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(RTTNews.com) – The Taiwan stock market has finished lower in back-to-back sessions, giving away more than 110 points or 1.1 percent along the way. The Taiwan Stock Exchange now rests just above the 9,630-point plateau, although the market may find a positive bounce on Friday.
The global forecast for the Asian markets is upbeat thanks to positive earnings news, although falling oil prices may cap the upside. The European and U.S. markets were up and the Asian markets are tipped to follow suit.
The TSE finished slightly lower on Thursday as a mixed performance from the technology sector was offset by support from the financial shares.
Among the actives, AU Optronics slipped 0.80 percent, while Innolux tumbled 3.09 percent, Hon Hai Precision added 0.21 percent, Taiwan Semiconductor Manufacturing Company gained 0.27 percent, Largan Precision was up 0.11 percent, Catcher Technology jumped 1.58 percent, Fubon Financial climbed 1.18 percent, Cathay Financial advanced 1.19 percent and Mega Financial collected 0.42 percent.
The lead from Wall Street is positive as stocks moved higher on Thursday following a few sessions of directionless trade.
The Dow added 174.22 points or 0.9 percent to 20,578.71, while the NASDAQ jumped 53.74 points or 0.9 percent to 5,916.78 and the S&P gained 17.67 points or 0.8 percent to 2,355.84.
The rally followed solid earnings news, with American Express (AXP) and KeyCorp (KEY) beating the street, although eBay (EBAY) provided disappointing guidance and Verizon (VZ) saw earnings that missed expectations.
In economic news, the Labor Department saw a bigger than expected increase in initial jobless claims in the week ended April 15. Also, the Philadelphia Federal Reserve noted a slowdown in regional manufacturing activity in April.
Crude oil futures fell for a fourth straight session Thursday, but held above the psychologically important $50 mark. June WTI oil settled at $50.71/bbl, down 14 cents or 0.3 percent while May WTI oil fell 17 cents or 0.3 percent to $50.27/bbl. Soaring U.S. production continued to offset OPEC’s supply quota plan.
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