TAIPEI (Taiwan News) — The Taiwan stock market closed Thursday (Oct. 31) as Typhoon Kong-rey forced work and school cancellations.

All over-the-counter trading, including stocks, options, ETFs, gold, and bonds, were suspended. Securities settlements scheduled for Thursday have been postponed.

The Taiwan Stock Exchange Capitalization Weighted Stock Index (TAIEX) opened higher Wednesday (Oct. 30). It closed low as foreign investors offloaded more than NT$2.8 billion, per CNA.

Institutions believe the Taiwan stock market initially rallied on Wednesday in response to the US Nasdaq Composite Index hitting a new high as tech stocks saw gains. A close in the red was mainly attributed to the market's concerns about the upcoming US presidential election, per CNA.

Cautious sentiment prompted investors to reduce their Taiwanese holdings. Wednesday's intraday high and low were higher than Tuesday (Oct. 29), suggesting that while investors are not necessarily pessimistic, they are taking a wait-and-see approach.

Investor attention is now focused on the upcoming earnings reports of tech giants such as Microsoft and Meta Platforms. Major US stock indices closed lower Thursday, with semiconductor stocks taking a hit, according to CNA.