Taiwan stock market could extend Tuesday’s losses
(RTTNews) – Taiwan’s stock market ended a two-day winning streak on Tuesday in which it gained more than 370 points or 1.5%. The Taiwan Stock Exchange is now just below the plateau of 15,440 points and could suffer further damage on Wednesday.
The global outlook for Asian markets ranges from mixed to bearish, with support from oil stocks likely offset by weakness in technology and retail companies. European markets were up and US stock markets were down and Asian markets should follow the latter lead.
The TSE ended slightly lower on Tuesday after mixed performances from financial stocks and technology stocks.
For the day, the index fell 108.08 points or 0.70% to end at 15,439.92 after trading between 15,375.65 and 15,533.34.
Among assets, Cathay Financial added 0.56%, while Mega Financial collected 0.41%, CTBC Financial fell 1.53%, Fubon Financial lost 0.48%, Taiwan Semiconductor Manufacturing Company fell 0.20%, United Microelectronics Corporation fell 2.45%, Hon Hai Precision rose 0.90%. , Largan Precision rose 0.29%, Catcher Technology lost 0.59%, MediaTek fell 3.98%, Delta Electronics fell 0.21%, Novatek Microelectronics fell 4.55%, Nan Ya Plastics rose 0.12%, Asia Cement fell 0.80%, Taiwan Cement fell 0.50% and First Financial, E Sun Financial and Formosa Plastics remained unchanged.
Wall Street’s advance is broadly negative as major averages shed early gains and quickly fell, ending the day near session lows.
The Dow Jones fell 491.27 points or 1.56% to end at 30,946.99, while the NASDAQ plunged 343.01 points or 2.98% to close at 11,181.54 and the S&P 500 fell 78.56 points or 2.01% to end at 3,821.55.
Wall Street’s initial strength partly reflected a positive reaction to news that China had reduced quarantine times for international travelers in a big step toward easing Covid-19 controls.
But buyer interest waned soon after trading began as lingering worries about a possible recession continued to weigh on markets.
Negative sentiment may also have been generated in reaction to a Conference Board report showing that US consumer confidence deteriorated to its lowest level in more than a year in June.
Crude oil prices rose sharply on Tuesday, extending recent gains after Saudi Arabia and the United Arab Emirates indicated they could barely increase oil production. West Texas Intermediate crude oil futures for August ended up $2.19 or 2% at $111.76 a barrel.
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