Losses May Accelerate For Taiwan Stock Market – Markets Insider

(RTTNews) – The Taiwan stock market headed south again on Friday, one session after it had snapped the two-day slide in which it had surrendered almost 125 points or 1.2 percent. The Taiwan Stock Exchange now rests beneath above the 10,400-point plateau and it figures to extend its losses on Monday.

The global forecast for the Asian markets continues to be rangebound, with support provided by an extended recovery in the price of crude oil. The European markets were slightly lower and the U.S. bourses were mixed but little changed and the Asian markets figure to split the difference.

The TSE finished modestly lower on Friday following losses from the financial shares and technology stocks.

For the day, the index fell 26.58 points or 0.26 percent to finish at 10,395.07 after trading between 10,329.84 and 10,398.17 on turnover of 92.60 billion Taiwan dollars.

Among the actives, Cathay Financial shed 0.99 percent, while Fubon Financial collected 0.21 percent, Taiwan Semiconductor Manufacturing lost 0.91 percent, Largan Precision skidded 0.92 percent, Hon Hai Precision dropped 1.68 percent, Innolux spiked 2.91 percent, AU Optronics advanced 1.09 percent and Taiwan Cement added 0.28 percent.

The lead from Wall Street is of little help as stocks fluctuated on Friday to before finishing near the unchanged line.

The NASDAQ shed 3.93 points or 0.1 percent to 6,140.42, while the Dow rose 62.60 points or 0.3 percent to 21,349.63 and the S&P added 3.71 points or 0.2 percent to 2,423.41. For the week, the NASDAQ lost 2 percent, the S&P fell 0.6 percent and the Dow eased 0.2 percent.

In economic news, the Commerce Department said that personal income rose by more than expected in May, while personal spending was up in line with estimates. Also, MNI Indicators noted an unexpected acceleration in the pace of growth in Chicago-area business in June.

Crude oil futures rallied Friday, extending strong recent gains as the U.S. oil rig count fell for the first time in five months. August WTI oil jumped $1.11 or 2.5 percent to $46.04/bbl, marking a multi-week high.

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