Taiwan Bourse May Take Further Damage On Friday

(RTTNews) - The Taiwan stock market headed south again on Thursday, one day after ending the two-day losing streak in which it had given up almost 820 points or 1.7 percent. The Taiwan Stock Exchange now sits just above the 46,040-point plateau and it figures to see continued consolidation on Friday.

The global forecast for the Asian markets is negative on rising oil prices and continued pressure on the technology sectors. The European and U.S. markets were mostly lower on Thursday and the Asian markets are expected to open in similar fashion.

The TSE finished sharply lower on Thursday following losses among the financial shares, technology stocks, chemicals and energy companies.

For the day, the index plunged 846.34 points or 1.81 percent to finish at 46,041.43 after trading between 46,041.43 and 47,332.18.

The lead from Wall Street is weak as the major averages opened lower on Thursday and largely stayed that way, although the Dow managed to peak above the line at the close.

The Dow rose 11.89 points or 0.02 percent to finish at 52,867.98, while the NASDAQ plunged 694.00 points or 2.60 percent to end at 26,008.86 and the S&P 500 slumped 93.74 points or 1.21 percent to close at 7,663.43.

The sharp pullback on Wall Street came as tech stocks came under pressure amid renewed concerns about debt-fueled AI infrastructure spending. Concern about artificial intelligence trade seems to shift on a daily basis, contributing to substantial volatility in the markets.

Stocks such as Nvidia (NVDA), CoreWeave (CRWV), Meta Platforms (META) and Tesla (TSLA) were down on liquidity concerns.

Crude oil prices surged on Thursday on rising concerns of long-term supply disruptions following reports that the U.S. and Israel are planning a joint military operation against Iran after the U.S. midterm elections in November. West Texas Intermediate crude for December delivery was up $2.19 or 2.25 percent at $99.34 per barrel.

Closer to home, Taiwan will release September data for unemployment and industrial production later today; in August, the jobless rate was 3.32 percent and industrial production was up 23.47 percent on year.