More pain predicted for Taiwan stock market
(RTTNews) – Taiwan’s stock market has fallen over consecutive trading days, falling more than 700 points or 4.2% along the way. The Taiwan Stock Exchange is now just above the 16,580 point plateau and is expected to open again under pressure on Wednesday.
Global forecasts for Asian markets suggest a consolidation of concerns about the outlook for interest rates and stimulus. The European and American markets were down sharply and Asian stock markets are expected to open similarly.
The TSE ended sharply lower on Tuesday with damage across the board, especially financials and tech stocks.
For the day, the index fell 652.47 points or 3.79% to end at 16,583.13 after trading between 16,460.87 and 17,137.19.
Among assets, Cathay Financial slipped 2.75%, while Mega Financial fell 1.67%, CTBC Financial sank 1.25%, Fubon Financial shed 2.35%, First Financial shed 1 , 75%, E Sun Financial slipped 2.05%, Taiwan Semiconductor Manufacturing Company fell 3.06%. , United Microelectronics Corporation plunged 6.67%, Hon Hai Precision fell 5.31%, Largan Precision fell 3.79%, Catcher Technology fell 2.62%, MediaTek fell 6.95 %, Formosa Plastic cratered 3.30%, Asia Cement fell 1.57% and Taiwan Cement fell 2.46%. .
Wall Street’s lead is negative as major averages opened lower on Tuesday and remained in the red throughout the session.
The Dow Jones plunged 473.66 points or 1.36% to end at 34,269.16, while the NASDAQ lost 12.43 points or 0.09% to end at 13,389.43 and the S&P 500 lost fell 36.33 points or 0.87% to close at 4,152.10.
The weakness on Wall Street reflected fears of an acceleration in the rate of inflation and a possible tightening of monetary policy by the Federal Reserve.
Adding to concerns about inflation, the Labor Department said the number of job postings peaked at 8.1 million on the last working day in March. The data raised concerns that employers would have to raise wages to attract workers, which could lead to higher inflation.
Crude oil futures stabilized on Tuesday following an OPEC report that said demand is expected to rise 5.95 million barrels per day or 6.6% this year. West Texas Intermediate crude oil futures for June ended $ 0.36 or 0.6% at $ 65.28 a barrel.
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