Soft Start Anticipated For Taiwan Stock Market

(RTTNews) - The Taiwan stock market has moved higher in three straight sessions, collecting almost 400 points or 1.8 percent in that span. The Taiwan Stock Exchange now sits just above the 22,750-point plateau although it may open to the downside on Monday.

The global forecast for the Asian markets is negative on lingering trade concerns. The European and U.S. markets were down and the Asian bourses are expected to follow that lead.

The TSE finished modestly higher on Friday as the financial shares and technology stocks were mostly in the green.

For the day, the index added 57.83 points or 0.25 percent to finish at 22,751.03 after trading between 22,601.95 and 22,770.01.

Among the actives, Cathay Financial fell 0.32 percent, while Mega Financial collected 0.47 percent, CTBC Financial perked 0.16 percent, First Financial added 0.51 percent, E Sun Financial rose 0.29 percent, United Microelectronics Corporation skidded 1.03 percent, Largan Precision surged 4.34 percent, Catcher Technology advanced 0.96 percent, MediaTek rallied 1.43 percent, Delta Electronics was up 0.10 percent, Formosa Plastics and Asia Cement both retreated 1.45 percent, Nan Ya Plastics stumbled 2.38 percent and Fubon Financial, Taiwan Semiconductor Manufacturing Company, Hon Hai Precision and Novatek Microelectronics were unchanged.

The lead from Wall Street is soft as the major averages opened lower on Friday and remained under water for almost the entire session.

The Dow dropped 279.09 points or 0.63 percent to finish at 44,371.51, while the NASDAQ sank 45.17 points or 0.22 percent to close at 20,585.53 and the S&P 500 lost 20.71 points or 0.33 percent to end at 6,259.75.

The weakness on Wall Street came amid renewed concerns about President Donald Trump's escalating trade battles.

Overall trading activity was somewhat subdued, however, amidst a lack of major economic data and ahead of earnings season this coming week.

Crude oil rose sharply on Friday after the International Energy Agency upwardly revised its oil supply forecast and also buoyed by lingering geopolitical risks in the Middle East. West Texas Intermediate crude for August delivery closed up $1.88 to settle at $68.45 per barrel.