Taiwan Stock Market May End Losing Streak – Markets Insider

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(RTTNews) – The Taiwan stock market has ticked lower in back-to-back sessions, sliding more than 115 points or 1.1 percent along the way. The Taiwan Stock Exchange now rests just beneath the 10,300-point plateau although it figures to find traction on Monday.

The global forecast for the Asian markets is upbeat after better than expected jobs data from the United States, although those numbers may fan concerns over the outlook for inflation rates. The European markets were mixed and the U.S. bourses were higher, and the Asian markets figure to follow the latter lead.

The TSE finished modestly lower on Friday following losses from the financials, technology stocks and chemical companies.

For the day, the index fell 70.95 points or 0.68 percent to finish at 10,297.25 after trading between 10,294.69 and 10,343.30 on turnover of 82.12 billion Taiwan dollars.

Among the actives, Taiwan Semiconductor Manufacturing Company shed 0.72 percent, while Largan Precision eased 0.20 percent, Hon Hai Precision lost 0.87 percent, AU Optronics tumbled 2.66 percent, Catcher Technology skidded 1.60 percent, HTC Corp. spiked 1.53 percent, Cathay Financial slid 0.41 percent, Fubon Financial added 0.16 percent and Formosa Chemicals dipped 0.88 percent.

The lead from Wall Street is positive after Friday’s jobs report as the markets regained some ground after heavy losses in the previous session.

The Dow climbed 94.30 points or 0.4 percent to 21,414.34, while the NASDAQ added 63.61 points or 0.1 percent to 6,153.08 and the S&P gained 15.43 points or 0.6 percent to 2,425.18. For the week, the Dow rose 0.3 percent, the NASDAQ added 0.2 percent and the S&P was up 0.1 percent.

The rebound followed a Labor Department report showing stronger than expected job growth in June. The report said non-farm payroll employment jumped by 222,000 jobs in June following an upwardly revised increase of 152,000 jobs in May.

The Federal Reserve is scheduled to make its next decision on interest rates following a two-day meeting later this month.

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