Tech Shares May Continue To Weigh On Taiwan Stock Market
(RTTNews.com) - The losing streak has reached three sessions now for the Taiwan Stock Market, which has given up almost 180 points or 1.6 percent along the way. The Taiwan Stock Exchange now rests just above the 10,845-point plateau and it's likely to take further damage again on Monday.
The global forecast for the Asian markets is soft on ongoing trade war concerns and a drop in crude oil prices. The European markets were mixed and the U.S. bourses were down - and the Asian markets figure to split the difference.
The TSE finished modestly lower on Friday following losses from the financial and steel stocks, while the technology shares were mixed.
For the day, the index declined 77.31 points or 0.71 percent to finish at 10,846.99 after trading between 10,807.56 and 10,922.55 on turnover of 148.76 billion Taiwan dollars.
Among the actives, Cathay Financial shed 0.58 percent, while Fubon Financial dropped 1.20 percent, Taiwan Steel Union retreated 1.85 percent, China Steel dipped 0.40 percent, Nanya Technology plummeted 9.59 percent, HTC Corp. plunged 6.56 percent, Hon Hai Precision skidded 2.02 percent, Largan Precision jumped 1.94 percent, Taiwan Semiconductor Manufacturing Company climbed 1.15 percent, Chunghwa Telecom added 0.47 percent and CTBC Financial, Mega Financial and Formosa Plastic were unchanged.
The lead from Wall Street is negative as stocks fluctuated on Friday before ending modestly lower. With the drop, the NASDAQ and the S&P extended recent losses.
The Dow fell 79.33 points or 0.31 percent to 25,916.54, the NASDAQ dipped 20.18 points or 0.25 percent to 7,902.54 and the S&P 500 slipped 6.37 points or 0.22 percent to 2,871.68. For the week, the NASDAQ plunged 2.6 percent, the S&P fell 1 percent and the Dow lost 0.2 percent.
The lower close came amid ongoing trade concerns after President Donald Trump suggested he may impose tariffs on another $267 billion worth of Chinese goods. China'sCommerce Ministry has said it will roll out retaliatory measures if the U.S. imposes any new tariffs.
In economic news, the Labor Department noted stronger than expected job growth in August. The report also said the annual rate of average hourly employee earnings growth accelerated. The data painted a positive picture of the economy but reinforced expectations the Federal Reserve will raise interest rates later this month.
Crude oil prices eased Friday, as concerns about a drop in demand due to trade war tensions slightly outweighed data showing a fall in stockpiles. Crude oil futures for October delivery settled at $67.75 a barrel, down 2 cents. For the week, crude oil future lost 2.9 percent.
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