News Analyst
(RTTNews) – The Taiwan stock market has moved lower in two straight sessions, tumbling almost 575 points or 2.4 percent along the way. The Taiwan Stock Exchange now rests just above the 22,980-point plateau and it’s looking at another soft start again on Wednesday.
The global forecast for the Asian markets is negative ahead of key U.S. inflation data later today. The European and U.S. markets were down and the Asian bourses are expected to follow suit.
The TSE finished sharply lower on Tuesday following losses from the financial shares, technology stocks and plastics companies.
For the day, the index plummeted 547.87 points or 2.33 percent to finish at the daily low of 22,981.77 after peaking at 23,276.76.
Among the actives, Mega Financial dipped 0.13 percent, while First Financial dropped 0.93 percent, E Sun Financial skidded 1.09 percent, Taiwan Semiconductor Manufacturing Company tanked 3.23 percent, United Microelectronics Corporation slumped 0.97 percent, Hon Hai Precision stumbled 2.73 percent, Largan Precision retreated 2.17 percent, Catcher Technology shed 0.81 percent, MediaTek declined 2.32 percent, Delta Electronics fell 1.00 percent, Novatek Microelectronics weakened 2.92 percent, Formosa Plastics plunged 3.23 percent, Nan Ya Plastics plummeted 3.42 percent, Asia Cement lost 0.86 percent and Cathay Financial, CTBC Financial and Fubon Financial were unchanged.
The lead from Wall Street is soft as the major averages opened slightly higher but quickly headed south and stayed in the red, finishing with modest losses.
The Dow stumbled 382.15 points or 0.86 percent to finish at 43,910.98, while the NASDAQ slipped 17.36 points or 0.09 percent to close at 19,281.40 and the S&P 500 sank 17.36 points or 0.29 percent to end at 5,983.99.
The pullback on Wall Street reflected profit taking as some traders looked to cash in on the recent strength in the markets following the U.S. elections.
Also, traders seemed reluctant to make more significant moves ahead of the highly anticipated report on consumer price inflation, due out later today.
Oil prices edged up only a bit on Tuesday after OPEC lowered its global oil demand forecast for 2025, while the dollar’s continued strength hurt as well. West Texas Intermediate Crude oil futures for December rose $0.08 at $68.12 a barrel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
