Losing Streak May Continue For Taiwan Stock Market

(RTTNews) - The Taiwan stock market has moved lower in back-to-back trading days, sliding almost 170 points or 1.4 percent along the way. The Taiwan Stock Exchange now sits just above the 12,300-point plateau and it may take further damage on Monday.

The global forecast for the Asian markets is soft on rising tensions between the United States and China. The European and U.S. markets were down and the Asian bourses figure to open in similar fashion.

The TSE finished modestly lower on Friday following losses from the financial shares and cement companies, while the technology stocks were mixed.

For the day, the index sank 108.96 points or 0.88 percent to finish at 12,304.04 after trading between 12,266.55 and 12,502.84.

Among the actives, Cathay Financial lost 0.62 percent, while Mega Financial declined 1.68 percent, CTBC Financial skidded 1.27 percent, Fubon Financial surrendered 1.64 percent, First Financial sank 0.64 percent, E Sun Financial slid 0.52 percent, Taiwan Semiconductor Manufacturing Company climbed 1.18 percent, United Microelectronics Corporation spiked 2.60 percent, Hon Hai Precision tanked 2.56 percent, Largan Precision tumbled 1.94 percent, Catcher Technology retreated 2,27 percent, MediaTek fell 0.30 percent, Formosa Plastic shed 0.50 percent, Asia Cement eased 0.12 percent and Taiwan Cement was down 1.32 percent.

The lead from Wall Street is soft as stocks opened lower on Friday and remained firmly in the red throughout the session.

The Dow shed 182.41 points or 0.68 percent to finish at 26,469.89, while the NASDAQ lost 98.22 points or 0.94 percent to end at 10,363.18 and the S&P 500 fell 20.03 points or 0.62 percent to close at 3,215.63. For the week, the Dow sank 0.8 percent, the NASDAQ fell 1.3 percent and the S&P eased 0.3 percent.

The weakness on Wall Street also came amid concerns about rising tensions between the U.S. and China after Beijing decided to revoke the license for the establishment and operation of the U.S. Consulate General in Chengdu.

The move comes just days after the U.S. government ordered China to close its consulate in Houston, Texas, amid accusations Chinese diplomats aided in economic espionage and the attempted theft of scientific research.

Worries about the continued spike in coronavirus cases also generated some negative sentiment, with daily new cases rising in the U.S. by at least 5 percent in 25 states.

Crude oil prices edged higher Friday as stronger than expected economic data from Europe and the U.S. helped ease worries about energy demand outlook. West Texas Intermediate crude oil futures for September ended higher by $0.22 or 0.5 percent at $41.29 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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