Plus   Neg

Taiwan Bourse Tipped To Extend Winning Streak

The Taiwan stock market has climbed higher in four straight trading days, advancing more than 220 points or 2.3 percent along the way. The Taiwan Stock Exchange now rests just beneath the 9,890-point plateau and it's looking at another green light again on Monday.

The global forecast for the Asian markets is broadly positive after the United States and China agreed to a truce in their trade war. The European markets were down and the U.S. bourses were up and the Asian markets are tipped for follow the latter lead.

The TSE finished barely higher on Friday following gains from the cement stocks, weakness from the technology stocks and a mixed picture from the financial sector.

For the day, the index added 2.67 points or 0.03 percent to finish at the daily low of 9,888.03 after peaking at 9,957.63 on turnover of 167.53 billion Taiwan dollars.

Among the actives, Asia Cement surged 3.22 percent, while Taiwan Cement jumped 1.32 percent, AU Optronics slid 1.18 percent, Taiwan Semiconductor Manufacturing Company skidded 1.53 percent, United Microelectronics perked 0.43 percent, Largan Precision plunged 4.13 percent, Hon Hai Precision shed 0.69 percent, Fubon Financial collected 0.41 percent, Mega Financial lost 0.58 percent, CTBC Financial added 0.25 percent, Formosa Plastics gained 0.50 percent and AsusTek Computer and Cathay Financial were unchanged

The lead from Wall Street is upbeat as stocks shrugged off an early move to the downside on Friday, rebounding to finish in the green.

The Dow added 199.62 points or 0.79 percent to 25,538.46, the NASDAQ gained 57.45 points or 0.79 percent to 7,330.54 and the S&P was up 22.41 points or 0.82 percent to 2,760.17. For the week, the NASDAQ surged 5.6 percent, the Dow spiked 5.1 percent and the S&P added 4.8 percent.

The strength on Wall Street reflected optimism ahead of the highly anticipated meeting between President Donald Trump and Chinese President Xi Jinping at the G20 summit in Argentina. At the meeting, the leaders agreed to suspend the escalating trade dispute between the world's two largest economies.

In economic news, MNI Indicators reported a substantial acceleration in the pace of growth in Chicago-area business activity in November.

Crude oil prices slipped on Friday as demand growth worries resurfaced after China reported its weakest factory growth in more than two years. Crude oil futures for January settled at $50.93 a barrel, down $0.52 or 1 percent.

For comments and feedback contact: editorial@rttnews.com

Follow RTT