Taiwan Shares May Tick Higher Again On Friday

(RTTNews) - The Taiwan stock market has moved higher in consecutive trading days, gathering almost 400 points or 1.8 percent along the way. The Taiwan Stock Exchange now sits just beneath the 23,375-point plateau and it may see mild upside again on Friday.

The global forecast for the Asian markets is cautiously optimistic on the improving outlook for trade deals. The European and U.S. markets were mixed and little changed and the Asian markets are likely to follow that lead, with some profit taking in order.

The TSE finished modestly lower on Thursday following mixed performances from the financial shares, technology stocks and plastics.

For the day, the index increased 55.06 points or 0.24 percent to finish at 23,373,73 after trading between 23,295.31 and 23,455.09.

Among the actives, Cathay Financial collected 0.33 percent, while Mega Financial dipped 0.12 percent, CTBC Financial rose 0.32 percent, First Financial added 0.34 percent, Fubon Financial fell 0.24 percent, E Sun Financial shed 0.61 percent, United Microelectronics Corporation dropped 0.91 percent, Hon Hai Precision surged 4.82 percent, Largan Precision jumped 1.69 percent, Catcher Technology gained 0.47 percent, Delta Electronics lost 0.38 percent, Formosa Plastics stumbled 2.24 percent, Nan Ya Plastics rallied 2.37 percent, Asia Cement retreated 1.59 percent and Taiwan Semiconductor Manufacturing Company, MediaTek and Novatek Microelectronics were unchanged.

The lead from Wall Street suggests mild upside as the major averages opened mixed on Thursday and closed in the same fashion.

The Dow stumbled 316.38 points or 0.70 percent to finish at 44,693.91, while the NASDAQ gained 37.94 points or 0.18 percent to close at 21,057.96 and the S&P 500 rose 4.44 points or 0.07 percent to end at 6,363.35.

The strength on Wall Street came on optimism that the U.S. could sign up more deals with its remaining trading partners before President Donald Trump's Aug. 1 deadline.

As UK, China, Vietnam, and Indonesia have come to an agreement with the U.S. already, Canada, India, South Korea, and the EU are ramping up their efforts. U.S. Secretary of the Treasury Scott Bessent reportedly said that the talks were "going better than they had been," and that progress was being made.

In economic news, the Commerce Department said that new home sales in the U.S. rebounded less than expected in June. Also, the Labor Department said U.S. initial jobless claims unexpectedly fell last week.

Crude oil rose on Thursday after the U.S. Energy Information Administration said crude stockpiles declined more than expected last week. West Texas Intermediate crude for September was up $0.87 or 1.33 percent to $66.12 per barrel.