Taiwan Shares Expected To Be Rangebound On Friday
The Taiwan stock market has finished lower in two of three trading days since the end of the two-day winning streak in which it had collected almost 100 points or 0.9 percent. The Taiwan Stock Exchange now rests just beneath the 11,030-point plateau and it may be stuck in neutral on Friday.
The global forecast for the Asian markets is murky amidst mixed catalysts and a fall in crude oil prices. The European markets were barely higher and the U.S. bourses were mixed and flat - and the Asian markets figure to split the difference.
The TSE finished modestly lower on Thursday following mixed performances from the financial shares and the technology stocks.
For the day, the index sank 47.18 points or 0.43 percent to finish at 11,028.07 after trading between 11,001.96 and 11,063.62 on turnover of 124.12 billion Taiwan dollars.
Among the actives, Cathay Financial fell 0.57 percent, while Fubon Financial retreated 0.59 percent, CTBC Financial skidded 1.17 percent, Mega Financial collected 0.77 percent, First Financial picked up 0.23 percent, Taiwan Semiconductor Manufacturing Company shed 0.20 percent, United Microelectronics Corporation lost 0.56 percent, Hon Hai Precision added 0.24 percent, AsusTek Computer eased 0.19 percent, Largan Precision gained 0.79 percent, Catcher Technology dipped 0.13 percent, MediaTek dropped 0.90 percent, Formosa Plastic declined 0.45 percent and Chunghwa Telecom was unchanged.
The lead from Wall Street suggests mild downside as stocks continued to show a lack of direction on Thursday. The major averages again spent the day bouncing back and forth across the unchanged line before ending mixed.
The Dow shed 74.52 points or 0.29 percent to finish at 25,509.23, while the NASDAQ added 3.46 points or 0.04 percent to 7,891.78 and the S&P fell 4.12 points or 0.14 percent to 2,853.58.
The choppy trading came as traders were reluctant to make significant moves, weighing lingering trade war concerns against upbeat corporate earnings.
In economic news, the Labor Department said first-time claims for unemployment benefits fell in the week ended August 4. Also, the Labor Department said producer prices were unchanged in July. And the Commerce Department noted a modest uptick in wholesale inventories in June.
Crude oil prices declined on Thursday, extending previous session's weakness, amid concerns the U.S.-China trade war could result in a drop in demand. Crude oil futures for September delivery ended down $0.13 or 0.2 percent at $66.81 a barrel.
by RTTNews Staff Writer
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