Taiwan Stock Market Expected Soft Start

(RTTNews) – Taiwan’s stock market has fallen in three consecutive sessions, losing more than 715 points or 4.7% along the way. The Taiwan Stock Exchange is now just above the plateau of 14,825 points and could suffer further damage on Friday.

Global forecasts for Asian markets call for further consolidation, with energy, steel and financial stocks likely to lead the way lower. European and American markets were down and Asian markets are expected to follow suit.

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

For the day, the index fell 414.40 points or 2.72% to end at a daily low of 14,825.73 after peaking at 15,147.77.

Among assets, Cathay Financial fell 3.60%, while Mega Financial fell 1.12%, CTBC Financial stumbled 2.71%, Fubon Financial weakened 1.64%, First Financial lost 0.57%, E Sun Financial fell 1.36%, Taiwan Semiconductor Manufacturing Company fell 3.05%. United Microelectronics Corporation plunged 4.28%, Hon Hai Precision fell 1.80%, Largan Precision climbed 1.47%, Catcher Technology fell 1.19%, MediaTek slipped 1.51% , Delta Electronics fell 2.64%, Novatek Microelectronics fell 2.58%, Formosa Plastics lost 0.91%, Nan Ya Plastics fell 1.89%, Asia Cement rose 0.23% and Taiwan Cement fell 0.13%.

Wall Street’s lead is negative as the major averages opened sharply lower on Thursday, regained ground as the day progressed but still ended well in the red.

The Dow Jones lost 253.88 points or 0.82% to end at 30,775.43, while the NASDAQ fell 149.16 points or 1.33% to end at 11,028.74 and the S&P 500 fell 33.45 points or 0.88% to close at 3,785.38.

The early sell-off on Wall Street came amid continued concerns about the global economic outlook and the possibility of a recession. Central bank chiefs reaffirmed their determination to contain inflation despite threats to economic growth.

A Commerce Department report provided further evidence of an economic slowdown, showing that personal spending rose less than expected in May.

Crude oil prices fell sharply on Thursday, extending the pullback seen in the previous session on lingering concerns about the outlook for demand amid the possibility of a recession. West Texas Intermediate for August delivery plunged $4.02 or 3.7% to $105.76 a barrel.

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

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