Taiwan Stocks Drop Post Dragon Boat Festival, But Biotech Stocks Rise
Recently, with the resurgence of COVID-19, Taiwan's stock market faced a decline on the first trading day after the Dragon Boat Festival, falling 344.59 points to close at 21002.71, successfully holding above the 21000 mark. According to the manager of the Prudential Value Momentum 50 ETF, the market sentiment has been impacted by concerns over rising exchange rates in May.
Despite the general market downtrend, demand for biotech stocks has increased due to the pandemic. The Ministry of Health and Welfare has estimated that the peak of the pandemic will be from late June to early July, with a projected 1.71 million total infections.
Prominent biotech stocks include Anova, Taibo, and other leading companies in the field. Citigroup’s outlook remains positive for these companies on the back of their competitive advantages in antibody production and vaccine development.
