The Taiwan stock market has finished lower in two of three trading days since the end of the four-day winning streak in which it had advanced nearly 270 points or 1.6 percent. The Taiwan Stock Exchange now sits just above the 18,375-point plateau and it may take further damage on Wednesday.
The global forecast for the Asian markets suggests consolidation on rising coronavirus cases and concern over the outlook for interest rates, although support from crude oil may limit the downside. The European and U.S. markets were down and the Asian markets figure to follow suit.
The TSE finished modestly lower on Tuesday as the technology stocks ended mostly in the red, although the financials offered mild support.
For the day, the index dropped 146.80 points or 0.79 percent to finish at the daily low of
18,378.64 after peaking at 18,575.41.
Among the actives, Cathay Financial collected 0.60 percent, while Mega Financial added 0.54 percent, CTBC Financial rose 0.36 percent, Fubon Financial gained 0.63 percent, Taiwan Semiconductor Manufacturing Company tanked 3.07 percent, United Microelectronics Corporation sank 0.78 percent, Largan Precision climbed 1.20 percent, Catcher Technology advanced 0.94 percent, MediaTek dropped 0.90 percent, Delta Electronics rose 0.18 percent, Formosa Plastic perked 0.47 percent, Asia Cement gathered 0.34 percent, Taiwan Cement was up 0.32 percent and Hon Hai Precision, First Financial, E Sun Financial and Formosa Chemical were unchanged.
The lead from Wall Street is broadly negative as the major averages opened sharply lower on Tuesday and remained in the red throughout the trading day.
The Dow plummeted 543.34 points or 1.51 percent to finish at 35,368.34, while the NASDAQ tumbled 268.15 points or 1.56 percent to close at 14,506.90 and the S&P 500 sank 85.74 points or 1.84 percent to end at 4,577.11.
The weakness on Wall Street followed a surge in Treasury yields due to concerns about imminent interest rate hikes, spooking investors and encouraging them to cash in.
Lingering worries about the surge in cases of the Omicron variant of the coronavirus in several countries contribute as well to the bearish mood in the market.
In economic news, the New York Empire State Manufacturing Index for January came in well shy of expectations, as did the NAHB Housing Market index.
Crude oil prices spiked on Tuesday, extending gains from the previous session. West Texas Intermediate Crude for February delivery climbed $1.39 or 1.63 percent to close at $86.82 per barrel.
Taiwan Stock Market Tipped To Open In The Red
2022-01-19 00:27:39
