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Rebound Predicted For Taiwan Stock Market

The Taiwan stock market on Thursday snapped the four-day winning streak in which it had collected almost 300 points or 2.8 percent. The Taiwan Stock Exchange now rests just above the 11,600-point plateau although it's expected to bounce higher again on Friday.

The global forecast for the Asian markets is upbeat on growing optimism for a trade deal between the United States and China. The European and U.S. markets were up and the Asian bourses are tipped to open in similar fashion.

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

For the day, the index sank 46.51 points or 0.40 percent to finish at 11,606.56 after trading between 11,552.08 and 11,647.47.

Among the actives, CTBC Financial and Cathay Financial both fell 0.23 percent, while Mega Financial slid 0.49 percent, Fubon Financial declined 0.76 percent, E Sun Financial skidded 1.25 percent, Taiwan Semiconductor Manufacturing Company shed 0.64 percent, United Microelectronics Corporation tumbled 1.72 percent, Hon Hai Precision added 0.44 percent, Largan Precision lost 0.74 percent, Catcher Technology dropped 0.90 percent, MediaTek plunged 2.07 percent, Asia Cement rose 0.12 percent, Taiwan Cement gained 0.37 percent, Formosa Plastic retreated 0.51 percent and First Financial was unchanged.

The lead from Wall Street is positive as stocks opened higher on Thursday, faded a bit as the day progressed but still finished firmly in the green.

The Dow added 182.24 points or 0.66 percent to 27,674.80, while the NASDAQ gained 23.89 points or 0.28 percent and the S&P 500 rose 8.40 points or 0.27 percent to 3,085.18.

The early strength on Wall Street followed signs of progress in U.S.-China trade talks after a spokesman for the Chinese Commerce Ministry said the U.S. and China have agreed to lift existing tariffs in phases.

In U.S. economic news, the Labor Department reported a bigger than expected decrease in first-time claims for U.S. unemployment benefits in the week ended November 2.

Crude oil prices moved higher on Thursday, rebounding smartly after suffering a setback in the previous session. West Texas Intermediate Crude oil futures for December ended up $0.80 or 1.4 percent at $57.15 a barrel.

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