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Continued Consolidation Called For Taiwan Stock Market

The Taiwan stock market on Friday snapped the three-day winning streak in which it had advanced almost 400 points or 3.4 percent. The Taiwan Stock Exchange now rests just above the 11,610-point plateau and it may face additional selling pressure on Monday.

The global forecast for the Asian markets is soft, with profit taking likely after last week's rally. The European and U.S. markets were down on Friday and the Asian markets are likely to follow suit.

The TSE finished sharply lower on Friday following losses from the financial shares, cement companies and technology stocks.

For the day, the index dropped 136.87 points or 1.16 percent to finish at 11,612.81 after trading between 11,592.09 and 11,712.71.

Among the actives, Mega Financial and Cathay Financial both dropped 1.08 percent, while Fubon Financial sank 1.30 percent, First Financial fell 0.21 percent, E Sun Financial retreated 1.37 percent, Taiwan Semiconductor Manufacturing Company skidded 1.35 percent, United Microelectronics Corporation added 0.62 percent, Hon Hai Precision shed 0.84 percent, Largan Precision tumbled 1.86 percent, Catcher Technology plunged 2.07 percent, MediaTek eased 0.26 percent, Asia Cement lost 0.33 percent, Taiwan Cement declined 1.16 percent, Formosa Plastic was down 0.85 percent and CTBC Financial was unchanged.

The lead from Wall Street is negative as stocks spent most of Friday's session in the red, handing back gains from earlier in the week.

The Dow shed 277.26 points or 0.94 percent to end at 29,102.51, while the NASDAQ lost 51.64 points or 0.54 percent to 9,520.51 and the S&P 500 fell 18.07 points or 0.54 percent to 3,327.71.

Profit taking fueled to weakness on Wall Street as traders looked to cash in after the strong upward move in previous days. Lingering concerns about the coronavirus also re-emerged after traders shrugged off the worries about the outbreak to drive stocks higher.

However, selling pressure was subdued following the release of the Labor Department report that showed stronger than expected job growth in January.

Crude oil futures closed lower on Friday as worries about the spread of the coronavirus and its impact on the global economy and energy demand weighed on oil prices. West Texas Intermediate crude oil futures for March ended down $0.63 or 1.2 percent at $50.32 a barrel.

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