Now over to the markets. Taiwan stocks rose sharply on Friday, rising 1.38% to end at 15,832 points. It was a solid rally for the Taiex, but analysts say it doesn''t equal a sustained market recovery. Stock market pros say that Wall Street will continue to fall, sending the Taiex back on a downward trajectory. Let''s hear from one analyst.
We can only view it as a short-term rebound. Turnover was still quite thin, which indicates that the market wasn’t very willing to chase the highs. The other thing is that the market indicators don’t yet signal a turnaround. I don’t rule out a return to the 15,000-point mark, if the U.S. market stays shaky. But if we do hit the 15,000-point mark, then I think there’s a chance for a sustained rebound. If China eases its lockdown, there’s a chance for a rebound in related industries.
Analyst Winson Wang says the Taiex has yet to hit bottom. He says the COVID pandemic, war in Ukraine, soaring inflation and rising interest rates will continue to deliver market shocks in the coming weeks.