The Taiwan stock market concluded its winning streak on Friday after three consecutive days of gaining over 210 points or 1.1 percent. Now, the Taiwan Stock Exchange stands just above 19,680 points, hinting at another potential dip at the beginning of this week.
Amid the forthcoming FOMC meeting, Asian markets face cautious anticipation. While European markets demonstrated mixed and flat performances and U.S. markets fell, their Asian counterparts are expected to show a median outcome.
On Friday, the TSE saw significant losses due to drops in financial and plastic stocks, with technology companies also recording much of the downfall. For the day, the index declined 255.42 points or 1.28 percent to finish at a daily low of 19,682.50, following a high of 19,888.13.
Various active corporates such as Cathay Financial, CTBC Financial, First Financial, Fubon Financial, and E Sun Financial saw a drop in their numbers. On the other hand, United Microelectronics Corporation and Hon Hai Precision saw a decline and surge respectively. Other active companies such as MediaTek and Delta Electronics also saw major downturns.
Wall Street's influence on the market has been largely negative as main averages started low on Friday and stayed that way throughout the trading day. The Dow declined 190.89 points or 0.49 percent to settle at 38,714.77, as NASDAQ slipped 155.36 points or 0.96 percent to close at 15,973.17, and the S&P 500 descended 33.39 points or 0.65 percent to finalize at 5,117.09.
Market apprehension about future interest rates prevailed ahead of the Fed's upcoming policy meeting this week. Even though it is expected that the Fed will keep rates stable, traders will be on the lookout in the statement for any hint regarding the future of rates.
Data from the Labor Department reported that U.S. import prices rose as predicted in February, while export prices surpassed expectations. Additionally, the Fed registered a slight rise in U.S. industrial production in February.
Lastly, due to profitable selling following recent robust gains, oil prices saw a dip on Friday. West Texas Intermediate Crude oil futures for April closed at $81.04 a barrel, down by $0.22.
