(RTTNews) – Ahead of the long break for the Lunar New Year, the Taiwan stock market had ticker higher again – one session after ending the four-day winning streak in which it had advanced more than 160 points or 1.6 percent. The Taiwan Stock Exchange now rests just above the 9,930-point plateau although it’s likely to open lower on Monday as it catches up on negative sentiment.
The global forecast for the Asian markets is mixed and flat, with trade concerns offset by bargain hunting. The European markets were down and the U.S. bourses were little changed and the Asian markets figure to follow the latter lead.
The TSE finished barely higher on January 30 following gains from the cement stocks, weakness from the financials and a mixed if volatile picture from the technology stocks.
For the day, the index added 0.67 points or 0.01 percent to finish at 9,932.26 after trading between 9,909.81 and 9,959.03 on turnover of 99.102 billion Taiwan dollars.
Among the actives, Cathay Financial lost 0.68 percent, while Fubon Financial fell 0.45 percent, CTBC Financial collected 0.73 percent, Mega Financial slid 0.37 percent, Formosa Plastic climbed 0.99 percent, Taiwan Semiconductor Manufacturing Company shed 0.67 percent, United Microelectronics Corporation plunged 5.42 percent, AsusTek Computer soared 4.42 percent, AU Optronics plummeted 6.67 percent, Hon Hai Precision added 0.14 percent, Taiwan Cement rose 0.67 percent, Asia Cement advanced 1.25 percent and Largan Precision was unchanged.
The lead from Wall Street offers little clarity as stocks fell under pressure early on Friday but recovered later in the day to end mixed and little changed.
The Dow shed 63.20 points or 0.25 percent to 25,106.33, while the NASDAQ added 9.85 points or 0.14 percent to 7,298.20 and the S&P 500 rose 1.83 points or 0.07 percent to 2,707.88. For the week, the Dow added 0.2 percent, and the NASDAQ and S&P both gained 0.1 percent.
The early weakness on Wall Street came amid lingering concerns about a potential trade deal between the U.S. and China. Adding to worries, reports suggested the U.S. and China don’t even have a draft that specifies where they disagree.
Bargain hunting triggered the recovery later in the session as investors scooped up some of the oversold shares.
Crude oil prices settled slightly higher on Friday, despite concerns about possible drop in energy demand in the near term due to global economic slowdown. West Texas Intermediate crude oil futures for March ended up $0.08 or 0.2 percent at $52.72 a barrel.
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