(RTTNews) – The Taiwan stock market on Friday snapped the two-day slide in which it had surrendered almost 80 points or 0.8 percent. The Taiwan Stock Exchange now rests just beneath the 10,610-point plateau, and it figures to hold steady in that neighborhood again on Monday.
The global forecast for the Asian markets is mixed to slightly lower, with a decline in crude oil prices likely to weigh. The European and U.S. markets were roughly flat but mostly in the red, and the Asian bourses are expected to follow that lead.
The TSE finished modestly higher on Friday following gains from the financial shares and technology stocks.
For the day, the index collected 71.44 points or 0.68 percent to finish at the daily high of 10,609.95 after moving as low as 10,550.72 on turnover of 120.07 billion Taiwan dollars.
Among the actives, Hon Hai Precision spiked 1.30 percent, while AU Optronics advanced 1.23 percent, Taiwan Semiconductor Manufacturing Company gained 0.46 percent, Innolux perked 1.40 percent, Largan Precision added 0.42 percent, Fubon Financial collected 0.42 percent, CTBC Financial jumped 1.57 percent, Cathay Financial climbed 1.04 percent, Taiwan Cement picked up 0.74 percent, Taiwan Steel shed 0.78 percent and China Steel gathered 0.20 percent.
The lead from Wall Street provides little clarity as stocks moved mostly lower on Friday, although the Dow eked out a modest gain.
The Dow added 13.01 points or 0.1 percent to 21,797.79, while the NASDAQ fell 37.68 points or 0.6 percent to 6,360.19 and the S&P shed 3.67 points or 0.2 percent to 2,461.43. For the week, the NASDAQ tumbled 1.2 percent, the Dow slid 0.9 percent and the S&P lost 0.6 percent.
The weakness came amid concerns about the economic impact of Hurricane Irma, which made landfall in Florida early Sunday. Irma followed close on the heels of Hurricane Harvey, which led to widespread devastation and flooding in Texas.
In economic news, the Commerce Department said wholesale inventories rose more than expected in July, while the Federal Reserve said consumer credit jumped more than expected in July.
Crude oil futures fell Friday but held onto weekly gains as data showed the U.S. oil rig count fell again in what is becoming a rough hurricane season. U.S. West Texas Intermediate light crude oil shed 2.04 percent or $1 at $48.09 a barrel.
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