The Taiwan stock market stock has finished lower in four straight sessions, tumbling more than 660 points or 3.9 percent along the way. The Taiwan Stock Exchange now sits just above the 16,930-point plateau and it’s looking at another soft start again on Wednesday.
The global forecast for the Asian markets is soft, with technology stocks and airlines expected to lead the way lower. The European markets were down and the U.S. bourses were mostly negative and the Asian markets are also tipped to open under pressure.
The TSE finished sharply lower on Tuesday following losses from the financial shares and cement stocks, while the technology companies were mixed.
For the day, the index tumbled 288.57 points or 1.68 percent to finish at 16,933.78 after trading between 16,647.61 and 17,328.55.
Among the actives, Cathay Financial retreated 1.71 percent, while Mega Financial dropped 1.08 percent, CTBC Financial declined 1.76 percent, Fubon Financial plunged 2.03 percent, First Financial lost 0.67 percent, E Sun Financial surrendered 1.32 percent, Taiwan Semiconductor Manufacturing Company added 0.51 percent, United Microelectronics Corporation spiked 3.02 percent, Hon Hai Precision tanked 3.56 percent, Catcher Technology skidded 1.31 percent, MediaTek tumbled 1.81 percent, Formosa Plastic fell 0.47 percent, Asia Cement plunged 2.12 percent, Taiwan Cement sank 1.95 percent and Largan Precision was unchanged.
The lead from Wall Street is mainly negative as the major averages opened Tuesday deep in the red and largely stayed that way, although the Dow managed to peak into the green at the close.
The Dow rose 19.80 points or 0.06 percent to finish at 34,133.03, while the NASDAQ plummeted 261 points or 1.88 percent to end at 13,633.50 and the S&P 500 lost 28.00 points or 0.67 percent to close at 4,164.66.
The weakness on Wall Street largely reflected a continued pullback by technology stocks, with traders cashing in on tech stocks that benefited from the coronavirus-induced lockdowns as more states continue to lift restrictions.
Additional selling pressure was generated in reaction to comments from Treasury Secretary Janet Yellen, who suggested interest rates may have to rise modestly to prevent the economy from overheating amid the recent spike in government spending.
In economic news, the Commerce Department said the U.S. trade deficit hit a new record high in March. The Commerce Department also said new orders for U.S. manufactured goods rebounded less than expected in March.
Crude oil prices moved sharply higher Tuesday, extending gains from previous session amid continued optimism about increased demand for fuel. West Texas Intermediate Crude oil futures for June ended higher by $1.20 or 1.9 percent at $65.69 a barrel.
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