Tech stocks may slow down Taiwan market due to global concerns

From Nasdaq: 2024-09-08 20:33:58

The Taiwan stock market has rallied more than 2 percent in the past two sessions, with the Taiwan Stock Exchange now just above 21,435 points – but it may slow down on Monday due to global economic concerns. European and U.S. markets were lower, with Asian markets expected to follow suit.

Taiwan’s TSE closed higher on Friday driven by gains in financial, technology, and plastics stocks, with the index up 247.49 points or 1.17 percent at 21,435.19. Active stocks included Cathay Financial, Delta Electronics, and Taiwan Semiconductor Manufacturing Company, among others.

Wall Street saw heavy losses, with the Dow down 1.01 percent, NASDAQ falling 2.55 percent, and S&P 500 sinking 1.73 percent – as concerns grew over the U.S. economy’s outlook. Thus, increased chances of a 50-basis point interest rate cut by the Federal Reserve later this month.

Oil prices hit an 18-month low, impacted by concerns over oil demand following a disappointing jobs report. West Texas Intermediate Crude oil futures for October closed at $67.67 a barrel, down by $1.48 or 2.1 percent. Also, Taiwan’s August import, export, and trade balance figures are expected to show growth.



Read more at Nasdaq:: Tech Shares Likely To Weigh On Taiwan Stocks