Taiwan stock market expected to open under pressure

(RTTNews) – Taiwan’s stock market ended lower in consecutive trading days, dropping more than 210 points or 1.3% along the way. The Taiwan Stock Exchange is now just above the 16,460 plateau and is expected to extend its losses on Monday.

The global forecast for Asian markets is sharply negative due to growing interest rate and inflation concerns. European and American markets have suffered heavy damage and Asian exchanges are expected to open in the same way.

The TSE ended slightly lower on Friday after losses in plastics and cement stocks, while financials and technology stocks were mixed.

For the day, the index fell 161.18 points or 0.97% to end at 16,460.12 after trading between 16,403.33 and 16,581.81.

Among assets, Mega Financial fell 0.13%, while CTBC Financial collected 0.58%, Fubon Financial fell 0.79%, First Financial fell 0.76%, Taiwan Semiconductor Manufacturing Company fell 2.03%, United Microelectronics Corporation slipped 1.16%, Hon Hai Precision fell 1.30%. , Largan Precision was down 1.36%, Catcher Technology was down 2.89%, MediaTek was up 0.65%, Delta Electronics was up 0.85% Formosa Plastics and Uni-President both lost 0, 46%, Nan Ya Plastics fell 0.12%, Asia Cement fell 1.12%, Taiwan Cement fell 0.36%, and Cathay Financial and E Sun Financial remained unchanged.

Wall Street’s advance is broadly negative as the major averages opened sharply lower on Friday and remained that way throughout the session, ending with heavy losses.

The Dow Jones fell 880.00 points or 2.73% to end at 31,392.79, while the NASDAQ plunged 414.20 points or 3.52% to close at 11,340.02 and the S&P 500 fell 116.96 points or 2.91% to end at 3,900.86.

For the week, the Dow Jones plunged 4.6%, the NASDAQ fell 5.6% and the S&P 500 fell 5.1%.

The sell-off on Wall Street came after the Labor Department released a report showing that consumer prices in the United States rose more than expected in May, raising concerns about the outlook for interest rates. interest.

The spike in inflation is likely to convince the Federal Reserve to follow through on its plans to aggressively hike interest rates in an effort to fight inflation. The Fed will announce its latest monetary policy decision on Wednesday, with the central bank expecting the central bank to raise interest rates another 50 basis points.

Crude oil prices fell on Friday as the dollar surged after data showing a sharp acceleration in US inflation raised fears of more aggressive rate hikes by the Federal Reserve. West Texas Intermediate crude oil futures for July ended down $0.84 or 0.7% at $120.67 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.

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