Taiwan Bourse May Run Out Of Steam On Friday

The Taiwan stock market has finished higher in back-to-back sessions, gathering more than 140 points or 1.3 percent along the way. The Taiwan Stock Exchange now rests just above the 10,840-point plateau, although investors may cash in on Friday.

The global forecast for the Asian markets is murky, with any upside limited by sliding crude oil prices. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to split the difference.

The TSE finished modestly higher on Thursday as gains from the technology stocks were capped by weakness from the cement companies and a mixed bag from the financial sector.

For the day, the index rose 44.94 points or 0.42 percent to finish at 10,843.42 after trading between 10,799.65 and 10,856.51.

Among the actives, Cathay Financial shed 0.59 percent, while Mega Financial collected 0.79 percent, Fubon Financial slid 0.23 percent, First Financial gained 0.22 percent, Taishin Financial was up 0.69 percent, Taiwan Semiconductor Manufacturing Company climbed 1.21 percent, United Microelectronics Corporation jumped 2.05 percent, Hon Hai Precision added 0.39 percent, Largan Precision soared 3.61 percent, AsusTek Computer rose 0.23 percent, Catcher Technology tumbled 2.14 percent, MediaTek advanced 1.42 percent, Asia Cement plunged 2.78 percent, Taiwan Cement plummeted 2.29 percent, Formosa Plastic fell 0.49 percent and CTBC Financial was unchanged.

The lead from Wall Street is inconclusive as stocks fluctuated Thursday before ending mixed, with the Dow and the S&P 500 reached new record closing highs.

The Dow added 227.88 points or 0.85 percent to 27,088.08, while the NASDAQ fell 6.49 points or 0.08 percent to 8,196.04 and the S&P 500 rose 6.84 points or 0.23 percent to 2,999.91.

The advance by the Dow was fueled by health insurers on news that President Donald Trump is abandoning a plan to eliminate rebates from government drug plans. The proposal faced stiff resistance from pharmacy-benefit managers, and pharmaceutical stocks tumbled on the news

In economic news, the Labor Department reported an unexpected uptick in U.S. consumer prices in June. The Labor Department also said first-time claims for U.S. unemployment benefits fell in the week ended July 6.

Crude oil futures turned weak after a solid start on Thursday, weighed down by a downward revision in demand forecast by OPEC. West Texas Intermediate crude oil futures for August ended down $0.23 or 0.4 percent at $60.20 a barrel.

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