(RTTNews) – The Taiwan stock market has moved lower in five straight sessions, sinking almost 650 points or 5.3 percent along the way. The Taiwan Stock Exchange now rests just above the 12,230-point plateau although it’s expected to halt its slide on Monday.
The global forecast for the Asian markets is upbeat, with technology stocks expected to lead the markets higher amidst bargain hunting. The European markets were mixed and the U.S. bourses were sharply higher and the Asian markets figure to follow the latter lead.
The TSE finished modestly lower on Friday as losses from the technology stocks were mitigated by support from the financials and cement companies.
For the day, the index fell 31.49 points or 0.26 percent to finish at 12,232.91 after trading between 12,149.81 and 12,385.81.
Among the actives, Cathay Financial rose 0.26 percent, while Mega Financial jumped 1.67 percent, Fubon Financial collected 0.46 percent, First Financial advanced 1.26 percent, E Sun Financial spiked 1.61 percent, Taiwan Semiconductor Manufacturing Company added 0.24 percent, United Microelectronics Corporation plunged 3.66 percent, Hon Hai Precision dropped 0.93 percent, Largan Precision tumbled 2.04 percent, Catcher Technology gained 0.28 percent, MediaTek tanked 2.50 percent, Formosa Plastic climbed 1.28 percent, Asia Cement rallied 1.49 percent, Taiwan Cement perked 1.25 percent and CTBC Financial was unchanged.
The lead from Wall Street is positive as stocks showed a lack of direction early Friday but surged in the afternoon to finish solidly higher.
The Dow jumped 358.56 points or 1.34 percent to finish at 27,173.96, while the NASDAQ spiked 241.26 points or 2.26 percent to end at 10,913.56 and the S&P 500 climbed 51.87 points or 1.60 percent to close at 3,298.46. For the week, the Dow fell 1.7 percent, the NASDAQ rose 1.1 percent and the S&P was down 0.6 percent.
The strength that emerged on Wall Street came as technology stocks moved higher, rebounding from recent weakness. Big-name tech stocks like Apple (AAPL), Amazon (AMZN) and Microsoft (MSFT) posted significant gains on the day.
Traders also kept an eye on developments in Washington amid reports House Democrats plan to unveil a new $2.4 trillion coronavirus relief bill. The price tag for the bill is $1 trillion less than a stimulus package the House passed back in May but may still be too high for Republicans.
In economic news, the Commerce Department reported a much smaller than expected increase in durable goods orders in August.
Crude oil prices eased on Friday, weighed down by concerns about the outlook for energy demand due to rising coronavirus cases and fresh lockdown measures. West Texas Intermediate Crude oil futures for November ended down $0.06 or 0.2 percent at $40.25 a barrel. WTI Crude oil futures shed 2.6 percent for the week.
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