The losing streak could continue for the Taiwan stock market

(RTTNews) – Taiwan’s stock market ended lower in three straight sessions, losing nearly 370 points or 2% along the way. The Taiwan Stock Exchange is now just below the 18,170 point plateau and could reopen under pressure on Monday.

Global forecasts for Asian markets suggest slight consolidation after Friday’s mixed US employment report. European markets were mixed and the US stock market was down and Asian markets were counting to divide the difference.

The TSE ended sharply lower on Friday following heavy losses in tech stocks and mixed performance from financial stocks and cement companies. For the day, the index lost 198.14 points or 1.08% to end at 18,169.76 after trading between 18,134.41 and 18,444.12. Among assets, Mega Financial raised 0.56%, while CTBC Financial added 0.38%, Fubon Financial slipped 0.26%, First Financial rose 0.81%, E Sun Financial climbed 1.40%, Taiwan Semiconductor Manufacturing Company was down 1.55%, United Microelectronics Corporation was down 0.16%. , Hon Hai Precision lost 0.47 percent, Largan Precision plunged 3.87 percent, Catcher Technology fell 0.31 percent, MediaTek lost 3.08 percent, Delta Electronics fell 2, 75 percent, Formosa Plastic sank 0.84 percent, Asia Cement gained 0.45 percent, Taiwan Cement fell 0.32 percent and Cathay Financial remained unchanged.

Wall Street’s lead is weak as major averages opened lower on Friday, then saw wild swings back and forth before finally ending the session in the red.

The Dow Jones lost 4.84 points or 0.01% to end at 36,231.66, while the NASDAQ lost 145.00 points or 0.96% to end at 14,935.90 and the S&P 500 lost 19.02 points or 0.41% to close at 4,677.03. For the week, the NASDAQ plunged 4.5%, the S&P fell 1.9%, and the Dow plunged 0.3%.

Wall Street’s continued pullback followed the release of the closely watched Labor Department monthly employment report. While the report showed much weaker than expected job growth in December, the unemployment rate still fell more than expected.

Economists have indicated that the report is unlikely to alter the Fed’s plans to accelerate monetary policy normalization.

Traders subsequently appear worried that the Fed will raise rates at a time of slowing economic growth due to the Omicron variant of the coronavirus.

Crude oil prices fell on Friday, but still ended the week sharply higher amid supply issues amid growing unrest in Kazakhstan and blackouts in Libya. West Texas Intermediate crude oil futures for February ended down $ 0.56 or 0.7% at $ 78.90 a barrel. WTI crude futures gained 4.9% on 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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