The Taiwan stock market has moved lower in two straight sessions, slipping more than 55 points or 0.3 percent in that span. The Taiwan Stock Exchange now sits just above the 17,675-point plateau and it figures to see little movement on Monday.
The global forecast for the Asian markets is lackluster, rising residual momentum and surging crude oil prices. The European and U.S. markets were mixed and little changed and the Asian bourses figure to follow suit.
The TSE finished slightly lower on Friday following losses from the cement companies and mixed performances from the technology and financial shares.
For the day, the index dipped 22.15 points or 0.13 percent to finish at 17,676.95 after trading between 17,633.86 and 17,747.13.
Among the actives, Cathay Financial retreated 1.24 percent, while Mega Financial dipped 0.12 percent, CTBC Financial and Largan Precision both lost 0.51 percent, Fubon Financial slumped 0.66 percent, First Financial collected 0.54 percent, Taiwan Semiconductor Manufacturing Company climbed 1.18 percent, United Microelectronics Corporation rose 0.19 percent, Hon Hai Precision and Formosa Plastic both shed 0.47 percent, Catcher Technology fell 0.34 percent, MediaTek eased 0.10 percent, Delta Electronics added 0.56 percent, Asia Cement slipped 0.41 percent, Taiwan Cement declined 0.50 percent and E Sun Financial was unchanged.
The lead from Wall Street is uninspired as the major averages opened mixed on Friday and wound up in similar fashion and little changed at the session’s end.
The Dow climbed 153.34 points or 0.44 percent to finish at 34,861,24, while the NASDAQ shed 22.50 points or 0.16 percent to end at 14,169.30 and the S&P 500 rose 22.90 points or 0.51 percent to close at 4,543.06. For the week, the Dow rose 0.3 percent, the S&P jumped 1.8 percent and the NASDAQ spiked 2.0 percent.
The choppy trade came after the U.S. and the European Union signed an agreement for the supply of liquefied natural gas to reduce reliance on Russian supply.
In U.S. economic news, the National Association of Realtors said pending home sales unexpectedly saw further downside in February. Also, the University of Michigan said consumer sentiment in the U.S. fell more than expected in March.
Crude oil prices rallied Friday afternoon, lifted by news about a missile strike at an oil storage depot in Saudi Arabian city Jeddah. West Texas Intermediate Crude oil futures for May ended higher by $1.56 or 1.4 percent at $113.90 a barrel; they gained nearly 12 percent in the week.
Market Analysis
Slight Upside Tipped Taiwan Stock Market
2022-03-28 00:30:35
