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Tech stocks could weigh on Taiwan's stock market
Taiwan's stock market abruptly ended its two-day winning streak in which it rose nearly 400 points, or 2 percent. The Taiwan Stock Exchange is now just above the 19,525-point plateau and could suffer further damage on Monday.
Global forecast for Asia markets in the negative, with continued pressure likely on technology stocks. European markets were down and US stock markets were mixed with Asian markets expected to split the difference.
The TSE ended sharply lower on Friday with damage at all levels, particularly among technology stocks and financial shares.
For the day, the index fell 774.08 points or 3.81 percent to end at 19,527.12 after trading between 19,291.88 and 19,992.06.
Among assets, Cathay Financial fell 2.06 percent, while Mega Financial lost 1.28 percent, CTBC Financial fell 2.21 percent, First Financial slipped 0.93 percent, Fubon Financial stumbled 1.96 percent, E Sun Financial fell 1.67 percent, Taiwan Semiconductor Manufacturing Company plunged 6.72 percent. , United Microelectronics Corporation fell 2.19 percent, Hon Hai Precision fell 3.38 percent, Largan Precision fell 3.64 percent, Catcher Technology fell 0.48 percent, MediaTek plunged by 5.43 percent, Delta Electronics fell 3.40 percent, Novatek Microelectronics gave up 4.39 percent, Formosa Plastics sank 1.47 percent, Nan Ya Plastics fell 1.43 percent , Asia Cement by 0.36 percent, Taiwan Cement by 2.21 percent and China Steel by 1.41 percent.
Wall Street's advance is contradictory since the Dow Jones opened higher on Friday and stayed that way, while the S&P and NASDAQ spent the entire session underwater.
The Dow Jones gained 211.00 points or 0.56 percent to end at 37,986.40, while the NASDAQ fell 319.49 points or 2.05 percent to end at 15,282.01 and the S&P 500 fell 43.89 points or 0.88 percent to close at 4,967.23.
For the week, the NASDAQ fell 5.5 percent, the S&P fell 3.1 percent and the Dow rose 0.1 percent.
The NASDAQ's sharp decline reflects heavy selling in shares of Netflix (NFLX) and AI darling Nvidia (NVDA). Reflecting sector weakness, the Philadelphia Semiconductor Index plunged 4.1 percent to its lowest closing level since early February.
Banking stocks performed strongly, driving the KBW banking index up 2.9 percent. Interest-rate-sensitive utility stocks also rose sharply amid falling Treasury yields, leading the Dow Jones Utility Average to rise 1.8%.
Oil prices rose on Friday as geopolitical tensions rose following Israel's retaliation against Iran. West Texas Intermediate crude oil futures for May ended $0.41 higher at $83.14 a barrel, although WTI crude futures lost about 3% during the week .
Closer to home, Taiwan will have March figures for export orders and unemployment later today; in February, export orders fell 10.4 percent year-on-year, while the unemployment rate stood at 3.4 percent.
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