(RTTNews) – The Taiwan stock market has moved higher in two straight sessions, gathering more than 200 points or 1.2 percent along the way. The Taiwan Stock Exchange now sits just above the 17,470-point plateau although it’s likely to head south on Monday.
The global forecast for the Asian markets is soft on ongoing coronavirus concerns. The European markets were mixed and little changed and the U.S. bourses were down and the Asian markets figure to split the difference.
The TSE finished sharply higher on Friday following gains from the financial shares, technology stocks and cement companies.
For the day, the index jumped 170.27 points or 0.98 percent to finish at the daily high of 17,474.57 after trading as low as 17,270.28.
Among the actives, Cathay Financial gained 0.85 percent, while Mega Financial collected 0.46 percent, CTBC Financial improved 0.44 percent, Fubon Financial rose 0.26 percent, First Financial increased 0.67 percent, E Sun Financial was up 0.19 percent, Taiwan Semiconductor Manufacturing Company added 0.48 percent, United Microelectronics Corporation climbed 1.04 percent, Hon Hai Precision advanced 0.93 percent, Largan Precision retreated 1.54 percent, Catcher Technology spiked 2.88 percent, MediaTek rallied 2.66 percent, Delta Electronics eased 0.19 percent, Formosa Plastic perked 0.10 percent, Asia Cement gathered 1.35 percent and Taiwan Cement soared 1.66 percent.
The lead from Wall Street is negative spent Friday’s session bouncing back and forth across the unchanged line before finally ending in the red, extending recent losses.
The Dow shed 271.68 points or 0.78 percent to finish at 34,607.72, while the NASDAQ lost 132.81 points or 0.87 percent to end at 15,115.49 and the S&P 500 fell 34.70 points or 0.77 percent to close at 4,458.58. For the week, the Dow lost 2.2 percent, the NASDAQ sank 1.6 percent and the S&P fell 1.7 percent.
Some initial strength on Wall Street came on bargain hunting, but buying interest quickly waned as traders continued to express concerns about the economic impact of the delta variant.
Traders may also have been wary of buying stocks ahead of the Federal Reserve’s next monetary policy meeting later this month. The Fed may provide an update on the plans for its asset purchase program, although recent signs of slowing economic momentum could lead the central bank to push back tapering.
In U.S. economic news, the Labor Department reported that producer prices increased by slightly more than expected in August.
Crude oil futures settled sharply higher Friday on signs of a drop in crude supply in the U.S. due to the impact of Hurricane Ida. West Texas Intermediate Crude oil futures for October ended up $1.58 or 2.3 percent at $69.72 a barrel. WTI crude futures gained 0.6 percent for the week.