(RTTNews) – The Taiwan stock market headed south again on Friday, one session after it had ended the two-day slide in which it had fallen more than 110 points or 1 percent. The Taiwan Stock Exchange now rests just beneath the 10,450-point plateau although it may get a positive bounce on Monday.
The global forecast for the Asian markets is cloudy, with little movement expected as firm crude oil prices figure to prevent too much damage. The European and U.S. markets were mixed and little changed on Friday and the Asian markets are expected to follow that lead.
The TSE finished sharply lower on Friday following losses from the financials, technology stocks and steel companies.
For the day, the index tumbled 128.76 points or 1.22 percent to finish at 10,449.68 after trading between 10,446.45 and 10,579.02 on turnover of 119.64 billion Taiwan dollars.
Among the actives, Cathay Financial retreated 1.83 percent, while Woori Bank collected 0.83 percent, Mega Financial fell 0.42 percent, Largan Precision plummeted 5.88 percent, Hon Hai Precision tumbled 2.70 percent, Catcher Technology plunged 3.85 percent, Taiwan Semiconductor Manufacturing Company skidded 1.13 percent, Taiwan Steel shed 0.46 percent and China Steel lost 0.81 percent.
The lead from Wall Street is uninspired as stocks were lackluster on Friday, hovering near the unchanged line before ending mixed.
The Dow shed 9.64 points or 0.04 percent to 22.349.59, while the NASDAQ added 4.23 points or 0.07 percent to 6,426.92 and the S&P gained 1.62 points or 0.06 percent to 2,502.22. For the week, the NASDAQ eased 0.3 percent, the Dow rose 0.4 percent and the S&P added 0.1 percent.
The choppy trading reflected geopolitical concerns amid an escalating war of words between North Korean leader Kim Jong Un and President Donald Trump. Also, North Korean Foreign Minister Ri Yong Ho said his country may consider testing a hydrogen bomb in the Pacific Ocean.
Crude oil prices inched higher Friday, preserving weekly gains as OPEC met in Vienna to discuss output cuts. November oil rose 11 cents to $50.66 a barrel for a weekly gain over 0.4 percent.
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