Taiwan Stock Exchange has a firm lead for Monday’s trading
(RTTNews) – Taiwan’s stock market ended lower in two consecutive sessions, losing nearly 90 points or 0.6% along the way. The Taiwan Stock Exchange now sits just below the 16,990 point plateau, although it believes it will find support on Monday.
Global forecasts for Asian markets are bullish ahead of this week’s FOMC meeting and supported by crude oil prices. European markets were mixed and US stock markets were up and Asian markets are expected to follow this latest trend.
The TSE ended slightly lower on Friday following losses in financial stocks, technology stocks and cement companies.
For the day, the index lost 54.19 points or 0.32% to end at 16,987.41 after trading between 16,920.68 and 17,073.97.
Among assets, CTBC Financial fell 0.85%, while Fubon Financial slipped 1.21%, E Sun Financial fell 0.19%, Taiwan Semiconductor Manufacturing Company fell 0.84%, United Microelectronics Corporation dipped 3.01 percent, Hon Hai Precision fell 1.38 percent, Catcher Technology fell 1.53 percent, MediaTek lost 2.46 percent, Delta Electronics lost 2.97 percent , Formosa Plastic fell 0.46 percent, Asia Cement fell 0.11 percent, Taiwan Cement lost 0.52 percent and Largan Precision, Cathay Financial, Mega Financial and First Financial remained unchanged.
Wall Street’s lead is positive as major averages rocked a lower open on Friday, gaining momentum as the session progressed and ending firmly in the green.
The Dow Jones added 89.08 points or 0.25% to close at 35,819.56, while the NASDAQ gained 50.27 points or 0.33% to close at 15,498.39 and the S&P 500 rose 8.96 points or 0.19% to finish at 4,605.38. For the week, the NASDAQ jumped 2.7%, the S&P by 1.3% and the Dow Jones by 0.4%.
A negative reaction to quarterly earnings from tech giants Apple (AAPL) and Amazon (AMZN) contributed to Wall Street’s initial weakness.
But selling pressure eased during the session, with traders reluctant to make large bets ahead of the Federal Reserve’s monetary policy meeting this week. The Fed is expected to leave interest rates unchanged, but could announce its intention to start scaling back its asset purchase program.
In economic news, the Commerce Department said personal income fell more than expected in September. In addition, the University of Michigan said consumer confidence in the United States had deteriorated slightly less than initially estimated in October.
Crude oil futures stabilized higher on Friday in hopes that OPEC and its allies decide to keep supply levels tight. West Texas International crude oil futures for December rose $ 0.76 or 0.9% to $ 83.57 a barrel; WTI crude futures gained more than 11% in October.
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