Taiwan Stock Market Set To End Losing Streak
(RTTNews) - The Taiwan stock market has finished lower in two straight sessions, sliding more than 160 points or 1.5 percent along the way. The Taiwan Stock Exchange now rests just shy of the 11,960-point plateau although it's expected to stop the bleeding on Monday.
The global forecast for the Asian markets is upbeat on optimism for overall trade and economy. The European and U.S. markets were up on Friday and the Asian markets are tipped to follow suit.
The TSE finished modestly lower on Friday following mixed performances from the financials, technology stocks and resource companies.
For the day, the index lost 59.82 points or 0.50 percent to finish at 11,959.08 after trading between 11,937.45 and 12,028.22.
Among the actives, Cathay Financial collected 0.23 percent, while First Financial fell 0.42 percent, Taiwan Semiconductor Manufacturing Company tumbled 1.79 percent, Hon Hai Precision skidded 1.19 percent, Largan Precision shed 0.59 percent, Catcher Technology added 0.21 percent, MediaTek retreated 1.87 percent, Asia Cement rose 0.21 percent, Taiwan Cement eased 0.12 percent, Formosa Plastic perked 1.10 percent and CTBC Financial, Fubon Financial, E Sun Financial, United Microelectronics Corporation and Mega Financial all were unchanged.
The lead from Wall Street is positive as stocks extended recent gains, pushing the major averages up to fresh record closing highs.
The Dow added 78.13 points or 0.28 percent to 28,455.09, while the NASDAQ gained 37.74 points or 0.42 percent to 8,924.96 and the S&P 500 rose 15.85 points or 0.49 percent to 3,221.22. For the week, the Dow rose 1.1 percent, the NASDAQ added 2.2 percent and the S&P gained 1.7 percent.
The markets continue to rise on news that the U.S. and China have reached an agreement on a phase one trade deal, which has eliminated considerable uncertainty for the markets. There's also optimism that economic growth could accelerate after the deal is enacted.
In economic news, the Commerce Department said U.S. economic growth in Q3 was unrevised from the previous estimate, while a separate report noted an acceleration in the pace of personal income growth in November.
Crude oil prices declined sharply on Friday as data from Baker Hughes showed a sharp increase in rig count in the U.S. West Texas Intermediate crude oil futures for February ended down $0.74 or 1.2 percent at $60.44 a barrel.
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