Continued Support Called For Taiwan Shares

(RTTNews) - The Taiwan stock market climbed higher again on Friday, one session after it had snapped the three-day winning streak in which it had picked up almost 100 points or 0.9 percent. The Taiwan Stock Exchange now rests just above the 10,800-point plateau, and it's expected to add to its winnings on Monday.

The global forecast for the Asian markets is positive thanks to solid corporate earnings and a spike in crude oil prices. The European and U.S. markets were up on Friday and the Asian markets are expected to follow that lead.

The TSE finished slightly higher on Friday following gains from the financial shares, technology stocks and steel producers.

For the day, the index advanced 12.26 points or 0.11 percent to finish at 10,800.77 after trading between 10,765.31 and 10,835.70 on turnover of 113.03 billion Taiwan dollars.

Among the actives, Cathay Financial collected 0.20 percent, while Mega Financial gained 0.21 percent, Fubon Financial picked up 0.31 percent, Taiwan Semiconductor Manufacturing Company shed 0.83 percent, Innolux advanced 0.77 percent, Largan Precision surged 3.64 percent, AU Optronics jumped 1.21 percent, Hon Hai Precision added 0.44 percent, Taiwan Cement picked up 0.30 percent, Taiwan Steel climbed 1.28 percent and Formosa Plastics climbed 1.09 percent.

The lead from Wall Street is firm as stocks moved mostly higher on Friday, again climbing to fresh record closing highs.

The Dow added 22.93 points or 0.10 percent to 23,539.19, while the NASDAQ jumped 49.49 points or 0.74 percent to 6,764.44 and the S&P was up 7.99 points or 0.31 percent to 2,587.84.

Tech shares got a boost after Apple (AAPL) reported solid earnings, while Qualcomm (QCOM) surged on reports of a possible tie-up with Broadcom.

In economic news, the Labor Department reported weaker than expected job growth in October, while the Institute for Supply Management said the U.S. service sector grew at a faster rate last month.

Crude oil prices surged Friday, extending two-year highs after data showed a drop in the number of U.S. oil rigs. December West Texas Intermediate crude added $1.10 or 2 percent to $55.64 a barrel on the New York Mercantile Exchange.