Taiwan Stock Market May Take Further Damage On Thursday

(RTTNews) - The Taiwan stock market has finished lower in four straight sessions, sinking more than 3,840 points or 9 percent along the way. The Taiwan Stock Exchange now sits just above the 40,000-point plateau and the outlook remains bleak on Thursday.

The global forecast for the Asian markets is weak on renewed conflicts in the Middle East, surging crude oil prices and concerns over the outlook for interest rates. The European markets were mixed and the U.S. bourses were sharply lower and the Asian markets figure to split the difference.

The TSE finished sharply lower on Wednesday with losses in all sectors, although the technology and plastics companies were hit especially hard.

For the day, the index tanked 1,564.18 points or 3.76 percent to finish at 40,039.18 after trading between 39,384.85 and 41,698.39.

For the day, the index plummeted 360.42 points or 5.98 percent to finish at 5,663.24 after trading between 5,262.77 and 6,228.52. Volume was 449.29 million shares worth 47.83 trillion won. There were 804 decliners and 91 gainers.

The lead from Wall Street is sharply negative as the major averages opened lower on Wednesday and turned more deeply into the red as the day progressed, ending at session lows.

The late-day sell-off on Wall Street came as treasury yields surged in electronic trading on concerns about the outlook for interest rates even after the Federal Reserve left rates unchanged, although three members voted to increase rates.

Stocks came under pressure early in the day amid a substantial rebound by crude oil prices - which skyrocketed on Wednesday after Iran launched surprise attacks on U.S. bases in Jordan. West Texas Intermediate crude for September delivery was up $5.55 or 7.00 percent at $84.81 per barrel.