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Taiwan Shares Tipped To Open In The Red On Monday

The Taiwan stock market has moved lower in back-to-back trading days, tumbling almost 190 points or 1.7 percent along the way. The Taiwan Stock Exchange now rests just above the 10,820-point plateau, and it's expected to open under pressure again on Monday.

The global forecast for the Asian markets continues to be negative on continuing fears of a trade war. The European and U.S. markets were sharply lower on Friday and the Asian bourses figure to open the fresh week in similar fashion.

The TSE finished sharply lower on Friday following losses among the financials, technology stocks and steel companies.

For the day, the index dropped 182.51 points or 1.66 percent to finish at 10,823.33 after trading between 10,758.06 and 10,863.67 on turnover of 145.52 billion Taiwan dollars.

Among the actives, Cathay Financial tumbled 2.25 percent, while Mega Financial shed 0.,79 percent, Fubon Financial dropped 2.90 percent, China Steel skidded 1.47 percent, Taiwan Steel Union lost 0.38 percent, Taiwan Semiconductor Manufacturing Company retreated 2.58 percent, Largan Precision plummeted 5.42 percent, Hon Hai Precision plunged 2.59 percent and United Microelectronics Corporation fell 0.33 percent.

The lead from Wall Street is brutal as stocks saw considerable volatility on Friday before ending sharply lower. The Dow tumbled to a four-month closing low, while the NASDAQ and the S&P 500 fell to their lowest closing levels in a month.

The Dow shed 424.69 points or 1.77 percent to 23,533.20, the NASDAQ lost 174.01 points or 2.43 percent to 6,992.67 and the S&P 500 fell 55.43 points or 2.10 percent to 2,588.26. For the week, the Dow fell 5.7 percent, the S&P lost 6 percent and the NASDAQ dove 6.5 percent.

Ongoing trade war concerns weighed on the markets as China said it would impose tariffs of up to $3 billion on U.S. goods in retaliation for tariffs announced by President Donald Trump.

Traders also kept an eye on developments in Washington, where Trump signed a $1.3 trillion government spending bill after indicating he was considering vetoing the legislation.

In economic news, the Commerce Department reported a jump in durable goods orders, while a separate report saw but a drop in new home sales.

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