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Taiwan Stock Market Overdue For Support On Friday

The Taiwan stock market has finished lower in four straight sessions, sliding almost 620 points or 5 percent along the way. The Taiwan Stock Exchange now rests just above the 12,260-point plateau although it's expected to stop the bleeding on Friday.

The global forecast for the Asian markets is cautiously optimistic, with rising oil prices warring against rising pandemic numbers. The European markets were down and the U.S. markets were up and the Asian bourses are expected to follow the latter lead.

The TSE finished sharply lower on Thursday with damage across the board - especially among the financials, technology stocks and cement companies.

For the day, the index plummeted 319.50 points or 2.54 percent to finish at the daily low of 12,264.38 after peaking at 12,487.48.

Among the actives, Cathay Financial dropped 2.56 percent, while Mega Financial shed 1.82 percent, CTBC Financial surrendered 2.22 percent, Fubon Financial plunged 2.75 percent, First Financial fell 1.49 percent, E Sun Financial plummeted 2.54 percent, Taiwan Semiconductor Manufacturing Company lost 2.42 percent, United Microelectronics Corporation eased 0.19 percent, Hon Hai Precision sank 2.22 percent, Largan Precision skidded 1.30 percent, Catcher Technology declined 1.40 percent, MediaTek retreated 2.76 percent, Formosa Plastic tumbled 2.62 percent, Asia Cement slid 2.66 percent and Taiwan Cement was down 2.32 percent.

The lead from Wall Street wound up positive after stocks saw wild swings across the unchanged line before finally finishing in the green.

The Dow added 52.31 points or 0.20 percent to finish at 26,815.31, while the NASDAQ gained 39.28 points or 0.37 percent to end at 10,672.27 and the S&P 500 rose 9.67 points or 0.30 percent to close at 3,246.59.

The choppy trading on Wall Street followed a mixed batch of U.S. economic data, which added to recent uncertainty about the economic outlook.

The Labor Department noted an unexpected uptick in first-time claims for U.S. unemployment benefits last week, while the Commerce Department reported significant increase in new home sales in August.

Uncertainty about the global economic outlook has recently resurfaced as Europe grapples with a second wave of coronavirus infections. Recent data suggests the economic recovery in the U.S. may be plateauing, leading to calls for more fiscal stimulus.

Crude oil prices moved higher on Thursday despite lingering worries about the energy demand outlook in the wake of rising COVID-19 cases and fresh lockdown measures in several parts across Europe. West Texas Intermediate oil futures for November ended up $0.38 or 1 percent at $40.31 a barrel.

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