Taiwan Stock Market Expected To Stop The Bleeding On Monday

RTTNews | 990 days ago
Taiwan Stock Market Expected To Stop The Bleeding On Monday

(RTTNews) - The Taiwan stock market has finished lower in three straight sessions, slumping more than 300 points or 2.4 percent along the way. The Taiwan Stock Exchange now rests just beneath the 12,820-point plateau although it's likely to find traction on Monday.

The global forecast for the Asian markets is upbeat on falling treasury yields and optimism over the outlook for interest rates. The European markets were mixed and the U.S. bourses were sharply higher and the Asian markets are tipped to follow the latter lead.

The TSE finished modestly lower on Friday following losses from the technology stocks and a mixed picture from the financial shares.

For the day, the index dropped 126.90 points or 0.98 percent to finish at 12,819.20 after trading between 12,813.60 and 12,954.02.

Among the actives, Cathay Financial plunged 3.43 percent, while Mega Financial jumped 1.71 percent, CTBC Financial collected 1.52 percent, Fubon Financial lost 0.60 percent, First Financial strengthened 1.68 percent, E Sun Financial improved 1.77 percent, Taiwan Semiconductor Manufacturing Company tumbled 2.01 percent, United Microelectronics Corporation skidded 1.14 percent, Hon Hai Precision advanced 0.98 percent, Largan Precision plummeted 4.43 percent, Catcher Technology declined 1.74 percent, MediaTek shed 0.53 percent, Delta Electronics added 0.56 percent, Formosa Plastics gained 1.24 percent, Asia Cement climbed 1.08 percent, Taiwan Cement rose 0.32 percent and Nan Ya Plastics was unchanged.

The lead from Wall Street is broadly positive as the major averages opened barely in the red on Friday but quickly moved higher and accelerated as the day progressed.

The Dow surged 748.96 points or 2.47 percent to finish at 31,082.56, while the NASDAQ soared 244.92 points or 2.31 percent to end at 10,859.72 and the S&P 500 jumped 86.97 points or 2.37 percent to close at 3,752.75.

For the week, the NASDAQ surged 5.2 percent, the Dow spiked 4.9 percent and the S&P accelerated 4.7 percent.

The rally on Wall Street came as treasury yields showed a notable downturn after extending a recent surge in early trading. The yield on the benchmark ten-year note finished the day modestly lower after spiking to a fifteen-year intraday high earlier in the session.

The pullback by yields came after a report from the Wall Street Journal suggested Fed officials are likely to debate whether and how to signal plans for a smaller rate hike in December following a widely expected 75 basis point increase in early November.

Crude oil prices climbed higher on Friday amid hopes demand for oil in China will see an increase soon. A likely ban on Russian oil by the European Union and a weak dollar also fueled oil's uptick. West Texas Intermediate Crude oil futures for December ended higher by $0.54 or 0.6 percent at $85.05 a barrel.

Closer to home, Taiwan will provide September results for industrial production, retail sales and unemployment later today. In August, output was up 3.68 percent on year, while sales jumped 12.0 percent and the jobless rate was at 3.67 percent.

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