Stocks Hover Near Flatline with Individual Stocks in Focus

by Ivy

On May 15th, concerns over economic recession and debt ceiling crisis continued to weigh on investors in the US stock market, coupled with signs of weakened consumer confidence this month as the preliminary May consumer confidence index fell to 57.7, hitting a six-month low and causing the four major indices in the US to close lower. Over the week, the S&P and Dow Jones indices fell by 0.30% and 1.11%, respectively, marking the second consecutive week of decline. In Taiwan, the TAIEX showed a pattern of interval volatility today, with the electronic weighting stocks performing tepidly and funds rapidly rotating among different groups. The aerospace, cooling, and gallium arsenide groups weakened and were replaced by the tourism group. The index mostly fluctuated near the flat line. The total turnover at the end of the day was NT$189.128 billion, and the weighted index fell 27.31 points or 0.18% to close at 15475.05 points.

In summary, the TAIEX showed volume shrinkage and consolidation today. Before a clear direction emerges, the focus of the market leans towards individual stock performance. Additionally, the high-end death cross of the KD index and the MACD histogram turning green again raise doubts about the technical weakness, and there is a need to pay attention to the possibility of index pullback.

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