(RTTNews) – Ahead of the long weekend for Peace Memorial Day, the Taiwan stock market had ended the seven-day winning streak in which it had advanced more than 320 points or 3.2 percent. The Taiwan Stock Exchange settled just beneath the 10,390-point plateau although it may bounce higher again on Monday.
The global forecast for the Asian markets is upbeat on optimism over global trade. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.
The TSE finished barely lower on Wednesday as losses from the technology stocks were mitigated by support from the financial shares and cement companies.
For the day, the index eased 2.38 points or 0.02 percent to finish at 10,389.17 after trading between 10,343.56 and 10,403.05.
Among the actives, Cathay Financial shed 0.44 percent, while Fubon Financial added 0.11 percent, CTBC Financial collected 0.24 percent, Mega Financial climbed 0.93 percent, Formosa Plastic shed 0.49 percent, Asia Cement and Taiwan Cement both rose 0.52 percent, Taiwan Semiconductor Manufacturing Company slid 0.21 percent, United Microelectronics Corporation tumbled 1.72 percent, Hon Hai Precision eased 0.14 percent, Largan Precision gained 0.69 percent, AsusTek Computer plunged 4.15 percent and First Financial and Taiwan Steel were unchanged.
The lead from Wall Street is positive as stocks moved higher in early trade Friday and remained modestly in the green throughout the session.
The Dow added 110.32 points or 0.43 percent to 26,026.32, the NASDAQ gained 62.82 points or 0.83 percent to 7,595.35 and the S&P 500 rose 19.20 points or 0.69 percent to 2,803.69. For the week, the Dow fell 0.1 percent, the NASDAQ perked 0.9 percent and the S&P was up 0.4 percent.
Optimism about U.S.-China trade talks contributed to the strength on Wall Street on reported progress in the trade negotiations.
In economic news, the Institute for Supply Management said growth in the U.S. manufacturing sector slowed than expected in February. Also, the Commerce Department said personal income edged lower in January after jumping more than expected in December.
Crude oil prices moved sharply lower on Friday as worries about demand growth resurfaced following the soft economic data in the U.S. West Texas Intermediate Crude oil futures for April ended down $1.42 or 2.5 percent at $55.80 a barrel.
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