Taiwan Bourse Tipped To Open Under Pressure On Thursday

(RTTNews) - The Taiwan stock market has finished lower in three straight sessions, plummeting almost 825 points or 6.2 percent along the way. The Taiwan Stock Exchange now rests just above the 13,080-point plateau and it's expected to see continued consolidation on Thursday.

The global forecast for the Asian markets remains soft amidst uncertainty over interest rates and the health of the global economy. The European and U.S. markets were slightly lower and the Asian bourses are likely to open in similar fashion.

The TSE finished slightly lower on Wednesday following losses from the plastics companies and mixed performances from the financials, cement stocks and technology shares.

For the day, the index dipped 24.79 points or 0.19 percent to finish at 13,081.24 after trading between 12,991.59 and 13,130.73.

Among the actives, Cathay Financial eased 0.13 percent, while Mega Financial collected 0.67 percent, CTBC Financial improved 0.75 percent, Fubon Financial rose 0.20 percent, First Financial added 0.60 percent, E Sun Financial gained 0.82 percent, Taiwan Semiconductor Manufacturing Company skidded 1.00 percent, United Microelectronics Corporation soared 3.67 percent, Hon Hai Precision dropped 0.96 percent, Largan Precision spiked 3.24 percent, Catcher Technology slumped 0.88 percent, MediaTek sank 0.72 percent, Delta Electronics rallied 2.84 percent, Formosa Plastics plunged 4.38 percent, Nan Ya Plastics retreated 1.51 percent, Asia Cement perked 0.25 percent and Taiwan Cement was down 0.15 percent.

The lead from Wall Street ends up negative as the major averages opened lower, bounced back and forth across the unchanged line before a late slide saw them finish with mild losses.

The Dow shed 28.34 points or 0.10 percent to finish at 29,210.85, while the NASDAQ eased 9.09 points or 0.09 percent to close at 10,417.10 and the S&P 500 fell 11.81 points or 0.33 percent to end at 3,577.03.

The late downward push came after the Federal Reserve released the minutes from its latest monetary policy meeting, which showed that members expect interest rates to remain high till prices come down.

The members also lowered their projections for the economy and expect GDP to grow at just a 0.2 percent annualized pace in 2022 and just 1.2 percent in 2023, well below trend and big drop from 2021, which saw the strongest gains since 1984.

Also, the Labor Department said the Producer Price Index for final demand in the U.S. increased by 0.4 percent month-over-month in September, rising for the first time in three months.

Crude oil prices drifted lower on Wednesday, falling for a third straight session amid concerns about the outlook for demand due to slowing global growth after OPEC cut its demand forecast for this year. West Texas Intermediate Crude oil futures for November ended lower by $2.02 or 2.26 percent at $87.33 a barrel.