Mild Selling Pressure Expected For Taiwan Stock Market – Markets Insider

(RTTNews) – The Taiwan stock market has finished under pressure in back-to-back trading days, dropping more than 75 points or 0.7 percent along the way. The Taiwan Stock Exchange now rests just beneath the 11,020-point plateau and it may take further damage on Friday.

The global forecast for the Asian markets is murky amid inconsistent data and a bump in crude oil prices. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to follow the latter lead.

The TSE finished slightly lower on Thursday following losses from the financials and mixed performances from the technology and steel sectors.

For the day, the index sank 20.35 points or 0.18 percent to finish at 11,018.45 after trading between 11,008.18 and 11,052.11 on turnover of 110.82 billion Taiwan dollars.

Among the actives, Cathay Financial lost 0.93 percent, while Mega Financial fell 0.79 percent, Fubon Financial skidded 0.78 percent, Taiwan Semiconductor Manufacturing Company shed 0.78 percent, Largan Precision plummeted 4.42 percent, AU Optronics gained 0.37 percent, Hon Hai Precision added 0.11 percent, United Microelectronics Corporation was unchanged, China Steel spiked 1.63 percent and Taiwan Steel Union retreated 0.79 percent.

The lead from Wall Street is inconclusive as stocks showed a lack of direction on Thursday, bouncing back and forth across the unchanged line before closing mixed.

The Dow added 115.54 points or 0.47 percent to 24,873.66, while the NASDAQ shed 15.07 points or 0.20 percent to 7,481.74 and the S&P fell 2.15 points or 0.08 percent to 2,747.33.

The choppy trading on Wall Street came as traders digested a slew of U.S. economic data, including a report from the Labor Department showing initial jobless claims edged lower in the week ended March 10.

The Labor Department also said import prices increased more than expected in February, while export prices gained less than expected. The National Association of Home Builders saw a fall in March homebuilder confidence.

The Federal Reserve Bank of New York said activity in the New York manufacturing sector grew robustly in March, while the Philadelphia Federal Reserve said growth in its manufacturing sector slowed in March.

Crude oil prices rose Thursday despite demand warnings from OPEC and signs the U.S. shale boom will continue unabated. April WTI oil gained 23 cents or 0.4 percent to $61.19/bbl.

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