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Taiwan Stocks Set for Friday Rebound After Recent Decline
Taiwan’s stock market ended lower for a second straight day, dipping more than 1,550 points, or 3.5%, over the period. The Taiwan Stock Exchange currently trades just below the 43,150-point level and may pare losses on Friday.
Asian markets are expected to rebound after the United States indicated it would refrain from further attacks on Iran. European and U.S. market gains suggest Asian exchanges may follow suit.
The TSE slipped on Thursday following mixed performances across financial shares, technology stocks, and plastics companies.
The benchmark index fell 76.08 points, or 0.18%, to close at 43,149.46, hovering between 42,006.39 and 43,463.03 during the session.
Among heavily traded stocks, Cathay Financial gained 0.60%, while CTBC Financial dropped 1.03%. First Financial rose 0.33%, and Fubon Financial climbed 2.45%. E Sun Financial added 0.59%. On the technology side, Taiwan Semiconductor Manufacturing Co. slipped 0.22%, whereas United Microelectronics Corp. jumped 5.49%. Hon Hai Precision fell 1.71%, but Largan Precision rose 0.85%. Other movers included Catcher Technology, up 0.49%, and MediaTek, down 1.68%. Delta Electronics dropped 1.82%, Novatek Microelectronics surged 1.99%, and Formosa Plastics declined 1.35%, while Nan Ya Plastics jumped 2.22%. Asia Cement gained 0.29%, and Mega Financial held steady.
Wall Street’s late-day rally provided a positive lead into Friday’s trading. Major U.S. indexes opened mildly higher on Thursday but closed sharply higher, with the Dow Jones Industrial Average surging 929.97 points, or 1.86%, to 60,848.75. The Nasdaq Composite jumped 640.16 points, or 2.54%, to 25,809.66, and the S&P 500 leapt 127.31 points, or 1.75%, to 7,394.30.
The late-session gain followed President Donald Trump’s decision to call off planned strikes against Iran. Crude oil prices plunged in response, with West Texas Intermediate for July falling $2.81, or 3.12%, to $87.22 a barrel. Bargain buying also fueled the rally after the prior day’s steep losses had pushed the Nasdaq and S&P to their lowest closing levels in a month.
Data released Thursday showed that producer prices rose more than expected in May, though traders largely dismissed the report.
