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Oversold Taiwan Bourse Predicted To Open Higher On Monday

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Jul 3, 2022 8:30PM EDT

(RTTNews) – The Taiwan stock market has closed lower in four straight sessions, plunging more than 1,200 points or 8 percent along the way. The Taiwan Stock Exchange now rests just above the 14,340-point plateau and it’s overdue for support on Monday.

The global forecast for the Asian markets is upbeat, with bargain hunting expected after heavy selling last week, especially among the oil and technology stocks. The European markets were mixed and flat and the U.S. bourses were up and the Asian markets figure to split the difference.

The TSE finished sharply lower on Friday following heavy losses from the technology stocks and more measures weakness from the financials and plastics.

For the day, the index plummeted 482.62 points or 3.26 percent to finish at 14,343.08 after trading between 14,336.03 and 14,812.13.

Among the actives, Cathay Financial tumbled 2.36 percent, while Mega Financial dipped 0.14 percent, CTBC Financial shed 1.99 percent, Fubon Financial stumbled 2.51 percent, First Financial slumped 1.53 percent, E Sun Financial collected 0.34 percent, Taiwan Semiconductor Manufacturing Company declined 4.73 percent, United Microelectronics Corporation dropped 2.81 percent, Hon Hai Precision sank 2.75 percent, Largan Precision lost 2.03 percent, Catcher Technology retreated 2.11 percent, MediaTek plunged 5.99 percent, Novatek Microelectronics tanked 4.47 percent, Formosa Plastics slid 0.46 percent, Nan Ya Plastics fell 0.36 percent, Asia Cement advanced 0.91 percent, Taiwan Cement spiked 2.15 percent and Delta Electronics was unchanged.

The lead from Wall Street is positive as stocks shook off early listlessness on Friday, accelerating in the second half to finish near session highs.

The Dow spiked 321.86 points or 1.05 percent to finish at 31,097.26, while the NASDAQ jumped 99.14 points or 0.90 percent to close at 11,127.84 and the S&P 500 soared 39.95 points or 1.06 percent to end at 3,825.33.

For the week, the NASDAQ plunged 4.1 percent, the S&P sank 2.2 percent and the Dow dropped 1.3 percent.

The higher close on Wall Street came as traders went bargain hunting following early session selling. Concerns about the possibility of tighter monetary policy triggering a global recession also weigh on the markets in early trading.

Stocks fell under pressure following a report from the Institute for Supply Management showing U.S. manufacturing activity slowed more than expected in June, while a separate report from the Commerce Department showed U.S. construction spending unexpectedly edged lower in May.

Crude oil prices moved higher Friday on concerns about supply outages in Libya and shutdowns in Norway caused by striking workers. West Texas Intermediate Crude oil futures for August ended higher by $2.67 or 2.5 percent at $108.43 a barrel. WTI crude oil futures rose 1 percent in the week.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

RTTNews

Founded in the late 1990s by Andrew Mariathasan in New York, with the goal of covering Wall Street for a new generation of investors, RTTNews has expanded steadily over the years to become a trusted provider of content for a wide array of subjects across several platforms. RTT’s Financial Newswire is relied upon by some of the world’s largest financial institutions, including banks, brokerages, trading platforms and financial exchanges.

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Source : Nasdaq

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