Taiwan Stock Market Likely To Head South On Thursday

(RTTNews) - The Taiwan stock market on Wednesday snapped the two-day losing streak in which it had declined more than 130 points or 1.3 percent. The Taiwan Stock Exchange now rests just above the 10,425-point plateau although it's expected to open in the red again on Thursday.

The global forecast for the Asian markets is emphatically negative thanks to worrying signs about the health of the global economy. The European and U.S. markets finished sharply lower and the Asian markets are tipped to follow suit.

The TSE finished modestly higher on Wednesday following gains from the technology stocks and cement companies, while the financials came in mixed.

For the day, the index gained 65.07 points or 0.63 percent to finish at the daily low of 10,427.73 after peaking at 10,518.02.

Among the actives, Cathay Financial eased 0.13 percent, while Mega Financial dropped 1.05 percent, CTBC Financial gained 1.00 percent, Fubon Financial lost 0.59 percent, First Financial rose 0.24 percent, E Sun Financial collected 0.40 percent, Taiwan Semiconductor Manufacturing Company climbed 1.22 percent, United Microelectronics Corporation advanced 1.16 percent, Hon Hai Precision shed 0.41 percent, Largan Precision soared 3.35 percent, Catcher Technology spiked 2.08 percent, MediaTek rose 0.47 percent, Asia Cement jumped 2.35 percent, Taiwan Cement surged 2.82 percent and Formosa Plastic gathered 1.19 percent.

The lead from Wall Street broadly negative as stocks showed a substantial pullback on Wednesday, sending the major averages to two-month closing lows.

The Dow plummeted 800.49 points or 3.05 percent to 25,479, while the NASDAQ tumbled 242.42 points or 3.02 percent to 7,773.94 and the S&P 500 plunged 85.72 points or 2.93 percent to 2,840.60.

The sell-off on Wall Street came amid concerns about a potential recession after the yield on the benchmark ten-year note dropped below the yield on the two-year note - which is widely seen as an indicator of a recession.

The yield on the closely watched thirty-year bond also showed a notable decrease on the day, tumbling to a new record low.

Crude oil prices cratered Wednesday on increasing worries about the outlook for global demand and concern of a supply glut after data showed that U.S. crude oil inventories rose by 1.6 million barrels last week. West Texas Intermediate tumbled $1.71 or 3.01 percent to $55.02 per barrel.
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