Markets

More Pain Predicted For Taiwan Stock Market

(RTTNews) - The Taiwan stock market has finished lower in three straight sessions, falling almost 55 points or 0.5 percent in that span. The Taiwan Stock Exchange now sits just above the 12,155-point plateau although it's called lower again on Friday.

The global forecast for the Asian markets is soft on economic growth concerns and coronavirus fears. The European and U.S. markets were down and the Asian markets are tipped to open in similar fashion.

The TSE finished modestly lower on Thursday following losses from the cement companies and mixed performances from the financials and technology stocks.

For the day, the index sank 45.11 points or 0.37 percent to finish at 12,157.74 after trading between 2,107.04 and 12,220.93.

Among the actives, Cathay Financial and CTBC Financial both dipped 0.25 percent, while Fubon Financial rose 0.12 percent, First Financial lost 0.43 percent, E Sun Financial collected 0.35 percent, Taiwan Semiconductor Manufacturing Company skidded 1.52 percent, United Microelectronics Corporation soared 3.75 percent, Hon Hai Precision climbed 1.15 percent, Largan Precision shed 0.37 percent, Catcher Technology added 0.43 percent, MediaTek tumbled 1.64 percent, Asia Cement plunged 2.16 percent, Taiwan Cement tanked 2.41 percent, Formosa Plastic perked 0.75 percent and Mega Financial and Uni-President Enterprises were unchanged.

The lead from Wall Street is negative as stocks opened in the red on Thursday and remained there throughout the session.

The Dow shed 135.39 points or 0.50 percent to finish at 26,734.71, while the NASDAQ lost 76.66 points or 0.73 percent to end at 10,473.83 and the S&P 500 fell 10.99 points or 0.34 percent to close at 3,215.57.

The weakness on Wall Street followed the release of a Labor Department report showing the decline in first-time claims for unemployment benefits nearly ground to a halt last week.

The negative sentiment was partly offset by a Commerce Department report showing another substantial increase in retail sales in June, although the data was seen as old news as some states rolled back their reopening plans due to a surge in coronavirus cases.

Crude oil futures settled lower on Thursday on worries about the outlook for near term energy demand after OPEC decided to start tapering production cuts beginning next month. West Texas Intermediate Crude oil futures for August were down $0.45 or 1.1 percent at $40.75 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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