Markets

Losses Likely To Accelerate For Taiwan Stocks

(RTTNews) - The Taiwan stock market turned lower again on Wednesday, one session after it had ended the five-day slide in which it had surrendered more than 100 points or 1 percent. The Taiwan Stock Exchange now rests just above the 10,945-point plateau and it's expected to open under pressure again on Thursday.

The global forecast for the Asian markets is broadly negative recession fears and demand concerns. The European and U.S. markets were firmly lower and the Asian bourses are expected to open in similar fashion.

The TSE finished slightly lower on Wednesday as the financial shares and technology stocks were mostly in the red.

For the day, the index fell 19.77 points or 0.18 percent to finish at 10,947.88 after trading between 10,927.39 and 10,965.20.

Among the actives, Cathay Financial sank 0.85 percent, while Mega Financial collected 0.17 percent, CTBC Financial slid 0.24 percent, Fubon Financial fell 0.56 percent, First Financial dipped 0.45 percent, E Sun Financial was down 0.38 percent, Taiwan Semiconductor Manufacturing Company shed 0.18 percent, United Microelectronics Corporation skidded 1.10 percent, Hon Hai Precision lost 0.41 percent, Largan Precision eased 0.11 percent, Catcher Technology added 0.60 percent, MediaTek dropped 1.20 percent, Asia Cement tumbled 1.27 percent and Taiwan Cement surrendered 1.01 percent.

The lead from Wall Street is poor as stocks moved sharply lower on Wednesday, extending Tuesday's losses and sending the major averages to their lowest closing levels in a month.

The Dow shed 494.42 points or 1.86 percent to finish at 26,078.62, the NASDAQ lost 123.44 points or 1.56 percent to 7,785.25 and the S&P 500 fell 52.64 points or 1.79 percent to 2,887.61.

The sell-off on Wall Street came on disappointing jobs data from payroll processor ADP, which said private sector employment climbed less than expected.

Investors are increasingly nervous about Friday's more closely watched monthly jobs report from the Labor Department, which includes both public and private sector jobs.

Crude oil prices declined sharply on Wednesday after data showed U.S. crude stockpiles rose for a third straight week and on worries about a likely drop in global energy demand. West Texas Intermediate Crude oil futures for November fell $0.98 or 1.8 percent at $52.64 a barrel.

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