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(RTTNews.com) – The Taiwan stock market has tracked higher in four consecutive sessions, advancing almost 165 points or 1.6 percent along the way. The Taiwan Stock Exchange now rests just beneath the 10,110-point plateau and it is tipped to go higher again on Friday.
The global forecast for the Asian markets continues to call for slim gains, with optimism over earnings news capped by a sharp drop in crude oil prices. The European markets were flat and the U.S. markets were slightly higher, and the Asian bourses figure to split the difference.
The TSE finished modestly higher on Thursday following gains from the cement and financial shares, while the technology stocks were mostly in the green.
Among the actives, Taiwan Semiconductor Manufacturing Company added 0.73 percent, while Hon Hai Precision climbed 0.96 percent, Innolux gained 0.37 percent, Largan Precision skidded 1.13 percent, Fubon Financial collected 0.32 percent, CTBC Financial jumped 1.83 percent, Cathay Financial advanced 0.41 percent and Taiwan Cement perked 0.87 percent.
The lead from Wall Street suggests mild upside as stocks moved slightly higher on Thursday, extending their recent winning streak to six sessions.
The Dow rose 70.53 points or 0.3 percent to 21,082.95, while the NASDAQ advanced 42.23 points or 0.7 percent to 6,205.26 and the S&P added 10.68 points or 0.4 percent to 2,415.07.
The gains followed upbeat earnings news from big-name retailers, which helped offset recent concerns about consumer spending. Best Buy (BBY) and Sears (SHLD) were the big winners.
In economic news, the Labor Department saw a slight uptick in first-time claims for jobless benefits in the week ended May 20th.
Crude oil futures plunged Thursday, despite news that OPEC will extend its supply quota plan. June WTI oil settled at $48.90/bbl, down $2.46 or 4.8 percent.
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