Taiwan stock market finishes higher

by Jonathan Adams
Taiwan stock

The Taiwan Stock Exchange gained more than 125 points, nearing the 12,800-point

The Taiwan stock market has finished higher in back-to-back trading days, collecting more than 125 points or 1 percent along the way. The Taiwan Stock Exchange (TSE) now sits just beneath the 12,800-point plateau although it’s likely to head south on Monday.

The global forecast for the Asian markets suggests little movement, with investors expected to take a wait-and-see attitude amidst a lack of catalysts. The European and U.S. markets were down and the Asian bourses also figure to open in the red.

The TSE finished modestly higher on Friday following gains from the cement stocks, weakness from the financials and a mixed picture from the technology stocks.

For the day, the index added 32.36 points or 0.25 percent to finish at 12,795.46 after trading between 12,679.19 and 12,801.31.

Among the actives, Cathay Financial skidded 0.98 percent, while Mega Financial retreated 1.15 percent, CTBC Financial sank 0.77 percent, Fubon Financial fell 0.36 percent, First Financial declined 0.92 percent, E Sun Financial eased 0.19 percent, Taiwan Semiconductor Manufacturing Company shed 0.47 percent, United Microelectronics Corporation dropped 0.84 percent, Hon Hai Precision climbed 1.13 percent, Largan Precision rose 0.13 percent, Catcher Technology tanked 2.13 percent, MediaTek lost 0.58 percent, Asia Cement advanced 0.97 percent and Taiwan Cement surged 4.00 percent.

The lead from Wall Street provides little guidance as stocks showed a lack of direction on Friday, bouncing back and forth across the unchanged line before ending mixed and little changed.

The Dow added 34.32 points or 0.12 percent to finish at 27,931.02, while the NASDAQ fell 23.20 points or 0.21 percent to end at 11,019.30 and the S&P 500 eased 0.58 points or 0.02 percent to close at 3,372.85. For the week, the Dow jumped 1.8 percent, the NASDAQ rose 0.1 percent and S&P gained 0.6 percent.

Traders seemed reluctant to make significant moves amid uncertainty about the near-term outlook for the markets. With earnings season passed and talks about a new coronavirus relief bill at a stalemate, traders may be unsure about the next catalyst to drive the markets.

In economic news, the Commerce Department said retail sales jumped less than expected in July, while the Federal Reserve reported a jump in U.S. industrial production that matched estimates. Also, the University of Michigan unexpectedly noted a slight improvement in U.S. consumer sentiment in August.

Oil prices trimmed its losses on Friday despite retail sales and industrial production numbers for July continuing to point to weak recovery in China. West Texas Intermediate crude futures were down 25 cents, or 0.60 percent, at $42.07 but gained more than 2 percent for the week.

This article is for information purposes only.
Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.
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