Plus   Neg

Lower Open Expected For Taiwan Stock Market

Ahead of Friday's unscheduled day off forced by Typhoon Lekima, the Taiwan stock market had finally halted the nine-day losing streak in which it had tumbled nearly 450 points or 4.5 percent. The Taiwan Stock Exchange now rests just beneath the 10,500-point plateau and it may see renewed selling pressure on Monday.

The global forecast for the Asian markets is negative on perpetual trade concerns between the United States and China. The European and U.S. markets were down on Friday and the Asian bourses are expected to open in similar fashion.

The TSE finished sharply higher on Thursday following gains from the financial shares, cement companies and technology stocks.

For the day, the index climbed 108.31 points or 1.04 percent to finish at 10,494.49 after trading between 10,383.62 and 10,500.77.

Among the actives, Cathay Financial collected 0.38 percent, while Mega Financial was up 0.16 percent, CTBC Financial added 0.50 percent, Fubon Financial gathered 0.60 percent, First Financial gained 0.44 percent, E Sun Financial climbed 1.20 percent, Taiwan Semiconductor Manufacturing Company spiked 2.22 percent, United Microelectronics Corporation jumped 1.53 percent, Hon Hai Precision added 0.27 percent, Largan Precision advanced 0.92 percent, Catcher Technology rose 0.24 percent, MediaTek shed 0.47 percent, Asia Cement soared 1.85 percent, Taiwan Cement perked 1.27 percent and Formosa Plastic eased 0.10 percent.

The lead from Wall Street is soft as stocks opened lower Friday, made back some ground as the day progressed but still ended in the red.

The Dow shed 90.76 points or 0.34 percent to finish at 26,287.44, while the NASDAQ lost 80.02 points or 1.00 percent to 7,959.14 and the S&P 500 fell 19.44 points or 0.66 percent to 2,918.65. For the week, the Dow shed 0.7 percent, the NASDAQ lost 0.6 percent and the S&P fell 0.5 percent.

The weakness on Wall Street came after President Donald Trump told reporters the U.S. is not going to do business with Chinese tech giant Huawei. Trump also indicated he is not ready to make a trade deal with China, suggesting the U.S. could skip the next round of trade talks in September.

In U.S. economic news, the Labor Department noted a modest increase in producer prices in July.

Crude oil prices rose sharply on Friday, extending recent gains on reports Saudi Arabia will cut crude exports next month. West Texas Intermediate Crude oil futures for September ended up $1.96 or 3.7 percent at $54.50 a barrel.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT