No help for Taiwan’s stock market yet

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(RTTNews) – Taiwan’s stock market has finished lower in six consecutive sessions, dropping more than 825 points or 5.2% along the way. The Taiwan Stock Exchange is now just below the 15,840 plateau and is eyeing another soft start to Friday’s trading.

Global forecasts for Asian markets suggest further consolidation amid global recession fears. European and American markets ended with heavy losses and the Asian stock market should also open in the red.

The TSE ended sharply lower on Thursday after losses in technology and cement stocks, while financials were mixed.

For the day, the index fell 160.64 points or 1.00% to end at 15,838.61 after trading between 15,838.29 and 16,209.25.

Among assets, Cathay Financial rose 0.19%, while Mega Financial fell 0.14%, CTBC Financial collected 1.14%, Fubon Financial rose 0.16%, E Sun Financial gained 1.20%, Taiwan Semiconductor Manufacturing Company fell 0.20%, United Microelectronics Corporation slipped 1.11%. , Hon Hai Precision lost 0.45%, Largan Precision fell 1.47%, Catcher Technology fell 1.20%, MediaTek stumbled 1.24%, Delta Electronics climbed 1.11%, Asia Cement sank 0.46%, Taiwan Cement fell 0.12% and First Financial and Formosa Plastic were unchanged.

Wall Street’s advance is broadly negative as major averages opened sharply lower on Thursday and remained deep in the red throughout the day, ending near session lows.

The Dow Jones fell 741.46 points or 2.42% to end at 29,927.07, while the NASDAQ plunged 453.06 points or 4.08% to close at 10,646.10 and the S&P 500 fell 123.22 points or 3.25% to end at 3,666.77.

The sell-off on Wall Street reflected fears that aggressive monetary policy by central banks around the world could trigger a global recession.

Following the widely expected 75 basis point interest rate hike from the Federal Reserve on Wednesday, central banks in Switzerland, England and Taiwan, among others, also moved to hike rates.

In economic news, the Labor Department noted a slight decrease in first jobless claims in the United States last week. Additionally, the Commerce Department said new residential construction in the United States plunged more than expected in May.

Oil futures stabilized higher on Thursday after prices rebounded as tight supply levels outweighed worries about the outlook for energy demand. West Texas Intermediate crude oil futures for July ended up $2.27 or 2% at $117.58 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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