Profit Taking Tipped For Taiwan Stock Market – Markets Insider

(RTTNews) – The Taiwan stock market has climbed higher in six straight sessions, surging more than 300 points or 3.1 percent in that span. Now at a fresh 27-year closing high, the Taiwan Stock Exchange now rests just beneath the 10,400-point plateau although the market is overdue for consolidation on Friday.

The global forecast for the Asian markets is mixed and flat following mixed economic data and a mild bounce in crude oil prices. The European and U.S. markets were mixed and little changed and the Asian bourses figure to follow suit.

The TSE finished modestly higher on Thursday as the financial shares and technology stocks were mostly higher.

For the day, the index advanced 49.34 points or 0.48 percent to finish at 10,399.06 after trading between 10,368.93 and 10,403.36 on turnover of 95.84 billion Taiwan dollars.

Among the actives, Taiwan Semiconductor Manufacturing Company climbed 1.62 percent, while Advanced Semiconductor Engineering gained 0.94 percent, MediaTek added 0.56 percent, Hon Hai Precision shed 0.44 percent, Eclat Textile surged 7.49 percent, Cathay Financial collected 0.72 percent, Fubon Financial dipped 0.32 percent and Mega Financial was unchanged.

The lead from Wall Street provides little guidance as stocks saw modest strength on Thursday but gave it back late in the day to end almost unchanged.

The NASDAQ added 2.73 points or 0.1 percent to 6,236.69, while the Dow shed 12.74 points or 0.1 percent to 21,397.29 and the S&P 500 fell 1.11 points or 0.1 percent to 2,434.50.

Early in the day, stocks gained after the release of details of the Senate Republican plan to repeal and replace Obamacare. But the pullback reflected uncertainty about the future of the bill after four Republican Senators said they cannot support the plan in its current form.

In economic news, the Labor Department noted a modest uptick in first-time claims for jobless benefits last week. Also, the Conference Board said its index of leading economic indicators rose in line with estimates in May.

Crude oil futures were steady Thursday, rising slightly from 10-month lows in the previous session. August WTI oil climbed 21 cents or 0.5 percent to $42.74/bbl.

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