Renewed Selling Pressures Predicted for Taiwan’s Stock Market

Taiwan’s stock market ticked higher on Friday, one session after breaking its five-day winning streak where it was up more than 525 points, or 1.7 percent. The Taiwanese stock market is now just below the 15,410-point plateau, although it is expected to head south again on Monday.

The global forecast for the Asian markets is mixed to ease on concerns about an economic slowdown and a rise in interest rates. The European markets were mixed and the US markets were sharply lower and the Asian markets share the difference.

The TSE ended marginally higher on Friday after plastics gains, weakness in cement companies and mixed financial and financial performance. technology shares.

For the day, the index gained 11.98 points or 0.08 percent to finish at 15,408.78 after trading between 15,346.26 and 15,458.45.

Among the actives, Cathay Financial gathered 0.53 percent, while Mega Financial lost 0.69 percent, CTBC Financial gained 0.61 percent, Taiwan Semiconductor Manufacturing Company fell 0.19 percent, United Microelectronics Corporation climbed 1.18 percent, Hon Hai Precision 0.89 percent fell, Largan Precision strengthened 1.23 percent, MediaTek fell 1.28 percent, Formosa Plastics improved 0.11 percent, Nan Ya Plastics improved 0.57 percent, Asia Cement lost 0.70 percent, Taiwan Cement fell 0.88 percent and Catcher Technology, Delta Electronics, Fubon Financial, First Financial and E Sun Financial were unchanged.

Wall Street’s lead is generally negative as the big averages opened sharply lower on Friday and remained deep in the red throughout the session.

The Dow fell 292.26 points or 0.86 percent to end at 33,706.74, while the NASDAQ plunged 260.08 points or 2.01 percent to close at 12,705.21 and the S&P 500 fell 55.26 points. or 1.29 percent to end at 4,228.48. For the week, the NASDAQ plunged 2.6 percent, the S&P fell 1.2 percent and the Dow fell 0.2 percent.

The weakness on Wall Street came as traders tried to take advantage of recent strength in the markets, which lifted key averages well from their June lows to their best levels in nearly four months.

Traders may also have taken money out of stocks ahead of this week’s economic symposium in Jackson Hole, Wyoming. Comments by Federal Reserve officials at the annual symposium are likely to draw attention as traders look for additional clues about the pace of future rate hikes.

Oil futures were slightly higher on Friday, but posted a weekly loss on concerns about the outlook for energy demand amid fears of a possible recession in Europe. West Texas Intermediate crude futures for September were up $0.27 or 0.3 percent to $90.77 a barrel.

Closer to home, Taiwan will provide July data for export orders and unemployment later in the day. Export orders are expected to increase by 3.6 percent year-on-year, from 9.5 percent in June. The unemployment rate in June was 3.73 percent and is expected to change little.

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