The Taiwan stock market has experienced declines in two consecutive trading sessions, shedding over 570 points, equivalent to a 2.4 percent decrease. Currently, the Taiwan Stock Exchange is positioned just above the 23,080-level, with potential support anticipated on Friday.
Globally, the outlook for Asian markets is uncertain. U.S. markets were closed on Thursday, European markets remained relatively stable with a slight upward tilt, and it is expected that Asian exchanges may follow suit.
On Thursday, the TSE witnessed significant losses, particularly in the technology, plastic, and cement sectors, while performance in the financial sector was mixed. The index dropped significantly, losing 326.20 points or 1.39 percent, reaching a daily low of 23,081.13, after peaking at 23,463.96 earlier in the day.
Among the key players: Cathay Financial decreased by 0.73 percent, Mega Financial by 0.26 percent, CTBC Financial by 0.16 percent, and First Financial by 0.36 percent; E Sun Financial saw a slight increase of 0.18 percent. Major declines were observed across sectors, with Taiwan Semiconductor Manufacturing Company down 0.45 percent, United Microelectronics Corporation by 2.58 percent, Hon Hai Precision by 2.66 percent. Other significant drops included Largan Precision down 0.57 percent, Catcher Technology by 1.01 percent, MediaTek by 2.04 percent, Delta Electronics by 2.45 percent, Novatek Microelectronics by 2.57 percent, Formosa Plastics by 3.76 percent, Nan Ya Plastics by 2.39 percent, and Asia Cement by 1.00 percent, while Fubon Financial remained unchanged.
Due to the closure of U.S. financial markets on Thursday in remembrance of former President Jimmy Carter, who passed away at the age of 100 in late December, there was no guidance from Wall Street.
Investors are eagerly awaiting the Labor Department’s monthly employment report, anticipated later today, which could provide further insights into the state of the labor market.
In the energy sector, oil prices rose on Thursday driven by optimism regarding global demand and potential supply constraints linked to sanctions on Iranian and Russian crude exports. February futures for West Texas Intermediate Crude saw an increase of $0.60 or 0.82 percent, closing at $73.92 per barrel.
The material has been provided by InstaForex Company -
www.instaforex.com
