 2.2 percent at $52.28 a barrel.

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