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Taiwan Bourse Expected To Extend Wednesday's Losses

The Taiwan stock market on Wednesday wrote a finish to the eight-day winning streak in which it had soared almost 450 points or 4.2 percent on its way to a 28-year closing high. The Taiwan Stock Exchange sits just above the 11,150-point plateau and the losses may accelerate on Thursday.

The global forecast for the Asian markets is mixed to lower, with support offered by solid earnings news and a surge in crude oil prices. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to split the difference.

The TSE finished modestly lower on Wednesday following losses from the financial shares and the technology stocks.

For the day, the index sank 100.95 points or 0.90 percent to finish at 11,152.16 after trading between 11,107.32 and 11,228.71 on turnover of 144.342 billion Taiwan dollars.

Among the actives, Taiwan Semiconductor Manufacturing Company tumbled 3.01 percent, while AU Optronics surged 4.55 percent, Catcher Technology lost 0.45 percent, Hon Hai Precision skidded 1.03 percent, Largan Precision plummeted 4.41 percent, Formosa Plastics shed 0.80 percent, Formosa Chemicals dropped 1.38 percent, Mega Financial fell 0.39 percent, Fubon Financial plunged 2.22 percent, Cathay Financial dipped 0.54 percent, CTBC Financial lost 1.17 percent, Taiwan Steel Union eased 0.03 percent and China Steel was unchanged.

The lead from Wall Street suggests mild consolidation as stocks failed to sustain an early upward move Wednesday before finishing mixed - although the Dow hit a new record closing high.

The Dow rose 41.31 points or 0.16 percent to 26,252.12, while the NASDAQ slid 45.23 points or 0.61 percent to 7,415.06 and the S&P 500 eased 1.59 points or 0.06 percent to 2,837.54.

The early strength reflected a positive reaction to the latest batch of quarterly earnings news from Abbott Laboratories (ABT), United Technologies (UTX), and Comcast (CMCSA).

In economic news, the National Association of Realtors noted a bigger than expected pullback in existing home sales in December - which came sales jumped to highest rate in nearly eleven years in November.

Crude oil futures extended three-year highs Wednesday, fueled by a weak U.S. dollar and another decline in U.S. oil inventories. March WTI oil climbed $1.14 or 1.8 percent to $65.61/bbl, the highest since December 2014.

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