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Taiwan Bourse: Resistance Expected At 11,000 Points

(RTTNews) – Ahead of the Labor Day holiday weekend, the Taiwan stock market had climbed higher in four straight sessions, climbing more than 630 points or 6 percent along the way. The Taiwan Stock Exchange now sits just above the 10,990-point plateau although it’s due for consolidation on Monday.

The global forecast for the Asian markets is soft, with poor earnings news likely to provide an excuse for profit taking. The European and U.S. markets were down and the Asian bourses are expected to open in similar fashion.

The TSE finished sharply higher on Thursday following gains from the financial shares, technology stocks and plastic and cement companies.

For the day, the index jumped 219.92 points or 2.04 percent to finish at 10,992.14 after trading between 10,826.26 and 11,002.83.

Among the actives, Cathay Financial gathered 3.77 percent, while Mega Financial collected 0.50 percent, CTBC Financial added 1.52 percent, Fubon Financial increased 3.05 percent, First Financial gained 1.85 percent, E Sun Financial rose 2.06 percent, Taiwan Semiconductor Manufacturing Company climbed 1.84 percent, United Microelectronics Corporation advanced 1.63 percent, Hon Hai Precision perked 1.85 percent, Largan Precision spiked 4.31 percent, MediaTek soared 4.27 percent, Formosa Plastic accelerated 4.89 percent, Formosa Chemical & Fire surged 5.71 percent, Asia Cement was up 2.21 percent, Taiwan Cement gained 1.53 percent and Catcher Technology was unchanged.

The lead from Wall Street is negative as stocks opened sharply lower on Friday and remained in the red throughout the session.

The Dow plunged 622.03 points or 2.55 percent to finish at 23,723.69, while the NASDAQ tumbled 284.60 points or 3.20 percent to 8,604.95 and the S&P 500 sank 81.72 points or 2.81 percent to end at 2,830.71. For the week, the Dow and the S&P both eased 0.2 percent and the NASDAQ fell 0.3 percent.

The weakness on Wall Street partly reflected a negative reaction to earnings news from Amazon (AMZN), Honeywell (HON) and Apple (AAPL), among others.

In U.S. economic news, the Institute for Supply Management said manufacturing activity continued to contract in April, while a separate report from the Commerce Department showed an unexpected increase in construction spending in March.

Crude oil prices moved higher on Friday following reports that OPEC and its allies are beginning to cut outputs to combat the global supply glut. West Texas Intermediate Crude oil futures for June ended up $0.94 or 5 percent at $19.78 a barrel after moving between $18.07 and $20.48 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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