Renewed Support Tipped For Taiwan Stock Market – Markets Insider

(RTTNews) – The Taiwan stock market gave up less than a single point on Friday – but that was enough to halt the three-day winning streak in which it had advanced more than 190 points or 1.8 percent. The Taiwan Stock Exchange remains just beneath the 10,855-point plateau, and it’s expected to bounce higher again on Monday.

The global forecast for the Asian markets suggests mild upside, thanks to a jump in crude oil prices. The European markets were mostly in the green and the U.S. bourses ended slightly higher – and the Asian markets also figure to tick higher.

The TSE finished barely lower on Friday as losses from the financials were tempered by support from the technology stocks and steel companies.

For the day, the index eased 0.48 points or 0.01 percent to finish at 10,854.09 after trading between 10,833.78 and 10,873.91 on turnover of 124.85 billion Taiwan dollars.

Among the actives, Cathay Financial dropped 1.29 percent, while Mega Financial tumbled 1.25 percent, Fubon Financial retreated 1.17 percent, Hon Hai Precision skidded 1.42 percent, MediaTek shed 0.31 percent, Largan Precision added 0.81 percent, Asustek Computer was unchanged, Catcher Technology gained 0.74 percent, Taiwan Semiconductor Manufacturing Company added 0.62 percent, Taiwan Steel surged 3.04 percent and China Steel plummeted 1.01 percent.

The lead from Wall Street is cautiously optimistic as stocks saw modest strength in an abbreviated trading session on Friday, following the Thanksgiving holiday a day earlier.

The Dow added 31.81 points or 0.14 percent to 23,557.99, while the NASDAQ climbed 21.80 points or 0.32 percent to 6,889.16 and the S&P 500 rose 5.34 points or 0.21 percent to 2,602.42. For the week, the NASDAQ surged 1.6 percent, while the Dow and the S&P both gained 0.9 percent.

The strength on Wall Street reflected recent upward momentum, which has propelled to stocks to new record highs. Activity was subdued, however, as many traders remained away following the holiday.

Despite the advance shown by the broader markets, most of the major sectors showed only modest moves. Semiconductor and internet stocks saw some strength, while gold stocks moved to the downside along with the price of the precious metal.

Crude oil futures jumped to their highest in two years Friday amid supply interruptions in North America and expectations that OPEC will extend its output cuts through 2018. January oil ended up 93 cents or 1.6 percent to $58.95/bbl in thin trade.

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