logo
Plus   Neg
Share
Email

Little Movement Seen For Taiwan Stock Market

The Taiwan stock market has finished lower in two of three days since the end of the three-day winning streak in which it had advanced more than 140 points or 1.4 percent. The Taiwan Stock Exchange now rests just beneath the 10,900-point plateau and it's likely to hover around that mark again on Friday.

The global forecast for the Asian markets is flat with a touch of upside on concerns over the outlook for interest rates. The European markets were slightly higher and the U.S. bourses were mixed and little changed and the Asian markets figure to split the difference.

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

For the day, the index sank 34.75 points or 0.32 percent to finish at 10,894.70 after trading between 10,874.66 and 10,954.18.

Among the actives, Cathay Financial collected 0.24 percent, while Mega Financial lost 0.34 percent, CTBC Financial dipped 0.23 percent, Fubon Financial dropped 0.88 percent, Taiwan Semiconductor Manufacturing Company added 0.75 percent, United Microelectronics Corporation gained 0.37 percent, Hon Hai Precision skidded 1.21 percent, Largan Precision spiked 2.14 percent, Catcher Technology fell 0.22 percent, MediaTek shed 0.39 percent, Asia Cement retreated 0.91 percent, Formosa Plastic sank 0.31 percent and Taiwan Cement, First Financial and E Sun Financial were unchanged.

The lead from Wall Street provides little clarity as stocks opened higher on Thursday before giving ground later in the day, ending mixed and roughly flat.

The Dow fell 52.29 points or 0.19 percent to 27,094, while the NASDAQ rose 5.49 points or 0.07 percent to 8,182.88 and the S&P 500 added 0.06 points to end at 3,000.79.

The lackluster close on Wall Street came amid continued uncertainty about the outlook for interest rates following the Federal Reserve's monetary policy announcement on Wednesday.

The Fed lowered interest rates by 25 basis points as expected but indicated officials are mixed about whether the central bank should cut rates again before the end of the year.

In economic news, the Labor Department noted a modest rebound in initial jobless claims last week, while the Philadelphia Federal Reserve saw a modest slowdown in the pace of growth in regional manufacturing activity in September.

Crude oil futures settled just marginally up on Thursday, despite moving up sharply early on in the session on continued geopolitical concerns. West Texas Intermediate crude oil futures for October ended up by 2 cents at $58.13 a barrel.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT
>