Taiwan Bourse May Extend Losing Streak

(RTTNews) - The losing streak has hit three sessions for the Taiwan stock market, which has given away almost 250 points or 2.4 percent in that span. The Taiwan Stock Exchange now rests just beneath the 10,330-point plateau and it's expected to take more damage on Friday.

The global forecast for the Asian markets is broadly negative as tensions continue to escalate between North Korea and the United States. The European and U.S. markets were down and the Asian markets are expected to follow suit.

The TSE finished sharply lower on Thursday with damage across the board - particularly among the financials and technology stocks.

For the day, the index plummeted 140.64 points or 1.34 percent to finish at 10,329.74 after trading between 10,303.47 and 10,477.79 on turnover of 135.47 billion Taiwan dollars.

Among the actives, Hon Hai Precision skidded 1.69 percent, while AU Optronics lost 0.85 percent, Largan Precision plunged 2.89 percent, Innolux plummeted 2.51 percent, Taiwan Semiconductor Manufacturing Company shed 0.23 percent, Taiwan Cement retreated 1.01 percent, Fubon Financial tumbled 1.87 percent, Mega Financial dropped 1.65 percent and Cathay Financial gave away 1.63 percent.

The lead from Wall Street is weak as stocks moved sharply lower on Thursday as the NASDAQ and S&P 500 fell to their lowest closing levels in a month.

The Dow lost 204.69 points or 0.9 percent to 21,844.01, while the NASDAQ fell 135.46 points or 2.1 percent to 6,216.87 and the S&P dipped 35.81 points or 1.5 percent to 2,438.21.

Geopolitical concerns continued to weigh amid escalating tensions between the U.S. and North Korea. President Trump further ratcheted up the rhetoric, suggesting that his "fire and fury" comments may not have been tough enough.

In economic news, the Labor Department noted an unexpected drop in U.S. producer prices in July, while a separate report showed an uptick in initial jobless claims last week.

Crude oil futures fell Thursday after OPEC admitted its production rose in July despite a supply quota agreement with Russia. WTI light sweet crude oil dropped 82 cents to $48.72 a barrel, down from a two-month high near $50.