Rebound Anticipated For Taiwan Stock Market

(RTTNews) - The Taiwan stock market on Friday ended the two-day winning streak in which it had climbed more than 260 points or 2 percent. The Taiwan Stock Exchange now rests just beneath the 12,790-point plateau although it's expected to see renewed support on Monday.

The global forecast for the Asian markets is upbeat, fueled by solid earnings news among technology shares. The European markets were mixed and the U.S. bourses were sharply higher and the Asian markets are also tipped to open in the green.

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

For the day, the index sank 137.98 points or 1.07 percent to finish at 12,788.42 after trading between 12,723.98 and 12,891.38.

Among the actives, Cathay Financial lost 0.65 percent, while Mega Financial collected 0.34 percent, Fubon Financial advanced 0.78 percent, First Financial eased 0.20 percent, E Sun Financial perked 0.22 percent, Taiwan Semiconductor Manufacturing Company retreated 1.56 percent, United Microelectronics Corporation tanked 2.42 percent, Largan Precision shed 0.55 percent, Catcher Technology dipped 0.30 percent, MediaTek plunged 4.07 percent, Formosa Plastics added 0.48 percent, Nan Ya Plastics slumped 0.44 percent, Asia Cement fell 0.40 percent, Taiwan Cement skidded 1.13 percent and Hon Hai Precision, Delta Electronics and CTBC Financial were unchanged.

The lead from Wall Street is broadly positive as the major averages opened slightly higher on Friday but accelerated throughout the day, ending near session highs.

The Dow surged 828.50 points or 2.59 percent to finish at 32,861.80, while the NASDAQ soared 309.75 points or 2.87 percent to end at 11,102.45 and the S&P 500 jumped 93.76 points or 2.46 percent to close at 3,901.06.

For the week, the Dow spiked 5.7 percent, the S&P 500 jumped 4.0 percent and the NASDAQ rallied 2.2 percent.

Traders reacted positively to strong earnings news from the likes of semiconductor giant Intel (INTC), Apple (AAPL) and energy giant Exxon Mobil (XOM).

Buying interest may also have been generated by a Commerce Department report showing core consumer price growth accelerated less than expected in September - which may encourage the Federal Reserve to slow the pace of its interest rate hikes.

Oil prices drifted lower on Friday as worries about the outlook for energy demand resurfaced due to increased Covid-19 restrictions in parts of China. West Texas Intermediate Crude oil futures for December slumped $1.18 or 1.3 percent at $87.90 a barrel. WTI crude futures gained more than 3 percent in the week.