The Taiwan stock market has finished lower in three straight sessions, sinking more than 660 points, or 2.5 percent, during that span. The Taiwan Stock Exchange (TSE) now sits just above the 25,580-point plateau, although it may find traction on Monday.
The global forecast for Asian markets is upbeat, buoyed by an improved outlook for interest rates. European and U.S. markets were up recently, and Asian bourses are expected to open similarly.
On Friday, the TSE finished sharply lower following losses in financial shares, technology stocks, and plastics companies. The index plummeted 443.53 points, or 1.70 percent, to close at 25,580.32 after trading between 25,469.04 and 25,998.28.
Among the active stocks:
– Cathay Financial dropped 0.91 percent
– Mega Financial edged up 0.12 percent
– First Financial sank 0.84 percent
– Fubon Financial dipped 0.16 percent
– E Sun Financial shed 0.45 percent
– Taiwan Semiconductor Manufacturing Company retreated 1.52 percent
– United Microelectronics Corporation rallied 1.24 percent
– Hon Hai Precision plunged 4.57 percent
– Largan Precision declined 1.28 percent
– Catcher Technology tumbled 1.60 percent
– MediaTek tanked 2.60 percent
– Delta Electronics plummeted 4.07 percent
– Novatek Microelectronics slumped 1.36 percent
– Formosa Plastics stumbled 1.29 percent
– Nan Ya Plastics crashed 3.18 percent
– Asia Cement rose 0.13 percent
– CTBC Financial remained unchanged
The lead from Wall Street is positive as major averages opened higher on Friday and spent most of the day in the green. The Dow jumped 299.97 points, or 0.65 percent, to finish at 46,247.29, while the NASDAQ advanced 99.37 points, or 0.44 percent, to close at 22,484.07. The S&P 500 gained 38.98 points, or 0.59 percent, ending at 6,643.70.
For the week, however, the NASDAQ slid 0.7 percent, the S&P 500 fell 0.3 percent, and the Dow dipped 0.2 percent.
The strength on Wall Street reflected a positive reaction to a closely watched Commerce Department report showing consumer prices rose in line with economist estimates in August. The data helped increase confidence that the Federal Reserve will continue lowering interest rates in the coming months.
Crude oil prices advanced on Friday as Russia restricted fuel exports by introducing a partial ban on diesel exports until the end of 2025. West Texas Intermediate (WTI) crude for November delivery was up $0.59, or 0.91 percent, at $65.57 per barrel.
*The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.*
https://www.nasdaq.com/articles/taiwan-stock-market-due-support-monday