Win Streak May End For Taiwan Stock Market
(RTTNews.com) - The Taiwan stock market has finished higher in two straight sessions, gathering more than 120 points or 1.2 percent in that span. The Taiwan Stock Exchange now rests just above the 9,945-point plateau although it's looking at a soft start on Friday.
The global forecast for the Asian markets suggests mild downside after the Federal Reserve kept interest rates unchanged. The European markets were down and the U.S. bourses were mixed and flat and the Asian markets figure to follow suit.
The TSE finished modestly higher on Thursday as gains from the financials and steel companies were capped by weakness from the plastics and a mixed picture from the technology stocks.
For the day, the index gathered 36.96 points or 0.37 percent to finish at 9,945.31 after trading between 9,938.55 and 10,014.42 on turnover of 118.44 billion Taiwan dollars.
Among the actives, Taiwan Semiconductor Manufacturing Company climbed 1.07 percent, while Hon Hai Precision skidded 1.67 percent, Largan Precision tumbled 2.44 percent, AsusTek Computer shed 0.64 percent, United Microelectronics Corporation lost 0.91 percent, China Steel added 0.82 percent, CTBC Financial perked 0.95 percent, Cathay Financial jumped 1.60 percent, Mega Financial collected 0.75 percent, Fubon Financial advanced 1.19 percent, First Financial gained 1.50 percent, Asia Cement dipped 0.30 percent, Formosa Plastic slid 0.49 percent, Nan Ya Plastic eased 0.13 percent and Taiwan Cement, MediaTek and Chunghwa Telecom were unchanged
The lead from Wall Street is soft as stocks fluctuated over the course of the trading session on Thursday before finishing mixed and little changed.
The Dow added 10.92 points or 0.04 percent to 26,191.22, while the NASDAQ lost 39.87 points or 0.53 percent to 7,530.88 and the S&P 500 fell 7.06 points or 0.25 percent to end at 2,806.83.
The mixed performance on Wall Street came after the Federal Reserve announced its widely anticipated decision to maintain the target range for the federal funds rate at 2 to 2.25 percent.
The Fed's accompanying statement noted a slowdown in the pace of growth in business investment, but the central bank reiterated further gradual increases in interest rates remain appropriate.
In economic news, the Labor Department noted a slight decrease in initial jobless claims in the week ended November 3.
Crude oil futures drifted lower on Thursday, extending losses to a ninth straight session on concerns over rising inventories and economic uncertainty. Crude oil futures for December ended down $1.00 or 1.6 percent at $60.67 a barrel, the lowest settlement price in about eight months.
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