Taiwan Shares Likely To Return To The Downside

(RTTNews) - Ahead of the unplanned two days off due to Typhoon Gaemi, the Taiwan stock market had ended the four-day losing streak in which it had plummeted more than 1,700 points or 7.6 percent. The Taiwan Stock Exchange now sits just above the 22,870-point plateau although it's likely to turn lower again on Thursday.

The global forecast for the Asian markets is mixed ahead of more earnings news and economic data. The European and U.S. markets were mostly lower and the Asian bourses figure to track that lead.

The TSE finished sharply higher on Tuesday following huge gains among the technology stocks and more modest upside among the financials.

For the day, the index surged 614.85 points or 2.76 percent to finish at 22.871.84 after trading between 22,514.75 and 22,871.84.

Among the actives, Cathay Financial climbed 2.50 percent, while Mega Financial collected 0.71 percent, CTBC Financial added 0.99 percent, First Financial improved 1.03 percent, Fubon Financial strengthened 3.51 percent, E Sun Financial perked 0.34 percent, Taiwan Semiconductor Manufacturing Company soared 4.26 percent, United Microelectronics Corporation accelerated 2.19 percent, Hon Hai Precision surged 4.68 percent, Largan Precision rose 0.53 percent, Catcher Technology advanced 1.21 percent, MediaTek spiked 4.08 percent, Delta Electronics rallied 4.28 percent, Novatek Microelectronics jumped 3.24 percent, Formosa Plastics sank 0.68 percent, Asia Cement gained 0.73 percent and Nan Ya Plastics was unchanged. The lead from Wall Street is weak as the major averages opened mixed, spent most of the day in positive territory before a late slump saw some of them end in the end.

The Dow gained 81.20 points or 0.20 percent to finish at 39,935.07, while the NASDAQ tumbled 160.69 points or 0.93 percent to end at 17,181.72 and the S&P 500 sank 27.91 points or 0.51 percent to close at 5,399.22.

Stocks gained in strength early in the session thanks to data showing a sharper than expected acceleration in U.S. economic growth in the second quarter.

The Commerce Department said the GDP growth reflected increases in consumer spending, private inventory investment, and nonresidential fixed investment - while the personal consumption expenditures price index slowed to 2.6 percent.

Also, the Commerce Department said durable goods orders plummeted in June, while the Labor Department noted a slowdown in initial jobless claims last week.

Oil climbed higher on Thursday, extending recent gains after data showed a sharper than expected acceleration in U.S. GDP growth in Q2. West Texas Intermediate Crude oil futures for September rose $0.69 at $78.28 a barrel.