(RTTNews) – The Taiwan stock market gave up less than a single point on Friday – but that was enough to extend its losing streak to four sessions, costing it almost 250 points or 2.4 percent in that span. The Taiwan Stock Exchange remains just beneath the 10,330-point plateau although it’s expected to find support on Monday.
The global forecast for the oversold Asian markets is cautiously optimistic, with bargain hunting expected amid a bounce in crude oil prices. The European markets were down and the U.S. bourses were up, and the Asian markets figure to follow the latter lead.
The TSE finished barely lower on Friday as bargain hunting among the technology stocks offset losses from the broader market.
For the day, the index eased 0.17 points or 0.01 percent to finish at 10,329.57 after trading between 10,238.50 and 10,338.06 on turnover of 113.646 billion Taiwan dollars.
Among the actives, Taiwan Steel advanced 5.99 percent, while Taiwan Cement lost 0.87 percent, Hon Hai Precision added 0.43 percent, AU Optronics spiked 2.56 percent, Largan Precision surged gained 3.44 percent, Innolux soared 4.04 percent. Taiwan Semiconductor Manufacturing Company shed 0.70 percent, Fubon Financial collected 0.21 percent and Mega Financial and Cathay Financial were unchanged.
The lead from Wall Street suggests mild upside as stocks moved higher on Friday after a few sessions of heavy selling.
The Dow added 14.31 points or 0.1 percent to 21,858.32, while the NASDAQ climbed 39.68 points or 0.6 percent to 6,256.56, and the S&P gained 3.11 points or 0.1 percent to 2,441.32. For the week, the Dow shed 1.1 percent, the NASDAQ tumbled 1.5 percent and the S&P was down 1.4 percent.
The strength was partly due to bargain hunting, with traders picking up stocks at reduced levels following the pullback in the past few sessions.
Positive sentiment also followed a report from the Labor Department showing just a modest uptick in consumer prices in July. The smaller than expected increase in inflation led to optimism that the Federal Reserve will not hurry to raise interest rates.
Buying interest was subdued, however, as the escalating war of words between President Donald Trump and North Korea continued to raise geopolitical concerns.
Crude oil futures rose Friday, trimming weekly losses after a report showed global oil demand is rebounding. September WTI oil futures were up 23 cents or 0.5 percent to $48.82/bbl, but were down 1.5 percent for the week.
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