Lower opening planned for Taiwan stock market

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(RTTNews) – Taiwan’s stock market ended a two-day losing streak on Thursday in which it fell more than 450 points, or 2.9%. The Taiwan Stock Exchange is now just above the 16,935 point plateau, although it is expected to open under pressure on Friday.

Global forecasts for Asian markets suggest consolidation on inflation concerns and the outlook for interest rates. European and US markets were down and Asian stock exchanges are expected to open similarly.

The TSE ended slightly higher on Thursday following mixed performances from financial stocks, real estate stocks and cement companies.

For the day, the index added 79.31 points or 0.47% to end at 16,934.77 after trading between 16,767.20 and 16,994.21.

Among assets, Cathay Financial fell 0.17%, while CTBC Financial collected 0.66%, E Sun Financial fell 0.19%, United Microelectronics Corporation soared 1.53%, Largan Precision a gained 0.92%, Catcher Technology gained 0.90%, MediaTek fell 0.88%, Delta Electronics gained 1.41%, Asia Cement fell 0.44%, Taiwan Cement gained 0 , 79% and Taiwan Semiconductor Manufacturing Company, Hon Hai Precision, Mega Financial, Fubon Financial, First Financial and Formosa Plastic remained unchanged.

Wall Street’s lead is negative as major averages opened higher on Thursday, but quickly fell into the red and ultimately ended in negative territory.

The Dow Jones plunged 546.80 points or 1.59% to close at 33,843.92, while the NASDAQ lost 63.86 points or 0.44% to close at 14,448.58 and the S&P 500 lost 51.92 points or 1.19% to finish at 4,307.54.

For the month of September, the Dow Jones plunged 4.3%, while the NASDAQ and the S&P 500 fell 5.3% and 4.8%, respectively. The S&P 500 has had its worst month since the early days of the coronavirus pandemic.

Concerns about the outlook for inflation continued to weigh on markets along with indications that the Federal Reserve plans to start reducing its asset purchases in the near future.

Traders have largely ignored news that Washington lawmakers have avoided a government shutdown, with both the Senate and House passing interim spending bills. The legislation, which funds the government until Dec. 3, also includes spending for hurricane relief and the resettlement of Afghan refugees.

Crude oil futures stabilized higher on Thursday, supported by reports that China ordered state energy companies to secure winter supplies. West Texas Intermediate crude oil futures for November ended up $ 0.20 or 0.3% at $ 75.03 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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