The Taiwan stock market has finished lower in two straight sessions, sinking more than 250 points or 1.5 percent along the way. The Taiwan Stock Exchange now sits just above the 16,460-point plateau and it’s expected to open under pressure again on Wednesday.
The global forecast for the Asian markets suggests mild consolidation amid volatility and uncertainty, with crude oil prices offering slight support. The European and U.S. markets were down and the Asian bourses are expected to open in similar fashion.
The TSE finished sharply lower on Tuesday following losses from the cement and technology stocks, while the financials came in mixed.
For the day, the index tumbled 177.59 points or 1.07 percent to finish at 16,462.84 after trading between 16,349.49 and 16,589.72.
Among the actives, Cathay Financial skidded 1.23 percent, while Mega Financial collected 0.62 percent, Fubon Financial shed 0.66 percent, First Financial rose 0.45 percent, E Sun Financial added 0.58 percent, United Microelectronics Corporation plunged 4.26 percent, Hon Hai Precision tanked 2.78 percent, Largan Precision rallied 2.24 percent, Catcher Technology dropped 0.91 percent, MediaTek tumbled 2.53 percent, Delta Electronics retreated 1.40 percent, Formosa Plastic slid 0.42 percent, Asia Cement sank 0.87 percent, Taiwan Cement fell 0.40 percent and Taiwan Semiconductor Manufacturing Company and CTBC Financial were unchanged.
The lead from Wall Street ends up being negative as the major averages spent all of Tuesday bouncing back and forth across the unchanged line before finally settling slightly in the red.
The Dow dropped 117.72 points or 0.34 percent to finish at 34,378.34, while the NASDAQ dipped 20.28 points or 0.14 percent to close at 14,465.92 and the S&P 500 fell 10.54 points or 0.24 percent to end at 4,350.65.
The choppy trading on Wall Street came as traders expressed uncertainty about the outlook for the markets following the volatility seen throughout early October. Concerns about inflation and the Federal Reserve scaling back stimulus as early as next month also weighed.
Earnings news was also on traders’ minds, with financial giant JPMorgan Chase (JPM) due to report Q3 results later today. Bank of America (BAC), Citigroup (C), Morgan Stanley (MS), Wells Fargo (WFC), and Goldman Sachs (GS) are also due to report their results in the coming days.
Crude oil futures settled slightly higher Tuesday after prices moved up amid speculation the fuel market could get tighter this winter. West Texas Intermediate Crude oil futures for November rose $0.12 or about 0.2 percent at $80.64 a barrel.
Market Analysis
Taiwan Stock Market May Extend Losing Streak
2021-10-13 00:30:43
