Taiwan Stock Market May Head South Again On Monday

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(RTTNews) – The Taiwan stock market on Friday ended the two-day losing streak in which it had fallen more than 170 points or 1 percent. The Taiwan Stock Exchange now rests just beneath the 17,520-point plateau although it may be stuck in neutral again on Monday.

The global forecast for the Asian markets is negative on disappointing U.S. jobs data and sinking crude oil prices. The European markets were down and the U.S. bourses were mixed and flat and the Asian markets figure to split the difference.

The TSE finished sharply higher on Friday following gains from the financial shares, technology stocks and cement companies.

For the day, the index climbed 197.12 points or 1.14 percent to finish at 17,516.92 after trading between 17,380.52 and 17,540.78.

Among the actives, Cathay Financial jumped 1.53 percent, while Mega Financial improved 1.40 percent, CTBC Financial collected 0.66 percent, Fubon Financial accelerated 2.54 percent, First Financial gained 0.88 percent, E Sun Financial was up 0.19 percent, Taiwan Semiconductor Manufacturing Company rallied 2.14 percent, United Microelectronics Corporation skyrocketed 9.38 percent, Hon Hai Precision advanced 0.90 percent, Largan Precision spiked 2.25 percent, Catcher Technology fell 0.30 percent, MediaTek retreated 1.50 percent, Delta Electronics climbed 1,30 percent, Formosa Plastic perked 1.72 percent, Asia Cement added 0.56 percent and Taiwan Cement increased 1.25 percent.

The lead from Wall Street is slightly soft as the major averages opened lower on Friday, and only the NASDAQ was able to break through to finish in the green.

The Dow shed 74.71 points or 0.21 percent to finish at 35,369.09, while the NASDAQ gained 32.32 points or 0.21 percent to close at 15,363.52 and the S&P 500 fell 1.52 point or 0.03 percent to end at 4,535.43. For the week, the NASDAQ jumped 1.5 percent, the Dow eased 0.2 percent and the S&P rose 0.6 percent.

The choppy trading on Wall followed the Labor Department’s monthly employment report, which showed much weaker than expected job growth in August.

The report suggested the delta variant of the coronavirus is weighing on the labor market, although the data could also lead the Federal Reserve to push back its plans to begin scaling back stimulus.

A separate report released by the Institute for Supply Management showed U.S. service sector growth slowed from a record pace in August.

Crude oil prices drifted lower on Friday amid worries about demand following the smaller than expected increase in U.S. non-farm payrolls last month. West Texas Intermediate crude oil futures ended down $0.70 or 1 percent at $69.29 a barrel; WTI crude futures gained 0.8 percent in the week.