Tech Shares Likely To Drag Taiwan Stocks Lower

(RTTNews) – The Taiwan stock market on Tuesday ended the three-day lowing streak in which it had dropped more than 525 points or 1.5 percent. The Taiwan Stock Exchange now sits just beneath the 16,650-point plateau although it figures to see heavy selling pressure again on Wednesday.

The global forecast for the Asian markets is broadly negative on inflation and treasury yield concerns. The European and US markets were sharply lower and the Asian stock markets are tipped to follow that lead.

The TSE finished slightly higher on Tuesday following gains from the financial shares and cement stocks, while the technology and plastic companies were mixed.

For the day, the index rose 23.89 points or 0.14 percent to finish at 16,644.79 after trading between 16,582.11 and 16,729.47.

Among the assets, Cathay Financial increased 0.31 percent, while Mega Financial advanced 0.96 percent, CTBC Financial rallied 2.06 percent, Fubon Financial collected 0.40 percent, First Financial strengthened 1.45 percent, E Sun Financial soared 3.08 percent, Taiwan Semiconductor Manufacturing Company eased 0.18 percent, United Microelectronics Corporation added 0.55 percent, Hon Hai Precision gained 0.50 percent, Largan Precision tumbled 1.76 percent, Catcher Technology lost 0.69 percent, MediaTek shed 0.48 percent, Novatek Microelectronics improved 0.40 percent, Delta Electronics surged 6.55 percent, Formosa Plastic sank 0.47 percent, Nan Ya Plastics perked 0.47 percent, Asia Cement gathered 0.64 percent and Taiwan Cement was up 0.22 percent.

The lead from Wall Street is brutal as the major averages opened lower on Tuesday and the losses only accelerated as the day progressed.

The Dow plummeted 809.28 points or 2.38 percent to finish at 33,240.18, while the NASAQ tumbled 514.11 points or 3.95 percent to close at 12,490.74 and the S&P 500 dropped 120.92 points or 2.81 percent to end at 4,175.20.

The sell-off on Wall Street came as elevated inflation, rising treasury yields and the ongoing war in Ukraine continued to weigh on investors as they digest the latest earnings news.

In economic news, the Commerce Department said new orders for US manufactured durable goods rebounded in March. The Commerce Department also noted a steep drop in US new home sales in March. And the Conference Board reported a mild decline in US consumer confidence in April.

Crude oil prices moved higher Tuesday as concerns about outlook for energy demand eased after the Chinese central bank said it would support small businesses and industries affected by the pandemic. West Texas Intermediate Crude oil futures for June ended higher by $ 3.16 or 3.2 percent at $ 101.70 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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