Taiwan Stock Market May Halt Losing Streak – Markets Insider

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(RTTNews) – The Taiwan stock market has moved lower in back-to-back sessions, sliding almost 125 points or 1.2 percent along the way. The Taiwan Stock Exchange now rests just above the 10,390-point plateau although it may stop the bleeding on Thursday.

The global forecast for the Asian markets is upbeat following comments from ECB President Mario Draghi. The European markets were down and the U.S. bourses were up, and the Asian markets figure to follow the latter lead.

The TSE finished sharply lower on Wednesday following losses from the financial shares and technology stocks.

For the day, the index plummeted 121.51 points or 1.16 percent to finish at 10,390.55 after trading between 10,382.81 and 10,459.17 on turnover of 121.18 billion Taiwan dollars.

Among the actives, Cathay Financial shed 0.40 percent, while Fubon Financial skidded 1.14 percent, Mega Financial retreated 1.19 percent, Taiwan Semiconductor Manufacturing Company dropped 1.42 percent, Hon Hai Precision tumbled 2.88 percent, Largan Precision plummeted 2.21 percent and Formosa Petrochemical plunged 5.83 percent.

The lead from Wall Street is firm thanks to bargain hunting, ECB news and a bounce in crude oil prices.

The Dow added 143.95 points or 0.7 percent to 21,454.61, while the NASDAQ jumped 87.79 points or 1.4 percent to 6,234.41 and the S&P was up 21.31 points or 0.9 percent to 2,440.69.

Traders reacted to reports that markets misjudged a speech by Draghi that was intended to strike a balance between recognizing the currency bloc’s economic strength and warning that monetary support is still needed.

The euro rallied as Draghi’s remarks were initially seen as signaling that the ECB could trim its stimulus this year.

Crude oil prices rose Wednesday as data showed a significant drop in gasoline stockpiles. August WTI oil added 50 cents or 1.1 percent to $44.74/bbl, moving further from a recent yearly low.

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