The Taiwan stock market on Thursday snapped the two-day slide in which it had fallen more than 30 points or 0.3 percent. The Taiwan Stock Exchange now rests just above the 10,380-point plateau and it may extend its gains on Friday.
The global forecast for the Asian markets suggests mild upside, mostly on bargain hunting among the oversold regional bourses. The European and U.S. markets were slightly higher and the Asian markets are tipped to follow that lead.
The TSE finished modestly higher on Thursday following gains from the financial shares, technology stocks and cement companies.
For the day, the index climbed 81.21 points or 0.79 percent to finish at 10,382.99 after trading between 10,306.03 and 10,384.36.
Among the actives, Cathay Financial collected 0.50 percent, while Mega Financial rose 0.49 percent, CTBC Financial gained 0.24 percent, Fubon Financial was up 0.35 percent, First Financial gathered 0.67 percent, Taishin Financial perked 0.72 percent, Taiwan Semiconductor Manufacturing Company added 0.65 percent, United Microelectronics Corporation climbed 1.19 percent, Hon Hai Precision jumped 1.66 percent, Largan Precision sank 0.69 percent, AsusTek Computer advanced 1.64 percent, Catcher Technology perked 1.31 percent, MediaTek surged 5.70 percent, Asia Cement soared 2.51 percent, Taiwan Cement spiked 0.71 percent and Formosa Plastic added 0.92 percent.
The lead from Wall Street is cautiously optimistic as stocks fluctuated on Thursday, with the major averages bouncing back and forth across the unchanged line before ending in the green.
The Dow added 43.47 points or 0.17 percent to finish at 25,169.88, while the NASDAQ gained 20.41 points or 0.27 percent to 7,567.72 and the S&P rose 5.85 points or 0.21 percent to 2,788.87.
The early strength on Wall Street reflected bargain hunting following recent weakness, with the Dow bouncing off its lowest closing level in three months. An early rebound by treasury yields also contributed to the upward move.
But buying interest waned as traders seemed reluctant to get back into the markets due to lingering concerns about the U.S.-China trade dispute.
In economic news, the Labor Department noted a modest uptick in first-time claims for U.S. jobless benefits last week. Also, the Commerce Department said U.S. economic growth in the first quarter gained less than estimated. And the National Association of Realtors said pending home sales unexpectedly pulled back in April.
Crude oil prices plummeted on Thursday on rising worries about a likely drop in energy demand due to the ongoing trade spat between the U.S. and China. West Texas Intermediate Crude oil futures for July ended down $2.22 or 3.8 percent at $56.59 a barrel, the lowest settlement since early March.
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