Mild Upside Seen For Taiwan Stock Market

(RTTNews) - The Taiwan stock market on Friday halted the three-day losing streak in which it had fallen almost 55 points or 0.5 percent. The Taiwan Stock Exchange now sits just above the 12,180-point plateau and it may tick higher again on Monday.

The global forecast for the Asian markets is mixed to higher, with optimism for economic recovery tempered by renewed coronavirus concerns. The European and U.S. markets were mixed and the Asian bourses figure to follow suit.

For the day, the index perked 23.86 points or 0.20 percent to finish at 12,181.56 after trading between 12,144.62 and 12,266.93.

Among the actives, Fubon Financial, Cathay Financial and Largan Precision all eased 0.12 percent, while Mega Financial collected 0.31 percent, CTBC Financial rose 0.25 percent, E Sun Financial added 0.69 percent, Taiwan Semiconductor Manufacturing Company climbed 1.10 percent, United Microelectronics Corporation spiked 2.50 percent, Hon Hai Precision jumped 1.62 percent, Catcher Technology skidded 1.08 percent, MediaTek rallied 1.34 percent, Asia Cement fell 0.22 percent, Taiwan Cement gained 0.67 percent and First Financial and Formosa Plastic were unchanged.

The lead from Wall Street offers little clarity as stocks showed a lack of direction on Friday, bouncing back and forth across the unchanged line before closing mixed.

The Dow shed 62.76 points or 0.23 percent to finish at 26,671.95, while the NASDAQ added 29.36 points or 0.28 percent to end at 10,503.19 and the S&P 500 rose 9.16 points or 0.28 percent to close at 3,224.73. For the week, the Dow added 2.3 percent, the NASDAQ sank 1.1 percent and the S&P rose 1.2 percent.

The U.S. saw a record 77,255 new coronavirus cases on Thursday, according to data compiled by Johns Hopkins University. Reflecting the widespread resurgence of the coronavirus, the University of Michigan reported an unexpected deterioration in U.S. consumer sentiment in July.

A steep drop by shares of Netflix (NFLX) also weighed on the markets, with the video streaming giant plunging by 6.5 percent after reporting Q2 earnings that missed estimates and forecast weaker than expected subscriber growth.

Crude oil prices edged lower Friday, weighed by concerns about the outlook for near-term energy demand due to the surge in new coronavirus cases. West Texas Intermediate Crude oil futures for August ended down $0.16 or 0.4 percent at $40.59 a barrel.

Closer to home, Taiwan will see June figures for export orders later today, with forecasts suggesting an increase of 1.2 percent on year - accelerating from 0.4 percent in May.

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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