Lower Open Expected For Taiwan Stock Market – Markets Insider

(RTTNews) – The Taiwan stock market has ticked higher in two of three trading days since the end of the two-day losing streak in which it had surrendered more than 85 points or 0.8 percent. The Taiwan Stock Exchange now rests just above the 10,930-point plateau although it may turn lower again on Monday.

The global forecast for the Asian markets is flat to lower amid concerns over interest rates and stalled crude oil prices. The European and U.S. markets were slightly lower Friday and the Asian markets figure to follow suit.

The TSE finished modestly higher on Friday following gains from the financial shares and technology stocks.

For the day, the index picked up 96.73 points or 0.89 percent to finish at 10,932.11 after trading between 10,893.73 and 10,963.95 on turnover of 164.46 billion Taiwan dollars.

Among the actives, Taiwan Semiconductor Manufacturing Company surged 5.79 percent, while United Microelectronics climbed 1.42 percent, AsusTek Computer perked 0.39 percent, Hon Hai Precision added 0.12 percent, Largan Precision soared 4.25 percent, Cathay Financial eased 0.19 percent, Mega Financial collected 0.19 percent, Fubon Financial gathered 0.39 percent, CTBC Financial picked up 0.49 percent and Formosa Plastic and Chunghwa Telecom were unchanged.

The lead from Wall Street is slightly soft as stocks opened higher Friday but faded throughout the day and finished in the red – extending losses from the previous session.

The Dow shed 6.38 points or 0.03 percent to 25,058.12, the NASDAQ lost 5.10 points or 0.07 percent to 7,820.20 and the S&P 500 dipped 2.66 points or 0.09 percent to 2,801.83. For the week, the NASDAQ eased 0.1 percent, the S&P 500 added 0.01 percent and the Dow rose 0.2 percent.

The lower close on Wall Street came after President Donald Trump continued to urge the Federal Reserve to refrain from raising interest rates. Trump said the Fed’s plan to gradually raise rates could hurt recent economic progress, and the rate hikes would penalize the U.S. for doing well.

The modest strength earlier in the day came amid a positive reaction to earnings news from big-name companies like Microsoft (MSFT), industrial conglomerate Honeywell (HON) and General Electric (GE).

Most of the major sectors saw only modest moves. Housing, oil service and real estate stocks moved to the downside, while tobacco stocks continued to recover from the sell-off in the previous session.

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