Taiwan stock market expected renewed support

(RTTNews) – Taiwan’s stock market ended a three-day winning streak on Friday in which it had gained more than 220 points or 1.3%. The Taiwan Stock Exchange now sits just above the 17,825 point plateau, although it is expected to regain renewed support on Monday.

Global forecasts for Asian markets are mixed to higher due to easing virus concerns and support for crude oil. European markets were down 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 from cement companies and mixed performance from financial and technology stocks.

For the day, the index lost 87.86 points or 0.49% to end at 17,826.26 after trading between 17,767.80 and 17,893.29.

Among assets, Cathay Financial fell 0.33%, while Mega Financial rose 0.99%, CTBC Financial rose 0.19%, Fubon Financial fell 0.13%, First Financial collected 0.42%, E Sun Financial fell 0.18%, Taiwan Semiconductor Manufacturing Company lost 0.49%, United Microelectronics Corporation fell 0.78%, Hon Hai Precision fell 0.94%, Largan Precision climbed 1.23%, Catcher Technology fell 0.64%, MediaTek lost 0.92%, Delta Electronics added 0.74%, Formosa Plastic fell 0.95%, Asia Cement fell 0.11% and Taiwan Cement slipped 0.21%.

Wall Street’s lead is positive as major averages opened higher on Friday, declined towards a breakout but rebounded to end firmly higher.

The Dow Jones jumped 216.30 points or 0.60% to close at 35.970.99, while the NASDAQ climbed 113.23 points or 0.73% to close at 15,630.60 and the S&P 500 a gained 44.57 points or 0.95% to close at 4,712.02. For the week, the Dow Jones climbed 4%, the NASDAQ climbed 3.6% and the S&P jumped 3.8%.

Wall Street’s strength came even after the Department of Labor released a report showing consumer prices in the United States rose at the fastest annual rate in nearly 40 years in November.

While the high inflation rate could cause the Federal Reserve to step up the pace of its asset purchases next week, traders seemed relieved that price growth had not been even faster.

A separate report from the University of Michigan showed that consumer confidence in the United States unexpectedly improved in early December.

Crude oil futures stabilized higher on Friday, allaying concerns about the impact of the Omicron coronavirus variant on global economic growth. West Texas Intermediate crude oil futures for January ended up $ 0.73 or 1% at $ 71.67 a barrel. WTI crude futures gained 8.2% on the week, the best weekly returns since late August.

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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