By: Jalen Chung and Evelyn Kao
Taipei, June 16 (CNA) Shares in Taiwan took a beating Thursday, closing below the 8,500-point mark amid continued uncertainty and volatility in the global financial markets after the U.S. Federal Reserve cut its domestic economic growth forecast for 2016 and 2017, dealers said.
On Wednesday, the Fed decided to keep U.S. interest rates unchanged but signaled that it was still planning two hikes this year. The Fed also lowered its economic growth forecast for the U.S. from 2.2 percent to 2.0 percent in 2016, and from 2.1 percent to 2.0 percent in 2017.
The Taiwan Stock Exchange’s main index on Thursday closed down 112.23 points, or 1.30 percent, at 8,494.14. Turnover totaled NT$69.54 billion (US$2.15 billion) during the session.
The market opened at 8.583.19 before moving between 8,584.67 and 8,476.84. The bellwether electronics sector closed down 1.27 percent, while the financial sector fell 1.82 percent. [FULL STORY]