Taiwan Stock Market Poised To Halt Losing Streak

The Taiwan stock market has finished lower in two straight sessions, sinking almost 450 points or 2.8 percent along the way. The Taiwan Stock Exchange now sits just above the 15,610-point plateau although it's expected to find traction on Friday.

The global forecast is murky amidst uncertainties about interest rates and economic growth. The European markets were down and the U.S. bourses were mixed and little changed and the Asian markets figure to split the difference.

The TSE finished sharply lower on Thursday with damage across the board - especially from the financials, technology stocks, plastics and cement companies.

For the day, the index plummeted 389.57 points or 2.43 percent to finish at the daily low of 15,616.68 after peaking at 15,943.62.

Among the actives, Cathay Financial slumped 3.74 percent, while Mega Financial tumbled 3.52 percent, CTBC Financial cratered 3.87 percent, Fubon Financial plummeted 4.38 percent, First Financial surrendered 3.23 percent, E Sun Financial retreated 3.75 percent, Taiwan Semiconductor Manufacturing Company plunged 3.07 percent, United Microelectronics Corporation stumbled 1.75 percent, Hon Hai Precision dropped 0.97 percent, Largan Precision sank 0.93 percent, MediaTek skidded 1.09 percent, Delta Electronics tanked 2.24 percent, Novatek Microelectronics shed 0.77 percent, Formosa Plastic weakened 1.47 percent, Nan Ya Plastics lost 2.73 percent, Asia Cement declined 1.99 percent, Taiwan Cement was down 4.34 percent and Catcher Technology was unchanged.

The lead from Wall Street offers little clarity as the major averages opened lower on Thursday and spent much of the day bouncing back and forth across the unchanged line before finally ending mixed and little moved.

The Dow dropped 103.81 points or 0.33 percent to finish at 31,730.30, while the NASDAQ rose 6.73 points or 0.06 percent to close at 11,370.96 and the S&P 500 fell 5.10 points or 0.13 percent to end at 3,930.08.

The volatility on Wall Street came as traders continued to debate whether the markets have hit their bottom, with the major averages falling to their worst levels in over a year.

However, recent bargain hunting efforts have largely been thwarted by worries about the Federal Reserve aggressively raising interest rates in an effort to combat elevated inflation.

Adding to the worries, the Labor Department reported that the annual rate of producer price growth slowed less than expected in April. Also, the Labor Department unexpectedly showed a slight increase in first-time claims for U.S. unemployment benefits last week.

Crude oil futures ended modestly higher on Thursday as the European Union's proposal to ban Russian oil offset concerns of prolonged Covid-19 lockdowns in China. West Texas Intermediate Crude oil futures for June ended higher by $0.42 or 0.4 percent at $106.13 a barrel.

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