Lower Open Tipped For Taiwan Stock Market
(RTTNews) - The Taiwan stock market has alternated between positive and negative finishes through the last four trading days since the end of the three-day winning streak in which it had advanced more than 140 points or 1.4 percent. The Taiwan Stock Exchange now rests just beneath the 10,930-point plateau although it's expected to hand back those gains on Monday.
The global forecast for the Asian markets is soft on ongoing trade concerns between the United States and China. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to follow the latter lead.
The TSE finished modestly higher on Friday following gains from the cement companies and mixed performances from the financial shares and technology stocks.
For the day, the index collected 34.99 points or 0.32 percent to finish at 10,929.69 after trading between 10,903.45 and 10,931.76.
Among the actives, Cathay Financial lost 0.72 percent, while Mega Financial fell 0.51 percent, CTBC Financial collected 0.24 percent, Fubon Financial eased 0.11 percent, First Financial added 0.67 percent, E Sun Financial rose 0.75 percent, Taiwan Semiconductor Manufacturing Company shed 0.38 percent, United Microelectronics Corporation jumped 1.47 percent, Hon Hai Precision climbed 1.36 percent, MediaTek spiked 1.58 percent, Asia Cement gained 0.11 percent, Taiwan Cement climbed 1.01 percent, Formosa Plastic was up 0.31 percent and Largan Precision and Catcher Technology were unchanged.
The lead from Wall Street is negative as stocks shook off a positive open Friday, fading in the afternoon to finish firmly in the red.
The Dow shed 159.72 points or 0.59 percent to 26,935.07, the NASDAQ lost 65.21 points or 0.80 percent to 8,117.67 and the S&P 500 fell 14.72 points or 0.49 percent to 2,992.07. For the week, the Dow shed 1 percent, the NASDAQ lost 0.7 percent and the S&P 500 fell 0.5 percent.
Stocks skidded on news Chinese trade negotiators canceled a scheduled visit to U.S. farm states this week. The news offset recent optimism about a potential end to the U.S.-China trade war, with the deputy-level talks expected to help pave the way for more productive talks next month.
Uncertainty about the outlook for interest also weighed on stocks, with Boston Federal Reserve President Eric Rosengren arguing that it is not necessary and potentially risky for the central bank to continue lowering rates.
Crude oil futures settled slightly lower on Friday but still managed a gain of nearly 6 percent for the week. West Texas Intermediate crude oil futures for October ended down $0.04 or 0.07 percent at $58.09 a barrel on the expiration day.