Taiwan stock exchange to be consolidated on Monday
(RTTNews) – Taiwan’s stock market advanced in two consecutive sessions, rallying nearly 340 points or 2% along the way. The Taiwan Stock Exchange is now just above the 17,260 point plateau, although it may run out of steam on Monday.
Global forecasts for Asian markets are grim following recent volatility, with crude oil prices providing support in what has been an otherwise difficult month. European markets were down and US stock markets were mixed and stable and Asian markets should divide the difference.
The TSE ended sharply higher on Friday after gains in financials and cement, while tech companies were mixed.
For the day, the index climbed 181.99 points or 1.07% to end at 17,260.19 after trading between 17,130.74 and 17,273.59.
Among assets, Cathay Financial collected 0.52%, while CTBC Financial lost 0.65%, Fubon Financial rose 0.13%, First Financial gained 0.44%, E Sun Financial rose 0 , 19%, Taiwan Semiconductor Manufacturing Company jumped 1.70%, United Microelectronics Corporation grew 2.76 percent, Hon Hai Precision grew 0.94 percent, Largan Precision lost 2.95 percent, Catcher Technology slipped 1.18 percent, MediaTek added 0.55 percent, Delta Electronics climbed 3.38 percent, Formosa Plastic jumped 3.41 percent, Asia Cement gained 0.65 percent cent, Taiwan Cement rose 0.20 per cent and Mega Financial was unchanged.
The Wall Street lead offers little clarity as the major averages opened lower on Friday, then bounced off the unchanged line, ultimately ending mixed and little changed.
The Dow Jones added 33.18 points or 0.10% to close at 34,798.00, while the NASDAQ fell 4.54 points or 0.03% to close at 15,047.70 and the S&P 500 a increased 6.50 points or 0.15% to end at 4,455.48. For the week, the Dow Jones rose 0.6%, the NASDAQ added 0.1% and the S&P gained 0.5%.
The poor performance of Wall Street is explained by uncertainty about the market outlook following recent volatility.
Traders also expressed uncertainty about the situation with China Evergrande, as the indebted real estate company did not provide clarification on a key interest payment.
On the economic news side, the Commerce Department reported an unexpected increase in US new home sales in August.
Crude oil prices surged on Friday and first-month WTI oil futures posted gains for a fifth straight week amid tighter supplies. West Texas Intermediate crude oil futures for November rose $ 0.68 or 0.9% to 73.98 a barrel. WTI crude futures gained 2.8% for the week.
Closer to home, Taiwan will provide August figures for retail sales and industrial production; in July, sales were down 10.3 percent year-on-year and production jumped 13.93 percent annually.
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