Ahead of Wednesday’s unplanned day off due to Typhoon Gaemi, the Taiwan stock market had ended the four-day losing streak in which it had plummeted more than 1,700 points or 7.6 percent. The Taiwan Stock Exchange now sits just above the 22,870-point plateau although it’s likely to turn lower again on Thursday.
The global forecast for the Asian markets is broadly negative on disappointing earnings news and soft data. The European and U.S. markets finished sharply lower and the Asian bourses figure to follow suit.
The TSE finished sharply higher on Tuesday following huge gains among the technology stocks and more modest upside among the financials.
For the day, the index surged 614.85 points or 2.76 percent to finish at 22.871.84 after trading between 22,514.75 and 22,871.84.
Among the actives, Cathay Financial climbed 2.50 percent, while Mega Financial collected 0.71 percent, CTBC Financial added 0.99 percent, First Financial improved 1.03 percent, Fubon Financial strengthened 3.51 percent, E Sun Financial perked 0.34 percent, Taiwan Semiconductor Manufacturing Company soared 4.26 percent, United Microelectronics Corporation accelerated 2.19 percent, Hon Hai Precision surged 4.68 percent, Largan Precision rose 0.53 percent, Catcher Technology advanced 1.21 percent, MediaTek spiked 4.08 percent, Delta Electronics rallied 4.28 percent, Novatek Microelectronics jumped 3.24 percent, Formosa Plastics sank 0.68 percent, Asia Cement gained 0.73 percent and Nan Ya Plastics was unchanged.
The lead from Wall Street is brutal as the major averages opened deep in the red on Wednesday and only moved lower as the day progressed, ending near session lows.
The Dow plummeted 504.22 points or 1.25 percent to finish at 39,853.87, while the NASDAQ plunged 654.94 points or 3.64 percent to close at 17,342.41 and the S&P 500 tumbled 128.61 points or 2.31 percent to end at 5,427.13.
The sell-off on Wall Street came amid a negative reaction to disappointing corporate earnings news from companies like Tesla (TSLA) and Alphabet (GOOGL).
In economic news, the Commerce Department unexpectedly reported a continued decrease in new home sales in the U.S. in June.
Oil prices moved higher on Wednesday after data showed an unexpected drop in U.S. crude oil inventories last week. West Texas Intermediate Crude oil futures for September ended up $0.63 or 0.81 percent at $77.59 a barrel, snapping a three-day losing streak.
Market Analysis
Taiwan Shares Tipped To Open In The Red
2024-07-25 00:30:31
