Soft Start Expected For Taiwan Stock Market

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(RTTNews) – The Taiwan stock market has finished lower in two of three trading days since the end of the two-day winning streak in which it had advanced more than 300 points or 1.8 percent. The Taiwan Stock Exchange now sits just above the 17,730-point plateau and it’s looking at continued consolidation again on Monday.

The global forecast for the Asian markets is continued volatility with a downward bias thanks to the ongoing Russian invasion of Ukraine. The European and U.S. markets were down and the Asian markets are expected to open in similar fashion.

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

For the day, the index retreated 197.88 points or 1.10 percent to finish at 17,736.52 after trading between 17,710.54 and 17,845.01.

Among the actives, Cathay Financial dropped 1.45 percent, while Mega Financial dipped 0.26 percent, CTBC Financial tanked 2.15 percent, Fubon Financial tumbled 1.59 percent, First Financial sank 0.95 percent, E Sun Financial and Taiwan Cement both lost 0.83 percent, Taiwan Semiconductor Manufacturing Company skidded 1.16 percent, United Microelectronics Corporation retreated 1.48 percent, Hon Hai Precision added 0.48 percent, Largan Precision shed 0.74 percent, Catcher Technology declined 1.34 percent, MediaTek plummeted 5.09 percent, Delta Electronics fell 0.59 percent, Formosa Plastics slumped 0.92 percent, Nan Ya Plastics was down 0.55 percent and Asia Cement slid 0.43 percent.

The lead from Wall Street is soft as the major averages opened lower on Friday and remained solidly in the red throughout the session.

The Dow dropped 179.90 points or 0.53 percent to finish at 33,614.80, while the NASDAQ tumbled 224.46 points or 1.66 percent to close at 13,313.44 and the S&P sank 34.62 points or 0.79 percent to end at 4,328.87. For the week, the NASDAQ plunged 2.8 percent and the Dow and S&P both fell 1.3 percent.

The weakness on Wall Street came as concerns about the impact of the Russian invasion of Ukraine continued to weigh on the markets, with Russia ratcheting up its attacks and taking control of Ukraine’s Zaporizhzhia nuclear power plant, the largest nuclear power plant in Europe.

Worries about Ukraine overshadowed the Labor Department report that showed U.S. employment once again jumped by much more than expected in February.

Crude oil prices moved up sharply on Friday as worries about supply disruptions grew amid an escalation in the Russia-Ukraine conflict. West Texas Intermediate Crude oil futures for April ended up by $8.01 or about 7.4 percent at $115.68 a barrel, the highest settlement since September 2008. WTI crude futures skyrocketed 26.3 percent for the week, the steepest climb in percentage terms since the week ending April 3, 2020.

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