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Tech Shares Likely To Boost Taiwan Stock Market

The Taiwan stock market has ended lower in consecutive trading days, skidding more than 175 points or 1.6 percent along the way. The Taiwan Stock Exchange now rests just beneath the 11,575-point plateau although it's predicted to find support on Tuesday.

The global forecast for the Asian markets is cautiously optimistic on the belief the coronavirus will soon be eliminated. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

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

For the day, the index sank 38.74 points or 0.33 percent to finish at 11,574.07 after trading between 11,423.34 and 11,598.03.

Among the actives, Cathay Financial shed 0.37 percent, while Mega Financial added 0.16 percent, Fubon Financial lost 0.55 percent, First Financial fell 0.21 percent, Taiwan Semiconductor Manufacturing Company eased 0.15 percent, United Microelectronics Corporation added 0.31 percent, Hon Hai Precision skidded 1.09 percent, Largan Precision was down 0.11 percent, Catcher Technology plunged 2.12 percent, MediaTek dipped 0.26 percent, Taiwan Cement slid 0.24 percent, Formosa Plastic gained 0.32 percent and Asia Cement, CTBC Financial and E Sun Financial were unchanged.

The lead from Wall Street is positive as stocks shook off early weakness on Monday and moved higher as the day progressed.

The Dow added 174.31 points or 0.60 percent to end at 29,276.82, while the NASDAQ rose 107.88 points or 1.13 percent to 9,628.39 and the S&P 500 gained 24.38 points or 0.73 percent to 3,352.09.

The strength on Wall Street came as traders returned to ignoring concerns about the economic impact of the deadly coronavirus outbreak. The Chinese government has revealed that a total of 40,171 cases of coronavirus have been confirmed, with 908 people dying from the disease.

Traders seemed reassured by Chinese President Xi Jinping's pledge to win the fight against the coronavirus outbreak, adding that China will speed up the development of drugs aimed at treating the deadly pneumonia-like virus.

Crude oil prices declined sharply on Monday amid rising concerns about the global economy and the outlook for energy demand due to the coronavirus outbreak. West Texas Intermediate Crude oil futures ended down $0.75 or 1.5 percent at $49.57 a barrel, the lowest settlement for a front-month contract since early January 2019.

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