Markets

Taiwan Stock Market Has Flat Lead For Monday's Trade

(RTTNews) - The Taiwan stock market has fallen lower in four straight sessions, sinking more than 200 points or 1.7 percent along the way. The Taiwan Stock Exchange now rests just above the 12,750-point plateau and it spin its wheels again on Monday.

The global forecast for Asian markets is murky, clouded by uncertainty regarding stimulus in the United States. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.

The TSE finished modestly lower on Friday following losses from the financial shares and a mixed performance from the technology stocks.

For the day, the index dropped 77.43 points or 0.60 percent to finish at the daily low of 12,750.37 after peaking at 12,896.30.

Among the actives, Cathay Financial dipped 0.13 percent, while Mega Financial eased 0.18 percent, CTBC Financial shed 0.28 percent, Fubon Financial collected 0.12 percent, First Financial sank 0.73 percent, E Sun Financial lost 0.60 percent, Taiwan Semiconductor Manufacturing Company dropped 0.88 percent, United Microelectronics Corporation tanked 2.85 percent, Hon Hai Precision added 0.64 percent, Largan Precision rose 0.34 percent, Catcher Technology spiked 1.97 percent, MediaTek skidded 1.31 percent, Formosa Plastic fell 0.25 percent, Asia Cement gained 0.37 percent and Taiwan Cement was unchanged.

The lead from Wall Street is uninspired after stocks opened higher on Friday but faded as the day progressed, eventually ending mixed.

The Dow added 112.11 points or 0.39 percent to finish at 28,606.31, while the NASDAQ sank 42.34 points or 0.36 percent to end at 11,671.56 and the S&P 500 rose 0.47 points or 0.01 percent to close at 3,483.81. For the week, the Dow rose 0.1 percent, the NASDAQ gained 0.8 percent and the S&P was up 0.2 percent.

The late-day pullback on Wall Street reflected lingering uncertainty about a new stimulus bill, with the slump also being attributed to the expiration of equity options.

The rally in early trading came as better than expected retail sales data tempered concerns the economic recovery may be stalling. Also, the University of Michigan reported a bigger than expected improvement in consumer sentiment in October.

Buying interest was also generated after Pfizer (PFE) Chairman and CEO Albert Bourla said the drug giant will apply for emergency use of the Covid-19 vaccine it is developing with BioNTech (BNTX) soon after the safety milestone is achieved in the third week of November.

Crude oil prices ended marginally lower on Friday as worries about the demand outlook amid the continued surge in coronavirus cases weighed on the commodity. West Texas Intermediate Crude oil futures for November ended down $0.08 or 0.2 percent at $40.88 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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