The Taiwan stock market has finished lower in three straight sessions, skidding more than 340 points or 3.7 percent along the way. The Taiwan Stock Exchange now rests just above the 9,380-point plateau although it’s expected to stop the bleeding on Monday.
The global forecast for the Asian markets is upbeat following solid U.S. employment data and an encouraging outlook for interest rates. The European and U.S. markets were sharply higher on Friday and the Asian bourses are expected to open in similar fashion.
The TSE finished sharply lower on Friday following losses from the financial shares and technology stocks.
For the day, the index surrendered 109.91 points or 1.16 percent to finish at 9,382.51 after trading between 9,319.28 and 9,427.24 on turnover of 105.98 billion Taiwan dollars.
Among the actives, CTBC Financial slid 1.00 percent, while Cathay Financial dropped 1.33 percent, Mega Financial dipped 0.79 percent, Fubon Financial fell 1.09 percent, Taiwan Semiconductor Manufacturing Company tumbled 3.48 percent, United Microelectronics Corporation retreated 1.83 percent, Hon Hai Precision skidded 1.89 percent, AsusTek Computer soared 2.70 percent, Largan Precision plunged 4.13 percent, Innolux added 0.62 percent, Asia Cement eased 0.15 percent, Taiwan Cement gained 0.85 percent, Formosa Plastic lost 0.73 percent and AU Optronics was unchanged.
The lead from Wall Street is broadly positive as stocks surged to the upside on Friday, more than offsetting the sharp pullback a day earlier.
The Dow surged 746.94 points or 3.29 percent to 23,433.16, while the NASDAQ soared 275.35 points or 4.26 percent to 6,738.86 and the S&P jumped 84.05 points or 3.43 percent to 2,531.94. For the week, the Dow added 1.6 percent, the NASDAQ gained 2.3 percent and the S&P climbed 1.9 percent.
The rebound on Wall Street reflected a positive reaction to a Labor Department report showing much stronger than expected