The Taiwan stock market has moved lower in consecutive trading days, falling almost 150 points or 0.8 percent along the way. The Taiwan Stock Exchange now sits just above the 17,765-point plateau and it’s likely to open under pressure again on Tuesday.
The global forecast for the Asian markets is negative, likely led lower by weakness from the oil and technology stocks. The European and U.S. markets were down and the Asian bourses are tipped to follow that lead.
The TSE finished modestly lower on Monday as the financial shares, cement companies and technology stocks were mostly in the red.
For the day, the index dropped 58.66 points or 0.33 percent to finish at the daily low of 17,767.60 after peaking at 17,919.35.
Among the actives, Cathay Financial collected 0.33 percent, while Mega Financial slid 0.42 percent, CTBC Financial dipped 0.39 percent, Fubon Financial eased 0.26 percent, E Sun Financial was down 0.36 percent, Taiwan Semiconductor Manufacturing Company shed 0.66 percent, United Microelectronics Corporation skidded 1.10 percent, Hon Hai Precision lost 0.48 percent, Largan Precision plunged 3.16 percent, Catcher Technology sank 0.64 percent, Delta Electronics fell 0.37 percent, Formosa Plastic dropped 0.96 percent, Asia Cement retreated 1.04 percent, Taiwan Cement declined 0.42 percent and MediaTek and First Financial were unchanged.
The lead from Wall Street is soft as the major averages opened in the red on Monday and stayed under water throughout the trading day.
The Dow tumbled 320.04 points or 0.89 percent to finish at 35,650.95, while the NASDAQ sank 217.32 points or 1.39 percent to close at 15,413.28 and the S&P 500 lost 43.05 points or 0.91 percent to end at 4,668.97.
The pullback on Wall Street reflected profit taking, as traders cashed in on some of the strength in the markets last week. The major averages all moved sharply higher last week, with the S&P 500 ending last Friday’s trading at a new record closing high.
Traders may also have been moving money out of stocks and into safer havens ahead of the Federal Reserve’s money policy announcement on Wednesday.
The Fed is expected to discuss accelerating the pace of tapering its asset purchase program, with reports suggesting the central bank could double the rate to $30 billion per month.
Crude oil futures settled lower on Monday on concerns about the outlook for energy demand amid worries about the impact of the Omicron variant of the coronavirus. West Texas Intermediate Crude oil futures for January ended down by $0.38 or 0.5 percent at $71.29 a barrel.
Market Analysis
More Pain Predicted For Taiwan Stock Market
2021-12-14 00:30:18
