Taiwan Stock Market Due For Profit Taking – Markets Insider

(RTTNews) – The Taiwan stock market has tracked higher in consecutive trading days, advancing more than 160 points or 1.5 percent along the way. The Taiwan Stock Exchange now rests just above the 10,970-point plateau although investors are likely to cash in on Friday.

The global forecast for the Asian markets is mixed to lower following uninspired earnings news and a fall in crude oil prices. The European markets were mixed and flat and the U.S. bourse were down – and the Asian markets figure to split the difference.

The TSE finished sharply higher on Thursday following gains from the financial, technology, cement and steel stocks.

For the day, the index spiked 123.33 points or 1.14 percent to finish at 10,971.22 after trading between 10,889.71 and 10,983.96 on turnover of 153.04 billion Taiwan dollars.

Among the actives, Taiwan Semiconductor Manufacturing Company jumped 2.73 percent, while Nanya Technology soared 5.16 percent, Acer surged 7.50 percent, Largan Precision shed 0.99 percent, Cathay Financial advanced 1.73 percent, Fubon Financial collected 1.20 percent, Mega Financial gathered 2.18 percent, Asia Cement spiked 3.25 percent, Taiwan Cement perked 2.09 percent, China Steel climbed 1.28 percent and Taiwan Steel Union added 0.41 percent.

The lead from Wall Street is soft as stocks moved lower on Thursday after ending Wednesday’s session mixed.

The Dow fell 83.18 points or 0.34 percent to 24,664.89, while the NASDAQ slid 57.18 points or 0.78 percent to 7,238.06 and the S&P lost 15.51 points or 0.57 percent to 2,693.13.

A negative reaction to earnings news paced the weakness on Wall Street as Procter & Gamble (PG) and Apple (AAPL) moved lower, while American Express (AXP) beat the street.

In economic news, the Labor Department saw a drop in first-time claims for jobless benefits last week. Also, the Federal Reserve Bank of Philadelphia said manufacturing activity picked up steam in April. The Conference Board’s index of leading economic indicators increased in line with estimates in March.

Crude oil futures pulled back Thursday after hitting multi-year highs, even as OPEC said that the global oil glut is all but gone. May oil settled lower by 18 cents or 0.3 percent at $68.29/bbl.

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