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Taiwan Shares: Tech Stocks Offer Mild Upside

(RTTNews) – The Taiwan stock market on Friday ended the three-day winning streak in which it had advanced more than 260 points or 2.4 percent. The Taiwan Stock Exchange now rests just above the 10,810-point plateau although it may bounce slightly higher again on Monday.

The global forecast for the Asian markets offers little clarity as optimism over reopening economies was tempered by rising tensions between the United States and China. The European and U.S. markets were mixed and little changed and the Asian bourses figure to follow suits.

The TSE finished sharply lower on Friday following losses from the financial shares, technology stocks and cement companies.

For the day, the index plunged 197.16 points or 1.79 percent to finish at 10,811.15 after trading between 10,804.56 and 10,977.55.

Among the actives, Cathay Financial dropped 1.75 percent, while Mega Financial lost 1.77 percent, CTBC Financial shed 1.26 percent, Fubon Financial was down 2.34 percent, First Financial fell 1.13 percent, E Sun Financial dipped 0.93 percent, Taiwan Semiconductor Manufacturing Company retreated 1.85 percent, United Microelectronics Corporation skidded 1.31 percent, Hon Hai Precision declined 1.47 percent, Largan Precision tumbled 2.29 percent, Catcher Technology sank 2.84 percent, MediaTek plunged 4.84 percent, Formosa Plastic surrendered 1.73 percent, Asia Cement eased 0.23 percent and Taiwan Cement gave away 0.81 percent.

The lead from Wall Street is murky as stocks showed a lack of direction on Friday, bouncing back and forth across the unchanged line before ending mixed.

The Dow fell 8.96 points or 0.04 percent to end at 24,465.16, while the NASDAQ added 39.71 points or 0.43 percent to finish at 9.324.59 and the S&P 500 rose 6.94 points or 0.24 percent to end at 2,955.45. For the week, the Dow jumped 3.3 percent, the NASDAQ spiked 3.4 percent and the S&P climbed 3.2 percent.

The choppy trading on Wall Street came as traders were reluctant to make significant moves in light of the volatility seen in recent sessions. Concerns about rising tensions between the U.S. and China also kept traders on the sidelines, as Beijing moved to strengthen control over Hong Kong with new security laws.

The latest developments come after the Senate passed a bill on Wednesday that would potentially delist Chinese stocks from U.S. exchanges.

Crude oil prices drifted lower Friday as concerns about the outlook for energy demand resurfaced due to rising tensions between the U.S. and China over Hong Kong. West Texas Intermediate Crude oil futures for July ended down $0.67 or 2 percent at $33.25 a barrel.

Closer to home, Taiwan will provide April numbers for industrial production and retail sales later today; in March, industrial production was up 10.41 percent on year and retail sales fell an annual 3.4 percent.

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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