(RTTNews) – The Taiwan stock market on Wednesday halted the two-day slide in which it had tumbled more than 150 points or 1.3 percent. The Taiwan Stock Exchange now rests just beneath the 10,850-point plateau and it may see continued if mild support on Thursday.
The global forecast for the Asian markets is mixed and flat, with mild upside offered by a bump in crude oil prices. The European markets were up and the U.S. bourses were mixed but little changed – and the Asian markets figure to split the difference.
The TSE finished modestly higher on Wednesday following mixed performances from the financial shares and the technology stocks.
For the day, the index picked up 37.44 points or 0.35 percent to finish at 10,847.89 after trading between 10,809.89 and 10,917.60 on turnover of 145.14 billion Taiwan dollars.
Among the actives, Nanya Technology soared 4.02 percent, while Innolux perked 1.30 percent, MediaTek surged 6.47 percent, Largan Precision dropped 1.54 percent, Hon Hai Precision tumbled 1.97 percent, Quanta Computer skidded 1.12 percent, China Steel added 0.43 percent, Cathay Financial collected 0.78 percent, Mega Financial fell 0.59 percent, CTBC Financial advanced 1.90 percent and Taiwan Steel Union and Taiwan Semiconductor Manufacturing Company were unchanged
The lead from Wall Street offers little clarity as stocks were lackluster on Wednesday, fluctuating as the day progressed before ending mixed.
The Dow dipped 38.56 points or 0.16 percent to 24.748.07, while the NASDAQ rose 14.14 points or 0.19 percent to 7,295.24 and the S&P added 2.25 points or 0.08 percent to 2,708.64.
The choppy trading came amid mixed quarterly results from several big-name companies. While United Continental (UAL) and CSX Corp. (CSX) moved higher after beating the street, IBM Corp. (IBM) fell after providing disappointing full-year earnings guidance.
In economic news, the Federal Reserve released its Beige Book, a compilation of anecdotal evidence on economic conditions in the twelve Fed districts. The Beige Book said economic activity continued to expand at a modest to moderate pace across the twelve districts in March and early April.
Crude oil futures continued to rise Wednesday, surging to their highest since December 2014 after U.S. oil inventories dwindled. May WTI oil climbed $1.95 or 2.9 percent to settle at $68.47/bbl.
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