The Taiwan stock market finally ended the losing streak that had hit nine sessions and cost more than 960 points or 5.6 percent. The Taiwan Stock Exchange now rests just above the 16,825-point plateau although it’s likely to move lower again on Thursday.
The global forecast for the Asian markets suggests consolidation on concerns over the outlook for interest rates and sinking crude oil prices. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to follow the latter lead.
The TSE finished modestly higher on Wednesday following mixed performances from the financial shares, technology stocks and cement companies.
For the day, the index jumped 164.91 points or 0.99 percent to finish at the daily high of 16,826.27 after trading as low as 16,418.54.
Among the actives, Cathay Financial shed 0.55 percent, while Fubon Financial fell 0.26 percent, E Sun Financial collected 0.19 percent, Taiwan Semiconductor Manufacturing Company skidded 1.03 percent, United Microelectronics Corporation spiked 3.57 percent, Hon Hai Precision added 0.47 percent, Largan Precision accelerated 3.34 percent, Catcher Technology dropped 0.84 percent, MediaTek soared 3.64 percent, Delta Electronics jumped 1.91 percent, Formosa Plastic perked 0.61 percent, Asia Cement gained 0.80 percent, Taiwan Cement eased 011 percent and Mega Financial, CTBC Financial and First Financial were unchanged.
The lead from Wall Street is negative as the major averages opened slightly lower on Wednesday and hugged the line for much of the day but then accelerated into the red toward the close.
The Dow tumbled 382.59 points or 1.08 percent to finish at 34,960.69, while the NASDAQ dropped 130.27 points or 0.89 percent to close at 14,525.91 and the S&P 500 sank 47.81 points or 1.07 percent to end at 4,400.27.
The sell-off on Wall Street came as the Fed minutes revealed most officials at the central bank’s July monetary policy meeting believe it will be appropriate to begin tapering asset purchases this year.
The minutes showed participants also expressed a range of views on the appropriate pace of tapering asset purchases once economic conditions satisfied the “substantial further progress” criterion.
Reflecting the recent surge in new cases of the delta variant of the coronavirus, several participants noted their views on the appropriate path of asset purchases could change if the economic effects of the new strains of the virus turn out to be notably worse than anticipated.
Crude oil prices drifted lower Wednesday on concerns about the outlook for energy demand amid the surge in the delta variant of the coronavirus in several countries. West Texas Intermediate Crude oil futures for September ended down $1.13 or 1.7 percent at $65.46 a barrel, the lowest close since May 21.
Market Analysis
Lower Open Predicted For Taiwan Stock Market
2021-08-19 00:30:14
