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Win Streak May End For Taiwan Stock Market

The Taiwan stock market has climbed higher in three straight sessions, advancing almost 220 points or 2 percent along the way. The Taiwan Stock Exchange now rests just above the 11,790-point plateau although it may run out of steam on Friday.

The global forecast for the Asian markets is soft on renewed concerns about the spread of the coronavirus. The European and U.S. markets were down and the Asian markets figure to follow suit.

The TSE finished slightly higher on Thursday following gains from the cement companies and mixed performances from the financial shares and technology stocks.

For the day, the index added 17.59 points or 0.15 percent to finish at 11,791.78 after trading between 11,784.94 and 11,854.98.

Among the actives, Cathay Financial fell 0.48 percent, while Mega Financial collected 0.31 percent, CTBC Financial added 0.66 percent, Fubon Financial sank 0.65 percent, First Financial gained 0.42 percent, E Sun Financial advanced 0.87 percent, United Microelectronics Corporation shed 0.30 percent, Hon Hai Precision dropped 0.94 percent, Largan Precision and Catcher Technology both lost 0.41 percent, MediaTek jumped 1.74 percent, Asia Cement climbed 0.76 percent, Taiwan Cement was up 0.82 percent, Formosa Plastic perked 0.85 percent and Taiwan Semiconductor Manufacturing Company was unchanged.

The lead from Wall Street is negative as stocks opened lower on Thursday, rebounded as the day progressed but then fell into the red towards the end of the session.

The Dow shed 128.11 points or 0.43 percent to end at 29,423.31, while the NASDAQ fell 13.99 points or 0.14 percent to 9,711.97 and the S&P 500 shed 5.51 points or 0.16 percent to 3,373.94.

Profit taking contributed to initial weakness on Wall Street, as some traders looked to cash in on recent gains amid news of a jump in new coronavirus cases.

The early weakness on Wall Street was subsequently seen as another buying opportunity for some traders even as a number of companies continue to warn about the impact of the outbreak.

In economic news, the Labor Department reported a modest increase in consumer prices in January, as well as a smaller than expected increase in first-time claims for U.S. unemployment benefits.

Crude oil prices edged higher on Thursday despite lingering concerns about the outlook for energy demand. West Texas Intermediate Crude oil futures for March ended up $0.25 or 0.5 percent at $51.42 a barrel.

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