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Taiwan Stock Market Tipped To Open Under Pressure

Ahead of Friday's holiday for Labor Day, the Taiwan stock market stock had moved lower in two straight sessions, slipping almost 30 points or 0.2 percent along the way. The Taiwan Stock Exchange now sits just above the 17,565-point plateau and it may take further damage again on Monday.

The global forecast for the Asian markets suggests consolidation on sliding crude oil prices and another local surge in coronavirus cases. The European markets were mixed and the U.S. bourses were down and the Asian markets are also tipped to open in the red.

The TSE finished barely lower on Thursday following losses from the financials, technology stocks and cement companies.

For the day, the index eased 0.87 points or 0.00 percent to finish at 17,566.66 after trading between 17,548.30 and 17,709.23.

Among the actives, Cathay Financial skidded 1.32 percent, while Mega Financial rose 0.15 percent, CTBC Financial tumbled 1.94 percent, Fubon Financial retreated 1.38 percent, First Financial lost 0.43 percent, Taiwan Semiconductor Manufacturing Company shed 0.33 percent, United Microelectronics Corporation plunged 5.50 percent, Hon Hai Precision dropped 0.85 percent, MediaTek skyrocketed 9.72 percent, Asia Cement fell 0.50 percent, Taiwan Cement tanked 2.07 percent and Largan Precision, Catcher Technology, E Sun Financial and Formosa Plastic were unchanged.

The lead from Wall Street is soft as the major averages opened lower on Friday and remained in the red throughout the trading day.

The Dow dropped 185.51 points or 0.54 percent to finish at 33,874.85, while the NASDAQ sank 119.86 points or 0.85 percent to end at 13,962.68 and the S&P 500 lost 30.30 points or 0.72 percent to close at 4,181.17.

For the week, the S&P 500 was nearly flat, while the Dow and the NASDAQ fell 0.5 percent and 0.4 percent, respectively. For the month, the NASDAQ spiked 5.4 percent, the S&P jumped 5.2 percent and the Dow climbed 2.7 percent.

The pullback on Friday reflected profit taking and a reaction to mixed earnings news from the likes of Twitter (TWTR), Chevron (CVX) and Exxon Mobil (XOM).

In economic news, the Commerce Department showing personal income skyrocketed in March, while the University of Michigan said consumer sentiment in the U.S. improved more than estimated in April.

Crude oil prices drifted lower on Friday, coming off six-week highs as worries about energy demand resurfaced amid a continued surge in coronavirus cases in Asia. West Texas Intermediate Crude oil futures for June ended down $1.43 or 2.2 percent at $63.58 a barrel.

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