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Taiwan Stock Market Expected To Head South Again

The Taiwan stock market on Thursday snapped the three-day losing streak in which it had stumbled almost 250 points or 1.4 percent. The Taiwan Stock Exchange now sits just above the 17,300-point plateau although it's tipped to see renewed consolidation on Friday.

The global forecast for the Asian markets is mixed to lower, thanks to coronavirus concerns and sinking crude oil prices. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to split the difference.

The TSE finished slightly higher on Thursday following mixed performances from the financial shares and the technology stocks.

For the day, the index added 33.84 points or 0.20 percent to finish at 17,304.33 after trading between 17,122.95 and 17,319.09.

Among the actives, Cathay Financial collected 0.34 percent, while Mega Financial lost 0.62 percent, CTBC Financial dipped 0.22 percent, First Financial dropped 0.89 percent, United Microelectronics Corporation spiked 2.58 percent, Hon Hai Precision shed 0.47 percent, Largan Precision rose 0.19 percent, Catcher Technology advanced 0.97 percent, MediaTek skidded 1.21 percent, Delta Electronics fell 0.37 percent, Formosa Plastic declined 1.39 percent, Asia Cement sank 0.89 percent, Taiwan Cement retreated 0.72 percent and Taiwan Semiconductor Manufacturing Company, Fubon Financial and E Sun Financial were unchanged.

The lead from Wall Street is negative as the major averages opened higher on Thursday but fell into the red midway through the session and ended that way.

The Dow dropped 151.69 points or 0.43 percent to finish at 34,879.38, while the NASDAQ shed 38.38 points or 0.25 percent to close at 15,248.25 and the S&P 500 fell 20.79 points or 0.46 percent to end at 4,493.28.

The early strength on Wall Street came after the Labor Department released a report showing a bigger than expected decrease in first-time claims for U.S. unemployment benefits last week.

Buying interest waned over the course of the session, however, with traders expressing continued concerns about the impact of the rapid spread of the delta variant of the coronavirus.

Uncertainty about the outlook for monetary policy also weighed on the markets ahead of the next Federal Reserve meeting later this month.

Crude oil futures settled sharply lower Thursday, weighed down by reports that China is looking to release some crude stock from its national reserve. West Texas Intermediate Crude oil futures for October ended down by $1.16 or 1.7 percent at $68.14 a barrel.

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