Lower Open Called For Taiwan Stock Market

(RTTNews) - The Taiwan stock market has alternated between positive and negative finishes through the last five trading days since the end of the four-day winning streak in which it had spiked more than 760 points or 3.4 percent. The Taiwan Stock Exchange now rests just above the 23,150-point plateau and it may open in the red again on Monday.

The global forecast for the Asian markets is flat to lower, with energy stocks likely to lead the way lower. The European and U.S. markets were mostly lower and the Asian bourses figure to follow that lead.

The TSE finished sharply lower on Friday following losses from the technology and cement sectors, while the financials were mixed and the plastics offered support.

For the day, the index slumped 246.79 points or 1.05 percent to finish at 23,152.61 after trading between 23,142.95 and 23,276.24.

Among the actives, Cathay Financial dipped 0.16 percent, while Mega Financial perked 0.13 percent, Fubon Financial fell 0.32 percent, E Sun Financial collected 0.17 percent, Taiwan Semiconductor Manufacturing Company stumbled 2.75 percent, Hon Hai Precision skidded 1.11 percent, Largan Precision slumped 1.29 percent, Catcher Technology added 0.75 percent, Delta Electronics and MediaTek both dropped 0.99 percent, Novatek Microelectronics sank 0.91 percent, Formosa Plastics soared 2.54 percent, Nan Ya Plastics gained 0.76 percent, Asia Cement lost 0.36 percent and CTBC Financial, First Financial and United Microelectronics Corporation were unchanged.

The lead from Wall Street is weak as the major averages opened higher on Friday but couldn't hold the gains, finishing mixed and little changed.

The Dow dropped 165.32 points or 0.37 percent to finish at 44,546.08, while the NASDAQ added 81.17 points or 0.41 percent to close at 20,026.77 and the S&P 500 dipped 0.44 points or 0.01 percent to end at 6,114.63.

For the week, the NASDAQ surged 2.6 percent, the S&P 500 jumped 1.5 percent and the Dow advanced 0.6 percent.

The choppy trading on Wall Street came as traders expressed some uncertainty about the near-term outlook for the markets following Thursday's rally, which saw the S&P 500 jump near its record highs despite data showing a bigger than expected increase by producer prices.

Traders were also digesting a mixed batch of U.S. economic data, including a Commerce Department report showing retail sales slumped much more than expected in January. A separate report from the Federal Reserve showed industrial production rose by more than expected last month.

Oil prices drifted lower on Friday as supply concerns eased amid hopes of a peace deal between Russia and Ukraine and possibility of removal of sanctions on Russia. West Texas Intermediate Crude oil futures fell $0.55 or 0.77 percent at $70.74 a barrel. WTI futures gained 1.0 percent for the week.