Taiwan Stock Market Due For Profit Taking

(RTTNews) - The Taiwan stock market has tracked higher in three straight sessions, surging almost 2,300 points or 5 percent along the way. The Taiwan Stock Exchange now sits just beneath the 47,370-point plateau although investors may lock in gains on Monday.

The global forecast for the Asian markets is mixed to lower on concerns over crude oil prices and the outlook for interest rates. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to split the difference.

The TSE finished sharply higher on Friday following gains from the financial shares, technology stocks and plastics companies.

For the day, the index rallied 1,519.14 points or 3.31 percent to finish at 47,368.04 after trading between 46,449.56 and 49,366.72.

The lead from Wall Street offers little clarity as the major averages opened mixed and slumped midday before ending mixed and little changed.

The Dow sank 95.36 points or 0.18 percent to finish at 51,682.64, while the NASDAQ climbed 104.24 points or 0.39 percent to end at 26,522.54 and the S&P 500 rose 12.74 points or 0.17 percent to close at 7,650.50.

For the week, the NASDAQ added 0.7 percent, the S&P 500 eased 0.1 percent and the Dow slumped 1.7 percent.

The choppy trading on the day came amid a mixed performance by crude oil prices and treasury yields, which have been key drivers of trading in recent sessions.

Oil prices moved lower amid optimism about a potential de-escalation of the conflict in the Middle East, but treasury yields jumped due to ongoing worries about the outlook for interest rates.

Crude oil prices slumped on Friday, extending losses as investors anticipate upcoming meetings between the U.S. and gulf leaders to de-escalate Middle East tensions. West Texas Intermediate crude for October delivery was down $1.74 or 1.71 percent at $100.17 per barrel.

On the U.S. economic front, the Fed reported that industrial production unexpectedly came in flat in August, with a jump in utilities output offset by a decrease in manufacturing output.