Taiwan stock market could extend Tuesday’s losses

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(RTTNews) – Taiwan’s stock market ended a two-day winning streak on Tuesday in which it added more than 135 points or 0.8%. The Taiwan Stock Exchange is now just above the plateau of 15,960 points and the losses could accelerate on Wednesday.

The global outlook for Asian markets is broadly negative, with oil and technology stocks expected to lead lower. European markets were down and US markets were mixed and Asian markets figured to share the difference.

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

For the day, the index slipped 192.78 points or 1.19% to end at a daily low of 15,963.63 after peaking at 16,219.80.

Among assets, Cathay Financial was down 0.57%, while CTBC Financial was down 0.39%, Fubon Financial was down 0.66%, First Financial was up 0.95%, Taiwan Semiconductor Manufacturing Company was down 1.52%, United Microelectronics Corporation fell 2.58%, Largan Precision fell 0.94%, Catcher Technology climbed 1.25%, MediaTek fell 1.54%, Delta Electronics fell 2.22%, Novatek Microelectronics fell 2.16%, Nan Ya Plastic fell 1.09%, Asia Cement fell 0.90% and Taiwan Cement, Hon Hai Precision, Mega Financial, E Sun Financial and Formosa Plastic remained unchanged.

Wall Street’s lead is mixed to lower as major averages opened in the red on Tuesday and spent most of the day there, although the Dow slid above the unchanged line at the close. .

The Dow Jones added 48.38 points or 0.15% to end at 31,928.62, while the NASDAQ fell 270.83 points or 2.35% to close at 11,264.45 and the S&P 500 fell. sank 32.27 points or 0.81% to finish at 3,941.48.

A sharp drop in Snap Inc. (SNAP) shares weighed on the tech sector after the company warned of weaker-than-expected second-quarter results.

The decline also reflected lingering fears that aggressive interest rate hikes by the Federal Reserve could lead to a recession; the Fed is due to release the minutes of its latest monetary policy meeting later today, which could shed additional light on the rate outlook.

Adding to the negative sentiment, the Commerce Department reported a much steeper-than-expected drop in new home sales in April.

Crude oil futures fell on Tuesday on concerns about the outlook for energy demand due to increased Covid-19 restrictions in China. Markets are also concerned that an aggressive tightening of monetary policy by central banks to control inflation could tip the global economy into a recession. West Texas Intermediate Crude oil futures for July fell $0.52 or 0.5% to $109.77 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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