Taiwan Bourse May Erase Thursday’s Losses

30-Sep-2017 Intellasia | RTT News | 6:00 AM Print This Post

The Taiwan stock market turned lower again on Thursday, one session after it had snapped the three-day slide in which it had surrendered more than 320 points or 3 percent. The Taiwan Stock Exchange now rests just beneath the 10,300-point plateau although it may see a mild rebound on Friday.

The global forecast for the Asian markets is cautiously optimistic following mixed economic news and a decline in crude oil prices. The European and US markets were slightly higher and the Asian markets figure to follow suit.

The TSE finished modestly lower on Thursday following losses from the financial shares and the technology stocks.

Among the actives, Largan Precision shed 0.56 percent, while Hon Hai Precision lost 0.48 percent, Taiwan Semiconductor Manufacturing Company fell 0.47 percent, AU Optronics skidded 1.23 percent, Catcher Technology added 0.70 percent, Innolux eased 0.35 percent, Taiwan Steel advanced 0.93 percent, Cathay Financial tumbled 1.54 percent and Mega Financial and Fubon Financial were unchanged.

The lead from Wall Street suggests mild upside as stocks were lackluster on Thursday, with the major averages spending much of the day on opposite sides of the unchanged line.

The Dow added 40.49 points or 0.18 percent to 22,381.20, while the NASDAQ gained 0.19 points or 0.01 percent to 6,453.45 and the S&P 500 was up 3.02 points or 0.12 percent to 2,510.06.

The choppy trading came as traders digested the tax reform plan unveiled by President Donald Trump. It includes a reduction in the corporate tax rate, a consolidation in the personal income tax brackets and a sharp increase in the standard deduction.

In economic news, the Commerce Department said economic activity increased more than estimated in the second quarter. Also, the Labour Department noted a rebound in initial jobless claims in the week ended September 23.

Crude oil futures slipped from five-month highs Thursday as traders booked profits from a strong recent rally. November WTI oil was down 58 cents or 1.1 percent to $51.56/bbl



Category: Taiwan

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