(RTTNews) - The Taiwan stock market on Thursday snapped the three-day winning streak in which it had surged almost 1,125 points or 3 percent to a fresh record closing high. The Taiwan Stock Exchange now sits just above the 37,710-point plateau and the losses may accelerate on Friday.
The global forecast for the Asian markets is soft on surging crude oil prices that correspond with tensions in the Middle East. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to open lower.
The TSE finished modestly lower on Thursday following losses from the plastics and technology companies, while the financial sector was mixed.
For the day, the index dropped 164.32 points or 0.43 percent to finish at 37,714.15 after trading between 37,164.44 and 38,921.95.
Among the actives, Mega Financial collected 0.76 percent, while CTBC Financial perked 0.16 percent, First Financial tumbled 1.75 percent, E Sun Financial tanked 1.82 percent, Taiwan Semiconductor Manufacturing Company vaulted 1.46 percent, United Microelectronics Corporation plunged 6.36 percent, Hon Hai Precision jumped 1.81 percent, Largan Precision cratered 3.87 percent, Catcher Technology skyrocketed 9.98 percent, MediaTek stumbled 3.49 percent, Delta Electronics declined 1.74 percent, Novatek Microelectronics plummeted 6.13 percent, Formosa Plastics slumped 1.73 percent, Nan Ya Plastics crashed 4.70 percent, Asia Cement climbed 1.12 percent and Cathay Financial and Fubon Financial were unchanged.
The lead from Wall Street is weak as the major averages opened lower on Thursday, dipped midday before ticking higher but still finished in the red.
The Dow dropped 179.71 points or 0.36 percent to finish at 49,310.32, while the NASDAQ sank 219.06 points or 0.89 percent to end at 24,438.50 and the S&P 500 lost 29.50 points or 0.41 percent to close at 7,108.40.
Profit taking contributed to the early weakness on Wall Street following Wednesday's rally, which sent the NASDAQ and S&P to record closing highs.
A steep drop by shares of IBM Corp. (IBM) also weighed on the markets, after the tech giant reported better than expected first quarter earnings but failed to raise its full-year guidance.
Concerns about a re-escalation of the U.S.-Iran war also weighed on the markets after President Donald Trump said he has ordered the Navy to "shoot and kill any boat" that is putting mines in the waters of the Strait of Hormuz.
Crude oil prices surged on Thursday as the Strait of Hormuz remains closed, keeping oil supply concerns elevated. West Texas Intermediate crude for June was up $2.49 or 2.68 percent at $95.45 per barrel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
