(RTTNews) – The Taiwan stock market on Friday ended the two-day winning streak in which it had advanced almost 100 points or 1 percent. The Taiwan Stock Exchange now rests just above the 10,490-point plateau and it’s expected to see renewed support on Monday.
The global forecast for the Asian markets is upbeat on optimism for U.S. tax reform, plus a bump in crude oil prices. The European markets were mixed and the U.S. bourses were higher, and the Asian markets figure to follow the latter lead.
The TSE finished modestly lower on Friday as the financial shares and technology stocks were mostly lower.
For the day, the index shed 46.57 points or 0.44 percent to finish at 10,491.44 after trading between 10,436.11 and 10,520.66 on turnover of 124.84 billion Taiwan dollars.
Among the actives, Cathay Financial skidded 1.10 percent, while Fubon Financial shed 0.99 percent, Mega Financial collected 0.42 percent, Taiwan Semiconductor Manufacturing Company dipped 0.22 percent, Innolux lost 0.40 percent, Largan Precision plunged 2.79 percent and Hon Hai Precision tumbled 1.48 percent.
The lead from Wall Street is positive as stocks moved higher on Friday lifting all three of the major averages to new record closing highs.
The Dow rose 143.08 points or 0.58 percent to 24,651.74, the NASDAQ spiked 80.06 points or 1.17 percent to 6,936.58 and the S&P 500 climbed 23.80 points or 0.90 percent to 2,675.81. For the week, the Dow surged 1.3 percent, the NASDAQ jumped 1.4 percent and the S&P added 0.9 percent.
The strength on Wall Street came as traders expressed optimism about the likelihood of Republican lawmakers to pass their tax reform legislation.
In economic news, the Federal Reserve Bank of New York said growth in New York manufacturing activity slowed more than anticipated in December. A separate report from the Federal Reserve showed a smaller than expected increase in industrial production in November.
Crude oil futures rose Friday, trimming modest weekly losses after a warning on the global oil glut. January WTI oil gained 26 cents or 0.5 percent for the day to $57.30/bbl. Prices fell 0.1 percent for the week.
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