Taiwan Benchmark May Find Support After Two-Day Slide

The Taiwan Stock Exchange extended its losses into a second consecutive session, shedding roughly 1,000 points, or 2.2%, and trading just above the 46,180 level as investors await potential support on Monday.

Asian markets are poised for a positive open, buoyed by declining oil prices and anticipated bargain-hunting activity, following gains in European and U.S. equity markets.

Friday’s session saw the TSE decline sharply, weighed down by technology, plastics, and resource stocks, though financials provided some marginal support.

The index closed down 755.64 points, or 1.61%, at 46,184.85, within a daily range of 45,942.44 to 46,651.21.

Wall Street provided strong support, with major indices opening higher and maintaining gains throughout the session.

The Dow Jones Industrial Average rose 509.19 points, or 0.98%, to close at 52,573.29; the NASDAQ added 251.31 points, or 0.96%, finishing at 26,333.04; and the S&P 500 climbed 65.28 points, or 0.86%, to end at 7,656.98.

Despite the single-day rebound, all three major averages ended the holiday-shortened week in negative territory, with the Dow falling 1.6%, the S&P 500 declining 0.8%, and the NASDAQ dropping 0.7%.

The Wall Street recovery was driven by a sharp retreat in crude oil prices after recent spikes, alongside increased bargain-hunting activity.

Crude oil prices fell sharply on Friday amid speculation that the Strait of Hormuz could reopen following reports of a potential meeting between Iran and Gulf Cooperation Council members aimed at resolving the regional crisis. West Texas Intermediate for October delivery dropped $2.63, or 2.57%, to $99.85 per barrel.

Investors largely ignored the Labor Department’s August consumer price inflation report, which matched forecasts, as the data further cemented expectations for a quarter-point Federal Reserve rate hike this week—a move already mostly priced into markets.

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