logo
Plus   Neg
Share
Email

Taiwan Stock Market May Spin Its Wheels On Monday

The Taiwan stock market has tracked higher in back-to-back sessions, gathering almost 210 points or 1.9 percent along the way. The Taiwan Stock Market now rests just above the 12,020-point plateau although it may run out of steam on Monday.

The global forecast for the Asian markets is slightly soft as disappointing U.S. jobs data may trigger profit taking after recent gains. The European and U.S. markets were down on Friday and the Asian bourses are tipped to follow suit.

The TSE finished modestly higher on Friday following gains from the financial shares and a mixed picture from the technology and cement stocks.

For the day, the index gained 54.05 points or 0.45 percent to finish at 12,024.65 after trading between 11,959.06 and 12,038.21.

Among the actives, Cathay Financial was up 0.12 percent, while Mega Financial rose 0.16 percent, CTBC Financial fell 0.22 percent, Fubon Financial advanced 0.87 percent, First Financial collected 0.43 percent, E Sun Financial gathered 0.72 percent, Taiwan Semiconductor Manufacturing Company added 0.45 percent, United Microelectronics Corporation gained 0.62 percent, AsusTek Computer shed 0.21 percent, AU Optronics dropped 0.99 percent, Hon Hai Precision spiked 2.18 percent, Largan Precision soared 4.11 percent, Catcher Technology dipped 0.21 percent, MediaTek skidded 1.14 percent, Asia Cement lost 0.72 percent and Taiwan Cement was up 0.12 percent.

The lead from Wall Street is negative as stocks opened higher on Friday but headed south in the late morning and finished in the red, pulling back from record closing highs.

The major averages finished with mild losses as the Dow shed 133.13 points or 0.46 percent to 28,823.77, while the NASDAQ dipped 24.57 points or 0.27 percent to 9,178.86 and the S&P 500 fell 9.35 points or 0.29 percent to 3,265.35.

The higher open was the result of continued optimism over easing concerns about a conflict between the U.S. and Iran.

But the markets turned lower in late morning after the Labor Department's closely watched non-farm payroll data showed the pace of job growth slowed more than expected in December.

Crude oil prices drifted lower Friday, declining for a fourth successive session, amid easing tensions in the Middle East, after the U.S. decided against military action on Iran. West Texas Intermediate Crude oil futures for February ended down $0.52, or about 0.9 percent, at $59.04 a barrel.

For comments and feedback contact: editorial@rttnews.com

Follow RTT
>