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Taiwan Stock Market May Test Support At 10,700 Points

The Taiwan stock market on Monday ended the two-day winning streak in which it had gathered more than 40 points or 0.4 percent. The Taiwan Stock Exchange now rests just above the 10,750-point plateau and it's looking at another soft start again on Tuesday.

The global forecast for the Asian markets is modestly negative, with weakness from technology stocks likely offset by mild upside from crude oil prices. The European and U.S. markets were down and the Asian bourses are tipped to follow suit.

The TSE finished modestly lower on Monday following losses from the chemical and plastic companies, while the financials and technology stocks were mixed.

For the day, the index lost 34.51 points or 0.32 percent to finish at 10,751.22 after trading between 10,708.92 and 10,781.11.

Among the actives, Cathay Financial sank 0.94 percent, while Fubon Financial dipped 0.23 percent, First Financial fell 0.44 percent, Taishin Financial collected 0.70 percent, Taiwan Semiconductor Manufacturing Company shed 0.21 percent, United Microelectronics Corporation dropped 1.06 percent, Hon Hai Precision advanced 1.02 percent, Largan Precision soared 4.18 percent, AsusTek Computer added 0.46 percent, Catcher Technology rose 0.65 percent, MediaTek gained 0.64 percent, Asia Cement retreated 0.93 percent, Taiwan Cement rose 0.11 percent, Formosa Plastic gave away 0.48 percent, Formosa Chemical declined 1.00 percent and Mega Financial and CTBC Financial were unchanged.

The lead from Wall Street is soft as stocks opened lower on Monday as stayed in the red throughout the session.

The Dow shed 115.98 points or 0.43 percent to 26,806.14, while the NASDAQ lost 63.41 points or 0.78 percent to 8,098.38 and the S&P 500 fell 14.46 points or 0.48 percent to 2,975.95.

The weakness on Wall Street partly reflected waning optimism about a near-term interest rate cut following last Friday's much better than expected jobs data.

A drop by Apple (AAPL) also weighed on markets, with the tech giant tumbling by 2.1 percent after a downgrade on the company's stock.

Crude oil futures settled modestly higher Monday amid rising geopolitical tensions and on hopes for monetary easing by the Federal Reserve this month. West Texas Intermediate Crude oil futures for August rose $0.15 or 0.3 percent at $57.66 a barrel.

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