Continued Consolidation Called For Taiwan Shares
(RTTNews.com) - The Taiwan stock market has finished lower in two straight sessions, sliding more than 90 points or 0.8 percent along the way. The Taiwan Stock Exchange now rests just above the 10,980-point plateau and it may take further damage on Monday.
The global forecast for the Asian markets is negative, largely on trade and geopolitical concerns. The European and U.S. markets were down on Friday and the Asian bourses figure to open in similar fashion.
The TSE finished modestly lower on Friday as losses from the steel stocks were tempered by support from the financials and a mixed performance from the technology sector.
For the day, the index fell 44.39 points or 0.40 percent to finish at 10,983.68 after trading between 10,972.25 and 11,033.89 on turnover of 123.33 billion Taiwan dollars.
Among the actives, Taiwan Semiconductor Manufacturing Company shed 0.81 percent, while Hon Hai Precision advanced 0.82 percent, Largan Precision fell 0.39 percent, United Microelectronics Corporation added 0.56 percent, AsusTek Computer lost 0.56 percent, MediaTek eased 0.18 percent, Chunghwa Telecom picked up 0.47 percent, Taiwan Cement spiked 2.47 percent, China Steel skidded 1.21 percent, CTBC Financial gathered 0.71 percent, Fubon Financial perked 0.99 percent, Mega Financial climbed 1.15 percent and Cathay Financial collected 0.57 percent.
The lead from Wall Street is soft as stocks moved lower on Friday after closing mixed in the previous two sessions.
The Dow slid 196.09 points or 0.77 percent to 25,313.14, the NASDAQ fell 52.67 points or 0.67 percent to 7,839.11 and the S&P 500 dropped 20.30 points or 0.71 percent to 2,833.28.
The weakness came amid concerns about rising tensions between the U.S. and Turkey due to the Turkish detention of U.S. pastor Andrew Brunson. The Turkish lira has plummeted to a record low, contributing to weakness in the overseas markets.
In economic news, the Labor Department noted a modest increase in consumer prices in July - while core consumer prices also edged higher.
Crude oil prices climbed higher on Friday, lifted by International Energy Agency's forecast that world oil demand will increase next year. Crude oil futures for September delivery ended up $0.82 or 1.3 percent at $67.63 a barrel.
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