Taiwan Shares Poised To Rebound On Monday

(RTTNews) - The Taiwan stock market has finished lower in back-to-back sessions, sinking more than 60 points or 0.2 percent along the way. The Taiwan Stock Exchange now sits just above the 28,230-point plateau although it may find traction on Monday.

The global forecast for the Asian markets is cautiously optimistic, with earnings optimism tempered by interest rate pessimism. The European markets were down and the U.S. bourses were up and the Asian markets figure to split the difference.

The TSE finished slightly lower on Friday following losses from the plastics and mixed performances from the financial hares and technology stocks.

For the day, the index slipped 54.18 points or 0.19 percent to finish at the daily low of 28,233.35 after peaking at 28,489.76.

Among the actives, Mega Financial retreated 1.34 percent, while First Financial collected 1.53 percent, E Sun Financial dipped 0.17 percent, Taiwan Semiconductor Manufacturing Company fell 0.33 percent, United Microelectronics Corporation climbed 1.20 percent, Hon Hai Precision tumbled 1.72 percent, Largan Precision rose 0.23 percent, Catcher Technology slipped 0.25 percent, Delta Electronics declined 1.49 percent, Novatek Microelectronics stumbled 2.12 percent, Formosa Plastics tanked 2.81 percent, Nan Ya Plastics skidded 1.07 percent, Asia Cement lost 0.41 percent and Cathay Financial, CTBC Financial, Fubon Financial and MediaTek were unchanged.

The lead from Wall Street is upbeat as the major averages opened higher on Friday, dipped midday but rebounded into the close to finish in the green.

The Dow added 40.75 points or 0.09 percent to finish at 47,562.87, while the NASDAQ climbed 143.81 points or 0.61 percent to end at 23,724.96 and the S&P 500 rose 17.86 points or 0.26 percent to close at 6,840.20. For the week, the NASDAQ surged 2.2 percent, the Dow added 0.8 percent and the S&P gained 0.7 percent.

The early strength on Wall Street reflected a positive reaction to earnings news from Amazon (AMZN), which reached a new record closing high after reporting better than expected third quarter results amid a sharp increase in revenue.

Uncertainty about the outlook for interest rates contributed to the volatility on Wall Street following Federal Reserve Jerome Powell's remarks earlier this week.

While the Fed lowered interest rates by another quarter point as widely expected on Wednesday, Powell's post-meeting remarks partly offset optimism about another rate cut in December.

Crude oil prices edged higher Friday following reports the U.S. intends to strike Venezuelan military installations. West Texas Intermediate crude for December delivery was up $0.41 or 0.68 percent at $60.98 per barrel.