Continued Consolidation Called For Taiwan Stock Market

(RTTNews) – Taiwan’s stock market headed south again on Thursday, one session after snapping the two-day slide in which it tumbled nearly 300 points or 1.8%. The Taiwan Stock Exchange is now just above the plateau of 17,245 points and should reopen under pressure on Friday.

The global outlook for Asian markets is mixed to the downside, thanks to a surge in crude oil prices and treasury yields. European markets were up and US stock markets were down and Asian markets should follow the latter lead.

The TSE ended slightly lower on Thursday after losses in financial stocks, technology stocks and cement companies.

For the day, the index lost 56.00 points or 0.32% to end at a daily low of 17,245.65 after peaking at 17,374.14.

Among assets, Cathay Financial fell 1.07%, while Mega Financial plunged 4.12%, CTBC Financial fell 2.97%, Fubon Financial slipped 1.05%, First Financial fell 3.21%, E Sun Financial fell 5.39%, United Microelectronics Corporation lost 0.52%, Largan Precision rose 0.92%, Catcher Technology fell 0.34%, MediaTek fell 2.16%, Delta Electronics fell 0.98%, Nan Ya Plastics slipped 0.77%, Asia Cement lost 0.63%, Taiwan Cement fell 0.62% and Taiwan Semiconductor Manufacturing Company , Hon Hai Precision and Formosa Plastic remained unchanged.

Wall Street’s lead is weak as major averages spent much of Thursday in the red and ended in negative territory.

The Dow fell 113.36 points or 0.33% to end at 34,451.23, while the NASDAQ plunged 292.51 points or 2.14% to close at 13,351.08 and the S&P 500 fell 54.00 points or 1.21% to end at 4,392.59.

For the week, the Dow Jones fell 0.78%, the NASDAQ fell 2.63% and the S&P lost 2.13%; markets are closed on Fridays for Good Friday.

Tech stocks led the way lower amid a substantial rebound in Treasury yields, with the yield on the ten-year note hitting its highest closing level since December 2018.

In economic news, the Commerce Department showed U.S. retail sales rose in March, while the Labor Department showed U.S. initial jobless claims rose more than scheduled last week. And the University of Michigan showed substantial improvement in US consumer confidence in April.

Crude oil prices jumped on Thursday as the European Union considered banning imports of Russian oil. West Texas Intermediate crude oil futures for May ended up $2.70 or 2.6%; WTI crude futures gained almost 9% during the week.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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