Global Financial News

Higher Open Called For Taiwan Stock Market

(RTTNews) – The Taiwan stock market stock market on Friday ended the two-day losing streak in which it had fallen more than 225 points or 1.5 percent. The Taiwan Stock Exchange now sits just above the 17,300-point plateau and it’s got a green light again for Monday’s trade.

The global forecast for the Asian market is cautiously optimistic, with upside limited by surging coronavirus cases in India. The European markets were down and the U.S. bourses were up and the Asian markets figure to split the difference.

The TSE finished sharply higher on Friday following gains from the technology stocks, weakness from the cement companies and a mixed picture from the financial sector.

For the day, the index jumped 203.27 points or 1.19 percent to finish at the daily high of 17,300.27 after moving as low as 17,055.48.

Among the actives, Cathay Financial collected 0.39 percent, Mega Financial fell 0.31 percent, CTBC Financial shed 0.44 percent, Fubon Financial added 0.33 percent, First Financial sank 0.66 percent, E Sun Financial eased 0.19 percent,
Taiwan Semiconductor Manufacturing Company jumped 1.86 percent, United Microelectronics Corporation soared 4.01 percent, Hon Hai Precision climbed 1,28 percent, Largan Precision gathered 1.64 percent, Catcher Technology rose 0.25 percent, MediaTek surged 5.18 percent, Formosa Plastic dropped0 .93 percent, Asia Cement tanked 2.71 percent and Taiwan Cement tumbled 2.03 percent.

The lead from Wall Street is positive as the major averages showed a strong move to the upside, picking up steam as the session progressed.

The Dow spiked 227.59 points or 0.67 percent, while the NASDAQ jumped 198.39 points or 1.44 percent to end at 14,016.81 and the S&P 500 gained 45.19 points or 1.09 percent to close at 4,180.17. For the week, the Dow fell 0.5 percent, the NASDAQ shed 1.4 percent and the S&P eased 0.1 percent.

The rebound on Wall Street partly reflected the volatility seen over the past few sessions, which saw the major averages show big swings back-and-forth.

Optimism about the economic recovery has helped prop up the markets, although concerns about high valuations and surging coronavirus cases overseas have led to worries about the near-term outlook.

In economic news, the Commerce Department reported a substantial rebound in new home sales in March, sending sales to their highest level since August 2006.

Crude oil prices moved higher on Friday, lifted by buoyant demand for energy in the U.S. despite a weak global outlook. West Texas Intermediate Crude futures for June ended up by $0.71 or 1.2 percent at $62.14 a barrel. WTI crude futures shed 1.7 percent in the week.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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