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Taiwan Stock Market Due For Support On Thursday

The Taiwan stock market has finished lower in four straight sessions, sinking more than 200 points or 1.2 percent along the way. The Taiwan Stock Exchange now sits just above the 17,640-point plateau although bargain hunters may give it a boost on Thursday.

The global forecast for the Asian markets is flat to higher on easing treasury yield concerns and a rebound among technology stocks. The European markets were mixed and the U.S. bourses were mostly higher and the Asian markets figure to follow that lead.

The TSE finished slightly lower on Wednesday following losses from the cement companies, gains from the financials and a mixed picture from the technology stocks.

For the day, the index lost 23.60 points or 0.13 percent to finish at 17,642.52 after trading between 17,588.78 and 17,722.89.

Among the actives, Cathay Financial collected 0.49 percent, while Mega Financial gained 0.73 percent, CTBC Financial jumped 1.22 percent, Fubon Financial rose 0.13 percent, First Financial perked 0.42 percent, E Sun Financial rallied 2.19 percent, Taiwan Semiconductor Manufacturing Company retreated 1.47 percent, United Microelectronics Corporation dipped 0.16 percent, Hon Hai Precision shed 0.47 percent, Largan Precision climbed 1.23 percent, Catcher Technology lost 0.32 percent, MediaTek declined 1.42 percent, Delta Electronics added 0.39 percent, Formosa Plastic advanced 0.95 percent, Asia Cement tumbled 1.70 percent and Taiwan Cement sank 0.73 percent.

The lead from Wall Street is cautiously optimistic as the major averages opened sharply lower on Wednesday but clawed back as the day progressed, with the NASDAQ and S&P 500 managing to finish higher while the Dow ended barely in the red.

The Dow shed 9.42 points or 0.03 percent to finish at 35,804.38, while the NASDAQ jumped 70.09 points or 0.44 percent to close at 15,845.23 and the S&P 500 rose 10.76 points or 0.23 percent to end at 4,701.46.

The early weakness on Wall Street came amid a continued increase in U.S. treasury yields, with the yield on the benchmark ten-year note reaching its highest intraday level in six months. Yields showed a notable downturn over the course of the trading day, however, contributing to the rebound on Wall Street.

A Labor Department report showing first-time claims for U.S. unemployment benefits slid to their lowest level in over fifty years last week helped push yields higher.

Also, the Commerce Department noted an unexpected drop in durable goods orders but an increase in new home sales in October, while personal income and spending both increased by more than expected during the month.

Crude oil futures settled slightly lower on Wednesday after data showed a modest increase in U.S. crude stockpiles last week. West Texas Intermediate crude oil futures ended down by $0.11 or 0.14 percent at $78.39 a barrel.

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