Plus   Neg

Taiwan Bourse May Open Under Mild Pressure

Ahead of Friday's holiday for the Mid-Autumn Festival, the Taiwan stock market had climbed higher in back-to-back sessions - gathering more than 70 points or 0.7 percent along the way. The Taiwan Stock Exchange now rests just above the 10,825-point plateau although investors may cash in on Monday.

The global forecast for the Asian markets is mixed and flat amid a lack of catalysts, although sliding crude oil prices may weigh. The European markets were slightly higher and the U.S. markets were mostly lower - and the Asian markets are tipped to follow the latter lead.

The TSE finished modestly higher on Thursday following gains from the technology and cement stocks, while the financials came in mixed.

For the day, the index advanced 37.20 points or 0.34 percent to finish at 10,827.55 after trading between 10,804.02 and 10,862.68.

Among the actives, Cathay Financial collected 0.24 percent, while Mega Financial shed 0.68 percent, Fubon Financial was up 0.11 percent, E Sun Financial sank 0.56 percent, Taiwan Semiconductor Manufacturing Company shed 0.19 percent, Hon Hai Precision spiked 2.01 percent, Largan Precision soared 2.44 percent, Catcher Technology gathered 0.64 percent, MediaTek rose 0.13 percent, Asia Cement gained 0.34 percent, Taiwan Cement was up 0.12 percent, Formosa Plastic perked 0.73 percent and CTBC Financial, First Financial and United Microelectronics Corporation were unchanged.

The lead from Wall Street offers little clarity as stocks showed a lack of direction on Friday, bouncing back and forth across the unchanged line before closing mixed.

The Dow added 37.07 points or 0.14 percent to 27,219.52, while the NASDAQ fell 17.75 points or 0.22 percent and the S&P 500 lost 2.18 points or 0.07 percent to 3,007.39. For the week, the Dow gained 1.6 percent, the NASDAQ rose 0.9 percent and the S&P was up 1 percent.

The choppy trading on Wall Street came as the major averages encountered some resistance as they climbed back within striking distance of the record highs set in July.

Signs of easing trade tensions between the U.S. and China and upbeat economic data generated some positive sentiment, but traders seemed wary amid lingering uncertainty.

In economic news, the Commerce Department said U.S. retail sales rose more than expected in August, while the University of Michigan noted that U.S. consumer sentiment rebounded more than expected in September.

Crude oil prices edged lower on Friday, extending losses to a fourth straight session as traders feared a likely drop in energy demand and excess supply in the market. West Texas Intermediate Crude oil futures for October ended down $0.24 or 0.4 percent at $54.85 a barrel.

For comments and feedback contact: editorial@rttnews.com

Follow RTT