In the Taiwan stock market, there has been a consistent decline across three sessions, resulting in an approximate 60-point slump, or 0.3 percent loss. Currently, the Taiwan Stock Exchange stands just above the 20,735-point plateau. Forecasts for Monday expect a further downward turn.
This global forecast suggests a negative outlook for the Asian markets due to rising pessimism about future interest rates. European markets displayed a mixed performance while US indexes were down - trends which are expected to influence Asian markets.
On Friday, the TSE concluded slightly lower due to financial share losses coupled with an inconsistent showing from technology and plastic stocks. More precisely, the index dropped 16.65 points or 0.08 percent to finish at 20,736.57.
Looking at individual stocks, Cathay Financial saw a 1.31 percent downturn, Mega Financial lost 0.50 percent, and CTBC Financial dropped by 0.63 percent. In contrast, United Microelectronics Corporation rose by 0.38 percent, Hon Hai Precision gained 0.33 percent, and Largan Precision jumped by 1.51 percent. However, Delta Electronics fell 0.78 percent, while Formosa Plastics retreated 1.69 percent and China Steel tumbled 1.78 percent.
The decline from Wall Street was significant, with the major averages opening lower on Friday and this downward trend continuing throughout the day. With decreases of 1.24, 1.62, and 1.46 percent respectively, the Dow, NASDAQ, and S&P 500 closed on a low note. For the whole week, the Dow dropped 2.5 percent, the S&P fell 1.6 percent, and the NASDAQ lost 0.5 percent.
Inflation worries weighed on the markets as the Labor Department released a report indicating that US import prices in March rose above expectations, damping hopes for a Federal Reserve rate cut in June. Disappointing earnings as well as guidance from Citigroup, JPMorgan Chase, Wells Fargo, Intel, Amazon, and Goldman Sachs contributed to this unease.
Lastly, oil prices increased due to rising concerns about supply outlook as tensions escalate between Iran and Israel in the Middle East. Consequently, the West Texas Intermediate Crude oil futures for May ended higher by $0.64 at $85.66 a barrel.
