Tech Shares Likely To Weigh On Taiwan Stocks
(RTTNews) - The win streak has reached five sessions now for the Taiwan stock market, which has advanced more than 410 points or 4.3 percent along the way. The Taiwan Stock Exchange now rests just above the 9,900-point plateau although it may be stuck in neutral on Monday.
The global forecast for the Asian markets is soft, with technology stocks expected to weigh amid profit taking and concerns over the outlook for interest rates. The European markets were mixed and the U.S. bourses were down and the Asian markets are tipped to follow the latter lead.
The TSE finished modestly higher on Friday following gains from the financial and cement sectors, while the technology stocks were mixed.
For the day, the index gained 61.85 points or 0.63 percent to finish at the daily high of 9,906.59 after moving as low as 9,817.29 on turnover 152.13 billion Taiwan dollars.
Among the actives, Taiwan Semiconductor Manufacturing Company added 0.42 percent, while United Microelectronics shed 0.42 percent, Largan Precision surged 5.70 percent, Hon Hai Precision jumped 1.38 percent, AU Optronics dipped 0.43 percent, Taiwan Cement gathered 2.24 percent, Asia Cement added 2.40 percent, China Steel was up 0.42 percent, CTBC Financial a ccelerated 2.21 percent, Cathay Financial climbed 1.54 percent, Mega Financial advanced 1.55 percent, Fubon Financial collected 1.24 percent, First Financial picked up 1.29 percent and AsusTek Computer was unchanged.
The lead from Wall Street is soft as stocks shrugged off a positive open, moving lower as the day progressed and ending in the red.
The Dow fell 109.91 points or 0.43 percent to 25,270.83, while the NASDAQ slumped 77.06 points or 1.04 percent to 7,356.99 and the S&P slid 17.31 points or 0.63 percent to 2,723.06. For the week, the NASDAQ surged 2.6 percent, and the Dow and the S&P both jumped 2.4 percent.
The downturn on Wall Street was led by Apple (AAPL) after the company reported fiscal fourth quarter earnings and revenues that exceeded estimates but weaker than expected iPhone shipments, with disappointing guidance.
The pullback also came as traders digested the Labor Department report showing stronger than expected job growth in October. The upbeat jobs data paints of positive picture for the U.S. economy but also led to renewed concerns about the outlook for interest rates.
Crude oil prices moved lower Friday, extending losses as President Donald Trump announced plans to reimpose sanctions on Iran. The price of crude oil for December delivery fell $0.55 to $63.14 a barrel.SEE ALSO: 'Houdini-like metrics move': Here's what Wall Street is saying about Apple's decision not to reveal its iPhone sales ÃÂ» READ NOW: Trump says his administration is 'looking at' whether Amazon, Facebook and Google are violating antitrust laws (AAPL, GOOGL, AMZN) ÃÂ» SUBSCRIBE NOW:
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