Taiwan Stock Market May Give Up Support At 43,000 Points

(RTTNews) - The Taiwan stock market headed south again on Wednesday, one day after ending the three-day losing streak in which it had plunged almost 3,000 points or 6.7 percent. The Taiwan Stock Exchange now sits just above the 43,225-point plateau and it's predicted to open in the red again on Thursday.

The global forecast for the Asian markets is weak on further escalating tensions in the Middle East. The European and U.S. markets were down and the Asian bourses are expected to follow that lead.

The TSE finished sharply lower on Wednesday following losses from the financial shares, plastics stocks and technology companies.

For the day, the index plunged 1,478.90 points or 3.31 percent to finish at the daily low of 43,225.54 after peaking at 44,676.49.

Among the actives, Cathay Financial stumbled 3.94 percent, while Mega Financial dipped 0.34 percent, CTBC Financial slumped 1.45 percent, First Financial perked 0.16 percent, Fubon Financial dropped 2.00 percent, E Sun Financial declined 1.61 percent, Taiwan Semiconductor Manufacturing Company sank 2.17 percent, United Microelectronics Corporation crashed 7.06 percent, Hon Hai Precision tanked 5.23 percent, Largan Precision surged 6.31 percent, Catcher Technology plunged 7.05 percent, MediaTek cratered 7.15 percent, Delta Electronics plummeted 8.90 percent, Novatek Microelectronics fell 0.42 percent, Formosa Plastics surrendered 2.52 percent, Nan Ya Plastics tumbled 4.44 percent and Asia Cement jumped 1.47 percent.

The lead from Wall Street is broadly negative as the major averages opened lower and continued trend deeper into the red as the day progressed, ending at session lows.

The Dow tumbled 953.33 points or 1.87 percent to finish at 49,918.78, while the NASDAQ tanked 509.32 points or 1.98 percent to end at 25,169.50 and the S&P 500 slumped 119.66 points or 1.62 percent.

The weakness that emerged on Wall Street came as President Donald Trump ramped up his threats against Iran following a recent exchange of attacks.

Trump's latest threats came after U.S. Central Command said forces completed "self-defense strikes" against Iran on Tuesday at the president's direction in response to the downing of a U.S. helicopter.

In economic news, the Labor Department reported that consumer prices in the U.S. increased in line with estimates in May. Core consumer price growth also matches expectations.

Crude oil prices surged Wednesday on concerns about the gulf conflict intensifying further after the U.S. and Iran resumed attacks, keeping the Strait of Hormuz closed. West Texas Intermediate crude for July delivery was up $2.26 or 2.56 percent at $90.46 per barrel.