The Taiwan stock market has finished lower in four straight sessions, plummeting almost 1,630 points or 10 percent along the way. The Taiwan Stock Exchange now sits just above the 15,670-point plateau and it is massively overdue for support on Friday.
The global forecast for the Asian markets is positive, with bargain hunting expected particularly among the technology stocks. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to follow the latter lead.
The TSE finished sharply lower again on Thursday following losses from the financial shares and cement companies, while the technology stocks were mixed.
For the day, the index dropped 232.27 points or 1.46 percent to finish at 15,670.10 after trading between 15,368.54 and 16,031.93.
Among the actives, Cathay Financial tanked 2.29 percent, while Mega Financial rose 0.16 percent, CTBC Financial skidded1.34 percent, Fubon Financial surrendered 2.00 percent, First Financial dipped 0.23 percent, E Sun Financial eased 0.20 percent, Taiwan Semiconductor Manufacturing Company tumbled 2.32 percent, United Microelectronics Corporation spiked 2.59 percent, Hon Hai Precision advanced 0.98 percent, Largan Precision soared 3.20 percent, Catcher Technology declined 1.41 percent, MediaTek retreated 1.69 percent, Formosa Plastic fell 1.46 percent, Asia Cement lost 1.24 percent and Taiwan Cement sank 0.81 percent.
The lead from Wall Street is firm as stocks opened higher on Thursday and remained solidly in the green throughout the trading day.
The Dow surged 433.79 points or 1.29 percent to finish at 34,021.45, while the NASDAQ advanced 93.31 points or 0.72 percent to end at 13,124.99 and the S&P 500 climbed 49.46 points or 1.22 percent to close at 4,112.50.
The rally on Wall Street came as investors scooped up bargains following heavy losses in recent sessions, which were driven by inflation concerns.
In economic news, the Labor Department said producer prices increased more than expected in April. The Labor Department also said first-time claims for U.S. unemployment benefits fell more than expected last week.
Crude oil prices declined sharply on Thursday, weighed down by rising worries about outlook for energy demand and on news that Colonial Pipeline has resumed operations at its facilities. West Texas Intermediate Crude oil futures for June ended down by $2.26 or 3.4 percent at $63.82 a barrel, a two-week low.
Market Analysis
Higher Open Expected For Taiwan Stock Market
2021-05-14 00:00:11
