Taiwan Stock Market Expected To Open Lower

(RTTNews) - The Taiwan stock market has moved lower in three straight sessions, surrendering almost 335 points or 3 percent along the way. The Taiwan Stock Exchange now rests just beneath the 10,720-point plateau and it's looking at another soft start again on Friday.

The global forecast for the Asian markets is negative thanks to interest rate concerns and a tumble in crude oil prices. The European and U.S. markets were firmly lower and the Asian bourses are tipped to open in similar fashion.

The TSE finished sharply lower on Thursday following losses from the financials, technology stocks and cement companies.

For the day, the index plunged 145.03 points or 1.33 percent to finish at 10,718.91 after trading between 10,707.76 and 10,826.19 on turnover of 109.76 billion Taiwan dollars.

Among the actives, Taiwan Cement fell 1.00 percent, while Asia Cement was down 1.98 percent, China Steel eased 0.20 percent, Taiwan Semiconductor Manufacturing Company tumbled 2.31 percent, United Microelectronics retreated 2.58 percent, Hon Hai Precision skidded 2.06 percent, AsusTek Computer dropped 1.19 percent, Largan Precision eased 0.27 percent, Cathay Financial shed 0.96 percent, Fubon Financial lost 0.39 percent, CTBC Financial jumped 2.00 percent, Chunghwa Telecom declined 0.92 percent and Formosa Plastic was unchanged.

The lead from Wall Street is soft as stocks opened under pressure on Thursday and remained in the red throughout the session.

The Dow shed 200.91 points or 0.75 percent to 26,627.48, while the NASDAQ lost 145.57 points or 1.81 percent to 7,879.51 and the S&P 500 fell 23.90 points or 0.82 percent to 2,901.61.

The weakness on Wall Street followed a recent jump by U.S. treasury yields that raised concerns about the outlook for interest rates. With the ten-year yield reaching its highest levels in over seven years, traders seem worried the Federal Reserve may raise rates more aggressively than expected.

In economic news, the Labor Department reported a bigger than expected drop in initial jobless claims in the week ended September 29. Also, the Commerce Department noted a bigger than expected rebound in factory orders in August.

Crude oil prices came off four-year highs on Thursday, dragged down by reports suggesting Russia and Saudi Arabia will raise crude output. Crude oil futures for November delivery ended down $2.08 or 2.7 percent at $74.33 a barrel.
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