Taiwan stocks expected to open in the green

(RTTNews) – Taiwan’s stock market ended lower in consecutive sessions, losing nearly 300 points, or 1.3 percent. The Taiwan Stock Exchange now sits just above the 22,550-point plateau, although it is expected to open higher on Friday.

Global forecasts for Asian markets are optimistic thanks to strong results and support from crude oil. European and American markets finished higher and Asian stock markets are expected to continue this trend.

The TSE ended slightly lower on Thursday following losses in financial stocks, technology stocks and plastics companies.

For the day, the index stumbled 132.70 points or 0.58 percent to end at 22,555.66 after trading between 22,490.28 and 22,708.57.

Among assets, Cathay Financial skidded 1.19 percent, while Mega Financial fell 1.25 percent, Fubon Financial stumbled 1.33 percent, E Sun Financial gained 1.11 percent, Taiwan Semiconductor Manufacturing Company fell 1.46 percent, United Microelectronics Corporation weakened 1.11 percent, Hon Hai Precision fell 1.70. percent, Largan Precision climbed 1.07 percent, Catcher Technology gave up 1.72 percent, MediaTek fell 0.78 percent, Delta Electronics fell 1.42 percent, Novatek Microelectronics added 0 .52 percent, Formosa Plastics fell 2.65 percent, Nan Ya Plastics fell 1.71 percent, Asia Cement fell . 0.11 percent and CTBC Financial and First Financial remained unchanged.

Wall Street’s lead is positive since the main averages opened slightly lower on Thursday, but gradually increased and finished in the green.

The Dow rose 461.88 points or 1.06 percent to end at 43,870.35, while the NASDAQ rose 6.28 points or 0.03 percent to close at 18,972.42 and the S&P 500 advanced 31.60 points or 0.53 percent to finish at 5,948.71.

The Dow’s sharp rise came amid strong gains in IBM Corp. (IBM), Sherwin-Williams (SHW) and Salesforce (CRM).

The NASDAQ showed a lack of direction as traders tracked the performance of AI darling Nvidia (NVDA), which reported better-than-expected third-quarter earnings and revenue – but some traders expressed concerns about the slowdown in revenue growth.

In U.S. economic news, the Labor Department said last week that initial jobless claims unexpectedly fell to their lowest level in more than six months. Additionally, the Conference Board’s leading economic index fell more than expected in October.

Oil prices climbed Thursday as escalating geopolitical tensions due to the ongoing war between Russia and Ukraine offset recent data showing robust supply in the market. West Texas Intermediate crude oil futures for December closed up $1.35 or 1.96 percent at $70.10 a barrel.

Closer to home, Taiwan will see October unemployment data later today; in September, the unemployment rate was 3.38 percent.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.