The Taiwan stock market has moved lower in consecutive trading days, sliding more than 85 points or 0.8 percent along the way. The Taiwan Stock Exchange now rests just beneath the 10,800-point plateau although it figures to bounce higher on Friday.
The global forecast for the Asian markets is mildly positive on an improved outlook for interest rates. The European markets were down and the U.S. bourses were up and the Asian markets are tipped to follow the latter lead.
The TSE finished modestly lower on Thursday following losses from the financials and cement companies, while the technology stocks were mixed.
For the day, the index slipped 29.20 points or 0.27 percent to finish at 10,799.28 after trading between 10,792.27 and 10,835.43.
Among the actives, Cathay Financial fell 0.48 percent, while Mega Financial dipped 0.16 percent, Fubon Financial slid 0.11 percent, First Financial lost 0.22 percent, Taiwan Semiconductor Manufacturing Company added 0.79 percent, United Microelectronics Corporation gained 036 percent, Hon Hai Precision shed 0.38 percent, Largan Precision eased 0.12 percent, AsusTek Computer gained 0.69 percent, Catcher Technology plummeted 2.62 percent, MediaTek plunged 2.58 percent, Asia Cement slid 0.32 percent, Taiwan Cement retreated 0.22 percent, Formosa Chemical was down 0.49 percent and CTBC Financial and Taishin Financial were unchanged.
The lead from Wall Street is cautiously optimistic as stocks saw considerable volatility on Thursday, with the major averages swinging back and forth across the unchanged line before ending higher.
The Dow added 3.12 points or 0.01 percent to 27,222.97, while the NASDAQ gained 22.04 points or 0.27 percent to 8,207.24 and the S&P 500 rose 10.69 points or 0.36 percent to 2,995.11.
The higher close on Wall Street came as comments from New York Federal Reserve President John Williams seemed to endorse a near-term interest rate cut by the Fed.
Buying interest was somewhat subdued, however, as traders were also digesting news that the U.S. Navy has shot down an Iranian drone in the Strait of Hormuz.
Crude oil futures declined sharply Thursday as resumption of service in the Gulf of Mexico raised concerns about excess supply in the market. West Texas Intermediate Crude oil futures for August ended down $1.48 or 2.6 percent at $55.30 a barrel.
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