Rebound Expected For Taiwan Stock Market
(RTTNews.com) - The Taiwan stock market headed south again on Thursday, one session after it had halted the three-day slide in which it had retreated more than 105 points or 0.9 percent. The Taiwan Stock Exchange now rests just above the 11,110-point plateau although it may find renewed support on Friday.
The global forecast for the Asian markets is cautiously optimistic thanks to encouraging economic news and a bump in crude oil prices. The European and U.S. markets were mostly higher and the Asian bourses figure to follow suit.
The TSE finished sharply lower on Thursday following losses from the financial shares and technology stocks.
For the day, the index plunged 159.23 points or 1.43 percent to finish at the daily low of 11,013.98 after peaking at 11,143.04 on turnover of 164.15 billion Taiwan dollars.
Among the actives, Cathay Financial dropped 1.80 percent, while Fubon Financial plunged 2.04 percent, CTBC Financial declined 3.01 percent, Mega Financial dipped 0.56 percent, First Financial fell 0.96 percent, Taiwan Semiconductor Manufacturing Company tumbled 2.37 percent, United Microelectronics lost 2.16 percent, Largan Precision skidded 2.33 percent, Hon Hai Precision retreated 2.62 percent, Catcher Technology shed 0.86 percent, China Steel gave away 1.46 percent and AsusTek Computer was unchanged.
The lead from Wall Street is conflicted as the major averages were mixed on Thursday as the tech-heavy NASDAQ climbed to a new record closing high, while the Dow fell for the third straight day.
The Dow fell 25.89 points or 0.10 percent to 25,175.31, while the NASDAQ added 65.34 points or 0.85 percent to 7,761.04 and the S&P added 6.86 points or 0.25 percent to 2,782.49.
The support for the markets followed the release of a Commerce Department report showing a bigger than expected jump in retail sales in May. Also, the Labor Department noted a mild drop in initial jobless claims in the week ended June 9th.
Traders were also digesting the European Central Bank's monetary policy statement that revealed plans to wind down its massive bond-buying program. The ECB also left interest rates unchanged and said it expects rates to remain at their present levels for at least a year.
Crude oil futures inched higher Thursday, settling at a two-week high despite rumors that OPEC will ramp up production. The dollar strengthened a bit on the news, putting a cap on oil's advance.
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