Rally May Stall For Taiwan Stock Market

(RTTNews) - The Taiwan stock market has finished higher in three consecutive sessions, gathering more than 450 points or 3.1 percent along the way. The Taiwan Stock Exchange now rests just above the 15,000-point plateau although it may run out of steam on Friday.

The global forecast for the Asian markets is mixed and flat ahead of key U.S. employment data later in the day. The European and U.S. bourses were mixed and little changed and the Asian bourses are tipped to follow suit.

The TSE finished modestly higher on Thursday following gains from the plastics and mixed performances from the financials, cement stocks and technology companies.

For the day, the index advanced 133.25 points or 0.90 percent to finish at 15,012.80 after trading between 14,998.03 and 15,152.38.

Among the actives, Cathay Financial strengthened 1.38 percent, while Mega Financial retreated 1.41 percent, CTBC Financial tumbled 1.74 percent, Fubon Financial lost 0.66 percent, E Sun Financial sank 0.81 percent, Taiwan Semiconductor Manufacturing Company jumped 1.73 percent, United Microelectronics Corporation fell 0.44 percent, Hon Hai Precision rallied 2.49 percent, Largan Precision dipped 0.22 percent, Catcher Technology plunged 3.28 percent, MediaTek climbed 1.09 percent, Delta Electronics advanced 0.99 percent, Formosa Plastics gained 0.55 percent, Nan Ya Plastics improved 0.91 percent, Asia Cement slumped 1.21 percent, Taiwan Cement added 0.44 percent and First Financial was unchanged.

The lead from Wall Street is murky as the major averages were unable to hold early gains on Thursday, with only the NASDAQ able to break back into the green.

The Dow stumbled 194.76 points or 0.56 percent to finish at 34,395.01, while the NASDAQ added 14.45 points or 0.13 percent to close at 11,482.45 and the S&P 500 eased 3.54 points or 0.09 percent to end at 4,076.57.

The lack of direction shown by the broader markets came as traders looked ahead to the Labor Department's closely watched monthly jobs report later today.

The data could affect the outlook for interest rates, although the impact may be somewhat muted following Federal Reserve Chair Jerome Powell's remarks on Wednesday hinting at a slowdown in the pace of rate hikes as soon as next month.

In economic news, the Institute for Supply Management said manufacturing activity contracted for the first time in over two years in November. Also, the Labor Department said first-time claims for U.S. unemployment benefits pulled back by more than expected last week.

Crude oil futures settled higher Thursday on easing concerns about the outlook for energy demand, while a weaker dollar amid rising prospects of smaller rate hikes by the Fed also contributed to the increase in oil prices. West Texas Intermediate Crude oil futures for January gained $0.67 or 0.8 percent at $81.22 a barrel.