(RTTNews) – The Taiwan stock market has moved higher in back-to-back sessions, gathering almost 85 points or 0.8 percent along the way. The Taiwan Stock Exchange now rests just above the 10,155-point plateau although the market may be stuck in neutral on Monday.
The global forecast for the Asian markets is flat to higher following support from the crude oil prices. The European markets were up and the U.S. bourses were flat and the Asian markets figure to split the difference.
The TSE finished modestly higher on Friday as gains from the technology stocks and financial shares were capped by weakness from the cement stocks.
For the day, the index collected 68.38 points or 0.68 percent to finish at 10,156.73 after trading between 10,073.12 and 10,159.47 on turnover of 95.60 billion Taiwan dollars.
Among the actives, Taiwan Semiconductor Manufacturing Company climbed 1.68 percent, while Hon Hai Precision advanced 2.44 percent, Innolux perked 1.07 percent, Largan Precision gained 0.75 percent, AU Optronics jumped 1.62 percent, MediaTek added 0.80 percent, Asia Cement skidded 1.90 percent, Taiwan Cement shed 0.44 percent, Cathay Financial dipped 0.10 percent and Fubon Financial gathered 0.11 percent.
The lead from Wall Street provides little clarity as stocks were mixed but little changed on Friday after M&A news and a mild bump in crude oil prices.
The Dow added 24.38 points or 0.11 percent to 21,384.28, while the NASDAQ fell 13.74 points or 0.22 percent to 6,151.76 and the S&P gained 0.69 points or 0.03 percent to 2,433.15. For the week, Dow added 0.5 percent, the S&P gained 0.1 percent and the NASDAQ fell 0.9 percent.
In corporate news, Amazon (AMZN) agreed to buy grocery chain Whole Foods Market Inc. (WFM) for $13.4 billion. Also, Walmart (WMT) will acquire Bonobos, Inc. for $310 million.
In economic news, the U.S. Commerce Department said housing starts fell 5.5 percent to an annual rate of 1.092 million in May, and there was also a decline in building permits. Also, the University of Michigan said its preliminary consumer sentiment fell in June.
July WTI oil gained 28 cents or 0.6 percent to $44.74/bbl. WTI oil prices posted a weekly loss of 2.4 percent, down a fourth week in a row.
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