The Taiwan stock market concluded a six-day rally where it added more than 825 points or a 4.7 percent increase. The Taiwan Stock Exchange currently hovers just below the 18,000-point threshold, and it might experience additional losses on Monday.
The global outlook for Asian markets is vague, as this week anticipates news on earnings and a statement from the Federal Open Market Committee (FOMC). Following mixed results from the US and rising European markets, Asian markets are expected to show mixed results as well.
On Friday, the Taiwan Stock Exchange (TSE) closed marginally lower due to losses from technology stocks, despite gains from the financial and plastics sectors. Cement companies had mixed performance.
The index dropped 7.57 points or 0.04 percent that day, closing at 17,995.03, after trading between 17,943.65 and 18,029.85.
Among the active stocks, Cathay Financial gained 0.34 percent, Mega Financial jumped 1.46 percent, and CTBC Financial was up by 1.24 percent. First Financial rose by 0.75 percent while E Sun Financial increased by 0.81 percent. Both Fubon Financial and Taiwan Semiconductor Manufacturing Company saw a rise of 0.31 percent. Conversely, United Microelectronics Corporation saw a sharp fall of 4.78 percent. Other notable movements include Largan Precision falling by 2.35 percent, and Novatek Microelectronics dropping by 1.52 percent.
Wall Street's lead lends little information for future predictions, as the major averages began lower on Friday, surged midway, then steeply declined towards the end. This resulted in minor change and mixed results, overall.
The Dow rose 60.33 points or 0.16 percent and closed at 38,109.43. The NASDAQ, however, stumbled by 55.14 points or 0.36 percent to 15,455.36 and the S&P 500 dipped 3.19 points or 0.07 percent. The S&P 500 achieved a 1.1 percent gain for the week, with NASDAQ increasing 0.9 percent and the Dow going up 0.7 percent.
Wall Street's volatile trading associated with weak earnings results from Intel, contrasted by better-than-expected consumer price inflation data.
A report from the Commerce Department released before trading started unveiled a slowdown in the annual rate of core consumer price growth in December, surpassing expectations.
Traders might have been hesitant in making significant moves as they await the Fed's monetary policy announcement this week. Interest rates are likely to remain unchanged by the Fed, but traders will be on the lookout for indications regarding future rate cuts.
Optimism about the outlook for oil demand, boosted by encouraging US economic data and fresh stimulus from the Chinese central bank, pushed crude oil futures higher on Friday. West Texas Intermediate Crude oil futures for March rose $0.65 or 0.84 percent at $78.01 a barrel. WTI crude futures saw a substantial 6 percent increase over the week.
