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Flat Open Seen For Taiwan Shares 12 days ago
(RTTNews) - The Taiwan stock market has ended in negative territory in two of three sessions since the end of the six-day losing streak that had cost it more than 440 points or 4.5 percent on its way to a fresh one-month closing low. The Taiwan Stock Exchange ended just above the 7,460-point plateau, and now analysts expecting the market to show little movement at the opening of trade on Monday.
The lead from Wall Street is mixed with a touch of upside as stocks saw only slim moves to close out the week on Friday, with subdued reaction to monthly employment figures keeping the major averages near the unchanged mark. The major averages were able to recover from a pullback at the opening bell and managed to close modestly higher.
The TSE finished modestly higher on Friday, thanks to solid gains from the financials, technology stocks and construction and cement shares.
For the day, the index collected 45.59 points or 0.61 percent to finish at 7,463.05 after trading between 7,521.01 and 7,450.68. Volume was 3.32 billion shares worth 92.35 billion Taiwan dollars. There were 1,286 gainers and 1,134 decliners, with 323 stocks finishing unchanged.
Among the gainers, Cathay Financial Holding added 0.86 percent, while Fubon Financial Holding gained 0.5 percent, China Steel Corp. was up 0.7 percent, ProMOS Technologies jumped 3.9 percent, Siliconware Precision Industries was up 1.2 percent, Uni-President gained 1.96 percent and Taiwan Semiconductor Manufacturing Co added 0.50 percent.
The lead from Wall Street is mixed with a touch of upside as stocks saw only slim moves to close out the week on Friday, with subdued reaction to monthly employment figures keeping the major averages near the unchanged mark. The major averages were able to recover from a pullback at the opening bell and managed to close modestly higher.
The initial weakness came on the heels of the release of a report from the Labor Department showing that employment fell by more than expected in the month of October, with the continued decline in jobs pushing the unemployment rate up to a new twenty-six year high above 10 percent.
Non-farm payroll employment fell by 190,000 jobs in October following a revised decrease of 219,000 jobs in September. Economists had expected a decrease of about 175,000 jobs compared to the loss of 263,000 jobs originally reported for the previous month. With the continued drop in jobs, the unemployment rate jumped to 10.2 percent in October from 9.8 percent in September. The unemployment rate had been expected to show a more modest increase to 9.9 percent.
In related news, President Barack Obama signed a bill extending unemployment coverage for 14 weeks across the country and adding an additional six weeks for areas with the highest unemployment. The bill also extends and expands the first-time homebuyer tax credit. Also, the House on Saturday passed the healthcare reform bill and now it heads to the senate.
Separately, the Commerce Department released its report on wholesale inventories in the month of September, showing that inventories fell by a little less than economists had been anticipating. The report also showed a continued increase in wholesale sales.
Also on the economic front, the Federal Reserve said that total consumer credit fell by $14.8 billion or 7.2 percent in September to $2.456 trillion, indicating tightening for the eighth straight month. Economists had been expecting a decrease of about $10 billion.
The major averages moved to the upside going into the close, ending the day modestly above the unchanged line. The Dow closed up 17.46 points or 0.2 percent at 10,023.42, the NASDAQ advanced 7.12 points or 0.3 percent to 2,112.44 and the S&P 500 rose 2.67 points or 0.3 percent to 1,069.30. Despite some shaky sessions this week, the major averages all finished considerably higher, with the Dow and the S&P 500 advancing by 3.2 percent and the NASDAQ climbing by 3.3 percent.
In economic news, Taiwan is scheduled to release September figures for imports, exports and trade balance on Monday. Analysts are expecting a 7.2 percent decline on year for exports following the 12.7 percent annual drop in August. Imports are called lower by 6.3 percent on year after the 21.1 percent annual plunge in the previous month. The trade balance is expected to show a surplus of $3.1 billion after the $2.55 billion surplus a month earlier.
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