logo
Plus   Neg
Share
Email

Taiwan Shares Expected To Open In The Red On Monday

The Taiwan stock market on Friday snapped the seven-day losing streak in which it had plunged more than 2,350 points or 24 percent. The Taiwan Stock Exchange now rests just above the 9,230-point plateau although it's got a weak lead for Monday's trade.

The global forecast for the Asian markets suggests continued consolidation as the coronavirus continues to hammer away at world economies. The European markets were up and the U.S. bourses were down and the Asian markets figure to follow the latter lead.

The TSE finished with bug gains on Friday thanks to bargain hunting after the recent losses - especially among the financials, technology stocks and cement companies.

For the day, the index accelerated 552.75 points or 6.37 percent to finish at 9,234.09 after trading between 8,816.86 and 9,264.42.

Among the actives, Cathay Financial collected 3.24 percent, while Mega Financial gathered 5.87 percent, CTBC Financial perked 4.91 percent, Fubon Financial jumped 7.60 percent, First Financial increased 8,12 percent, E Sun Financial and Largan Precision both skyrocketed 10.00 percent, Taiwan Semiconductor Manufacturing Company spiked 8.87 percent, United Microelectronics Corporation added 1.09 percent, Hon Hai Precision advanced 6.79 percent, Catcher Technology climbed 6.21 percent, MediaTek soared 9.85 percent, Taiwan Cement and Asia Cement both surged 9.98 percent and Formosa Plastic rose 3.30 percent.

The lead from Wall Street is negative as stocks shook off a higher open on Friday and sank into the red as the day progressed, offsetting gains from the previous session.

The Dow shed 913.21 points or 4.55 percent to finish at 19,173.98, while the NASDAQ sank 271.06 points or 3.79 percent to 6,879.52 and the S&P 500 lost 104.47 points or 4.34 percent to end at 2,304.92.

The early strength on Wall Street came on optimism that the relief and support packages announced by global central banks and several governments will help limit the impact of the virus outbreak.

But stocks turned lower in afternoon trade as the virus numbers and economic backlash continued to be worrisome.

Crude oil prices tanked on Friday despite several countries and central banks announcing relief packages to help limit the economic impact of the coronavirus pandemic. West Texas Intermediate Crude oil futures for April ended down $2.69 or 11 percent at $22.53 a barrel on expiration day.

For comments and feedback contact: editorial@rttnews.com

Follow RTT
>