Taiwan Stock Market Tipped To Open Under Pressure On Monday

(RTTNews) - The Taiwan stock market on Friday snapped the two-day winning streak in which it had gained more than 340 points or 1.9 percent. The Taiwan Stock Exchange now sits just above the 23,430-point plateau and it's expected to see continued consolidation on Monday.

The global forecast for the Asian markets is broadly negative on new U.S. tariffs, plus an extremely weak American jobs report. The European and U.S. markets were sharply lower and the Asian bourses figure to follow that lead.

The TSE finished modestly lower on Friday following losses from the plastics and cement companies, while the financial and technology stocks were mixed.

For the day, the index lost 108.12 points or 0.46 percent to finish at 23,434.38 after trading between 23,168.27 and 23,484.21.

Among the actives, Mega Financial perked 0.12 percent, while CTBC Financial collected 0.48 percent, First Financial strengthened 1.35 percent, Fubon Financial eased 0.16 percent, E Sun Financial added 0.62 percent, Taiwan Semiconductor Manufacturing Company tumbled 1.72 percent, United Microelectronics Corporation retreated 1.20 percent, Hon Hai Precision jumped 1.97 percent, Largan Precision skidded 1.06 percent, MediaTek declined 1.46 percent, Delta Electronics rallied 3.70 percent, Novatek Microelectronics fell 0.21 percent, Formosa Plastics plunged 4.57 percent, Nan Ya Plastics tanked 2.81 percent, Asia Cement sank 0.86 percent and Cathay Financial and Catcher Technology were unchanged.

The lead from Wall Street is brutal as the major averages opened sharply lower on Friday and remained deep in the red throughout the session.

The Dow tumbled 542.42 points or 1.23 percent to finish at 43,588.58, while the NASDAQ tanked 472.27 points or 2.24 percent to close at 20,650.13 and the S&P 500 dropped 101.38 points or 1.60 percent to end at 6,238.01.

For the week, the Dow plummeted 2.9 percent, while the S&P sank 2.4 percent and the NASDAQ was down 2.2 percent.

The sell-off on Wall Street came amid concerns about the economic impact of President Donald Trump's tariffs, as the White House announced new tariff rates on dozens of countries.

The new tariffs range from just 10 percent to as high as 41 percent, and the White House said a 40 percent levy will be imposed on goods that have been transshipped to evade applicable duties.

Negative sentiment was also generated in reaction to the closely watched Labor Department report showing much weaker than expected job growth in the month of July.

Crude oil prices fell Friday on demand concerns for potentially reduced consumption amid new tariffs from the U.S. government. West Texas Intermediate crude for September delivery was down $1.92 or 2.77 percent at $67.34 per barrel.