Rally Predicted To Stall For Taiwan Stock Market
(RTTNews.com) - The Taiwan stock market has moved higher in two straight sessions, gathering almost 110 points or 1 percent along the way. The Taiwan Stock Exchange now rests just above the 11,075-point plateau although it may spin its wheels on Monday.
The global forecast for the Asian markets is soft, thanks to weak earnings news and a fall in crude oil prices. The European markets were up and the U.S. bourses were down and the Asian markets figure to follow the latter lead.
The TSE finished modestly higher on Friday following gains from the technology stocks and a mixed performance from the financial sector.
For the day, the index picked up 65.17 points or 0.59 percent to f inish at the daily high of 11,075.78 after moving as low as 11,009.16 on turnover of 124.32 billion Taiwan dollars.
Among the actives, Taiwan Semiconductor Manufacturing Company climbed 1.45 percent, while MediaTek jumped 1.71 percent, Catcher Technology gathered 1.07 percent, AU Optronics soared 2.83 percent, Largan Precision perked 1.15 percent, Hon Hai Precision shed 0.36 percent, Asia Cement tumbled 2.75 percent, Taiwan Cement fell 0.49 percent, Mega Financial lost 0.37 percent, Fubon Financial dipped 0.20 percent, Cathay Financial collected 0.58 percent, CTBC Financial advanced 0.49 percent, First Financial picked up 0.48 percent and China Steel and Nan Ya Plastic were unchanged.
The lead from Wall Street is negative as stocks moved solidly lower on Friday after ending the previous session mixed.
The Dow shed 76.01 points or 0.30 percent to 25,451.06, the NASDAQ fell 114.77 points or 1.46 percent to 7,737.42 and the S&P slid 18.62 p oints or 0.66 percent to 2,818.82. For the week, the NASDAQ tumbled 1.1 percent, the S&P added 0.6 percent and the Dow jumped 1.6 percent.
The weakness on Wall Street reflected negative earnings news from companies such as Twitter (TWTR), Intel (INTC) and Exxon Mobil (XOM).
In economic news, the Commerce Department noted a jump in the pace of U.S. economic growth in the second quarter. Also, the University of Michigan said consumer sentiment deteriorated less than estimated in July.
Crude oil prices declined on Friday, despite solid U.S. GDP data. It is believed the U.S. sanctions on Iran have already been priced in, so crude is unable to make significant progress. Crude oil futures for September fell $0.92 or 1.3 percent to $68.69 a barrel on the New York Mercantile Exchange.
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This article appears in: Politics , World Markets , US Markets , Oil , StocksSource: Google News Taiwan | Netizen 24 Taiwan