Tech stocks set to drive Taiwan stock market higher

(RTTNews) – Taiwan’s stock market has fallen in two consecutive sessions, dropping nearly 550 points or 3.7% along the way. The Taiwan Stock Exchange is now just above the 15,175 plateau, although it should see some support on Friday.

The global outlook for Asian markets ranges from mixed to higher, with bargain hunting expected to drive oversold markets higher, especially among tech stocks. European markets were down and US stock markets were up and Asian markets should follow the latter lead.

The TSE ended sharply lower on Thursday on wild volatility among tech stocks, while financials and cement companies also ended under pressure.

For the day, the index fell 171.31 points or 1.12% to end at 15,176.44 after trading between 15,102.40 and 15,380.28.

Among assets, Mega Financial fell 0.14%, while Fubon Financial fell 0.97%, First Financial fell 0.19%, E Sun Financial jumped 1.55%, Taiwan Semiconductor Manufacturing Company fell 1.82%, United Microelectronics Corporation plunged 4.76%, Hon Hai Precision fell 1.37%. percent, Largan Precision was up 0.94 percent, Catcher Technology was up 1.22 percent, MediaTek was down 14.62 percent, Delta Electronics was up 3.31 percent, Nan Ya Plastics was up fell 0.24 percent, Asia Cement fell 1.49 percent, Taiwan Cement fell 1.27 percent and Cathay Financial, CTBC Financial and Formosa Plastics were unchanged.

Wall Street’s advance is positive as the major averages opened higher on Thursday, faded at midday before accelerating to the close.

The Dow Jones jumped 194.23 points or 0.64% to end at 30,677.36, while the NASDAQ jumped 179.11 points or 1.62% to end at 11,232.19 and the S&P 500 gained 35.94 points or 0.95% to close at 3,795.73.

Markets continued to see choppy trading as traders weighed the bargain hunt following recent weakness against the possibility of a global recession.

Traders have been keeping tabs on Federal Reserve Chairman Jerome Powell’s testimony before the House Financial Services Committee, with the Fed chief reiterating his commitment to act quickly to bring down inflation. But the Fed’s plans to aggressively raise interest rates to fight inflation have raised fears that tighter monetary policy could tip the economy into a recession.

In economic news, the Labor Department said initial jobless claims in the United States fell slightly last week.

Oil futures slipped on Thursday, losing ground for a second straight session on worries about the outlook for energy demand amid the growing possibility of a recession. West Texas Intermediate crude oil futures for August ended down $1.92 or 1.8% at $104.27 a barrel.

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