Taiwan Inventory Market Could Prolong Friday’s Losses

(RTTNews) – The Taiwan inventory market on Friday halted the three-day profitable streak through which it had gathered greater than 390 factors or 2.3 p.c. The Taiwan Inventory Alternate now sits simply beneath the 17,700-point plateau and the losses could speed up on Monday.

The worldwide forecast for the Asian markets is adverse on coronavirus and financial considerations, with oil and know-how shares more likely to cleared the path decrease. The European and U.S. markets completed solidly beneath water and the Asian markets are anticipated to open in related trend.

The TSE completed barely decrease on Friday following blended performances from the monetary shares and know-how shares, whereas the chemical compounds corporations have been down.

For the day, the index slipped 27.76 factors or 0.16 p.c to complete at 17,697.14 after buying and selling between 17,670.32 and 17,781.14.

Among the many actives, Cathay Monetary collected 0.67 p.c, whereas Mega Monetary dipped 0.29 p.c, CTBC Monetary superior 0.80 p.c, Fubon Monetary elevated 0.27 p.c, First Monetary was up 0.21 p.c, E Solar Monetary gained 0.54 p.c, Taiwan Semiconductor Manufacturing Firm skidded 1.14 p.c, United Microelectronics Company rallied 2.40 p.c, Largan Precision dropped 0.99 p.c, Catcher Know-how rose 0.34 p.c, MediaTek tumbled 1.85 p.c, Asia Cement gathered 0.83 p.c, Taiwan Cement perked 0.22 p.c, Formosa Chemical misplaced 0.50 p.c and Hon Hai Precision, Delta Electronics and Formosa Plastic have been unchanged.

The lead from Wall Avenue is smooth as the key averages opened barely increased on Friday however rapidly turned decrease and spent the rest of the day in adverse territory.

The Dow shed 59/72 factors or 0.17 p.c to complete at 34,580.08, whereas the NASDAQ plummeted 295.83 factors or 1.92 p.c to shut at 15,085.47 and the S&P 500 misplaced 38.67 factors or 0.84 p.c to finish at 4,538.43. For the week, the NASDAQ tumbled 2.6 p.c, the S&P misplaced 1.2 p.c and the Dow fell 0.9 p.c.

The losses prolonged the volatility seen all through the week, with shares exhibiting wild swings in response to the Omicron variant of the coronavirus. After the primary confirmed case within the U.S. earlier within the week, the brand new variant has now been detected in no less than 5 states.

Merchants additionally reacted to the Labor Division report exhibiting weaker than anticipated U.S. job development in November, though the jobless fee fell to 4.2 p.c – its lowest since February 2020.

Whereas the disappointing job development has raised some considerations concerning the financial outlook amid the emergence of the Omicron variant, the Federal Reserve just isn’t anticipated to deviate from accelerating the tapering of its asset purchases.

Crude oil futures pared early good points and settled decrease Friday amid uncertainty concerning the outlook for power demand attributable to recent restrictions following the unfold of the brand new coronavirus variant Omicron in a number of nations. West Texas Intermediate Crude oil futures for January ended down by $0.24 or 0.4 p.c at $66.26 a barrel.

The views and opinions expressed herein are the views and opinions of the writer and don’t essentially mirror these of Nasdaq, Inc.

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