Continued Consolidation Expected for Taiwan Stock Market

(RTTNews) – The Taiwanese stock market on Thursday marked the end of a two-day winning streak in which it had climbed more than 250 points or 1.5%. The Taiwan Stock Exchange is now just above the plateau of 17,125 points and the losses could accelerate on Friday.

The global forecast for Asian markets suggests a consolidation of growing concerns over the outlook for interest rates. European markets were mixed and US stocks were down sharply and Asian markets should follow the latter lead.

The TSE ended slightly lower on Thursday after losses in financial stocks and mixed performance in technology stocks.

For the day, the index fell 20.93 points or 0.12% to end at 17,129.95 after trading between 17,106.37 and 17,213.66.

Among assets, Mega Financial fell 1.80%, while CTBC Financial fell 1.54%, Fubon Financial lost 0.40%, First Financial fell 1.42%, E Sun Financial fell 0.92%, Taiwan Semiconductor Manufacturing Company fell 0.88%, United Microelectronics Corporation rose 0.84%. , Largan Precision jumped 1.49%, Catcher Technology fell 0.34%, MediaTek gained 1.40%, Delta Electronics gained 0.80%, Novatek Microelectronics slipped 0.99% , Formosa Plastic gained 0.47%, Nan Ya Plastics fell 0.45%, Asia Cement improved 0.74%, Taiwan Cement added 0.43% and Hon Hai Precision and Cathay Financial are remained unchanged.

Wall Street’s lead is negative as major averages failed to sustain early gains on Thursday, accelerating into the red as the day progressed.

The Dow Jones fell 368.03 points or 1.05% to end at 34,792.76, while the NASDAQ fell 278.41 points or 2.07% to close at 13,174.41 and the S&P 500 fell 65.79 points or 1.48% to end at 4,393.66.

Wall Street’s sharp pullback came as Treasury yields showed a noticeable move back up after falling on Wednesday. The yield on the benchmark ten-year note more than offset yesterday’s decline, reaching its highest closing level since December 2018.

Worries over the interest rate outlook helped Treasury yields rebound after Federal Reserve Chairman Jerome Powell told the International Monetary Fund that it would be appropriate to raise rates “a little faster and predicted that a 50 basis point rate hike would be on the table at the Fed’s May meeting.

Early in the session, stocks benefited from upbeat earnings news from Tesla (TSLA), American Airlines (AAL) and United Airlines (UAL).

In economic news, the Labor Department noted a slight drop in first jobless claims in the United States last week. Additionally, the Federal Reserve Bank of Philadelphia said growth in manufacturing activity in the Philadelphia area slowed more than expected in April.

Crude oil prices rose on Thursday, extending gains from the previous session amid concerns over global crude supply and strong demand in the United States. West Texas Intermediate crude oil futures for June ended up $1.60 or 1.6% at $103.79 a barrel.

Closer to home, Taiwan will release March unemployment data later today; in February, the unemployment rate was 3.67%.

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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