Taiwan Stock Market Predicted To Halt Slide On Thursday - Markets Insider
(RTTNews) - The Taiwan stock market has ended lower in five straight sessions, sinking almost 400 points or 2.3 percent along the way. The Taiwan Stock Exchange now rests just above the 17,225-point plateau although it's due for support on Thursday.
The global forecast for the Asian markets is positive on rising oil prices and optimism on the outlook for interest rates. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.
The TSE finished modestly lower on Wednesday following mixed performances from the technology and cement stocks, while the financials were up.
For the day, the index lost 96.46 points or 0.56 percent to finish at 17,227.18 after trading between 17,090.25 and 17,327.20.
Among the actives, Cathay Financial spiked 2.00 percent, while Fubon Financial surged 4.21 percent, First Financial collected 0.43 percent, Taiwan Semiconductor Manufacturing Company dipped 0.17 percent, United Microelectronics Corporation rose 0.17 percent, Hon Hai Precision added 0.46 percent, Largan Precision retreated 1.09 percent, Catcher Technology rallied 2.31 percent, MediaTek skidded 1.30 percent, Delta Electronics advanced 0.72 percent, Formosa Plastic improved 1.01 percent, Asia Cement was up 0.11 percent, Taiwan Cement declined 1.54 percent and Mega Financial, CTBC Financial and E Sun Financial were unchanged.
The lead from Wall Street has been mixed all week and Wednesday was no exception. All three of the major averages opened to the upside and the Dow and SP stayed that way to hit fresh record closing highs; the NASDAQ quickly headed south and finished in the red.
The Dow jumped 220.30 points or 0.62 percent to finish at 35,484.97, while the NASDAQ dipped 22.95 points or 0.16 percent to close at 14,765.13 and the SP rose 10.95 points or 0.25 percent to end at 4,447.70.
The mixed performance came after the Labor Department's highly anticipated inflation reading was not bad as some had feared, slowing to 0.5 percent from 0.9 percent in June - suggesting that the central bank may not be in a hurry to scale back stimulus.
The recent resurgence in coronavirus cases may also weigh on the economy, leading the Fed to put off tapering plans and allowing stocks to continue to climb to record highs.
Crude oil futures settled higher on Wednesday, recovering well after an early setback, after the Biden administration said it would not ask U.S. oil producers to hike output. West Texas Intermediate Crude oil futures for September ended up $0.96 or 1.4 percent at $69.25 a barrel.