logo
Plus   Neg
Share
Email

Rally Expected To End For Taiwan Stock Market

The Taiwan stock market has moved higher now in five straight sessions, advancing more than 280 points or 2.6 percent in that span. The Taiwan Stock Exchange now rests just above the 10,800-point plateau although it's due for profit taking on Monday.

The global forecast for the Asian markets suggests mild consolidation on geopolitical and trade concerns. The European and U.S. markets were slightly lower and the Asian markets are expected to open in similar fashion.

The TSE finished modestly higher on Friday following gains from the plastic stocks, weakness from the financials and cement companies and a mixed bag from the technology sector.

For the day, the index added 18.76 points or 0.17 percent to finish at 10,803.77 after trading between 10,773.47 and 10,840.29.

Among the actives, Cathay Financial lost 0.59 percent, while Mega Financial retreated 2.22 percent, CTBC Financial dropped 1.40 percent, Fubon Financial fell 0.45 percent, First Financial was down 0.88 percent, Taiwan Semiconductor Manufacturing Company climbed 1.43 percent, United Microelectronics Corporation spiked 2.24 percent, Hon Hai Precision skidded 1.16 percent, Largan Precision tumbled 2.26 percent, AsusTek Computer shed 0.66 percent, Catcher Technology added 0.22 percent, MediaTek advanced 1.13 percent, Asia Cement plunged 2.10 percent, Taiwan Cement dipped 0.55 percent, Formosa Plastic rose 0.44 percent and Taishin Financial was unchanged.

The lead from Wall Street is soft as stocks showed a lack of direction on Friday, bouncing back and forth across the unchanged line before ending lower.

The Dow shed 34.04 points or 0.13 percent to end at 26,719.13, while the NASDAQ lost 19.63 points or 0.24 percent to 8,031.71 and the S&P 500 fell 3.72 points or 0.13 percent to 2,950. For the week, the Dow added 2.4 percent, the NASDAQ jumped 3 percent and the S&P perked 2.2 percent.

Traders were looking ahead to this week's G20 summit in Japan, where Trump and Chinese President Xi Jinping are due to meet in an effort to revive trade talks.

Traders were also cautious amid escalating tensions between the U.S. and Iran after Iran's Revolutionary Guard shot down an unmanned U.S. surveillance drone on Thursday.

Crude oil prices moved higher on Friday, extending gains from previous session as escalating tensions between the U.S. and Iran raised concerns about a disruption in global crude supplies. West Texas Intermediate crude oil futures for August ended up $0.36 or 0.6 percent at $57.43 a barrel.

For comments and feedback contact: editorial@rttnews.com

Follow RTT
>