(RTTNews) – The Taiwan stock market on Wednesday ended the four-day winning streak in which it had spiked more than 520 points or 3.3 percent. The Taiwan Stock Exchange now sits just above the 16,430-point plateau although it may tick higher again on Thursday.
The global forecast for the Asian markets is mixed to higher, with support from technology stocks likely offset by weakness from oil companies. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to follow the latter lead.
The TSE finished modestly lower on Wednesday as losses from the technology stocks were mitigated by support from the cement companies and a mixed picture from the financial sector.
For the day, the index dropped 123.77 points or 0.75 percent to finish at 16,431.13 after trading between 16,427.20 and 16,550.20.
Among the actives, Cathay Financial eased 0.10 percent, while Mega Financial collected 0.31 percent, CTBC Financial added 0.45 percent, First Financial slid 0.22 percent, E Sun Financial lost 0.38 percent, Taiwan Semiconductor Manufacturing Company skidded 1.68 percent, United Microelectronics Corporation shed 0.79 percent, Hon Hai Precision plunged 4.25 percent, Largan Precision retreated 1.53 percent, Catcher Technology fell 0.24 percent, MediaTek dipped 0.21 percent, Formosa Plastic improved 0.50 percent, Asia Cement spiked .214 percent, Taiwan Cement gained 0.54 percent and Fubon Financial was unchanged.
The lead from Wall Street is conflicted as the major averages opened higher on Wednesday, although the Dow fell under pressure as the day progressed and finished in the red.
The Dow dipped 85.41 points or 0.26 percent to finish at 32,981.55, while the NASDAQ surged 201.48 points or 1.54 percent to end at 13,246.87 and the S&P 500 rose 14.34 points or 0.36 percent to close at 3,972.89.
The rally by technology stocks reflected window dressing on the final day of the first quarter as the tech-heavy NASDAQ underperformed the Dow and the S&P. The NASDAQ rose 2.8 percent in Q1, while the Dow jumped 5.8 percent and the S&P spiked 7.8 percent.
A report from payroll processor ADP showing strong private sector job growth in March also generated some positive sentiment. ADP said private sector employment surged up by 517,000 jobs in March after climbing by an upwardly revised 176,000 jobs in February.
Crude oil prices moved sharply lower Wednesday amid concerns about the outlook for energy demand. West Texas Intermediate Crude oil futures for May ended down $1.39 or 2.3 percent at $59.16 a barrel.