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Taiwan Bourse Due For Profit Taking On Monday

The Taiwan stock market has finished higher in four straight sessions, advancing almost 240 points or 2.2 percent along the way. The Taiwan Stock Exchange now rests just above the 11,815-point plateau although investors may cash in on Monday.

The global forecast for the Asian markets is flat to lower, with investors expected to evaluate the most current coronavirus numbers. The European markets were down on Friday and the U.S. bourses were mixed but little changed and the Asian markets figure to split the difference.

The JCI finished modestly higher on Friday following mixed performances from the financial shares and technology stocks.

For the day, the index gained 23.90 points or 0.20 percent to finish at 11,815.70 after trading between 11,788.87 and 11,840.79.

Among the actives, Cathay Financial rose 0.12 percent, while Mega Financial collected 0.31 percent, Fubon Financial gained 0.22 percent, E Sun Financial fell 0.34 percent, United Microelectronics Corporation tumbled 2.08 percent, Hon Hai Precision added 0.24 percent, Catcher Technology climbed 1.45 percent, MediaTek shed 0.73 percent, Asia Cement advanced 1.08 percent, Taiwan Cement was up 0.12 percent, Formosa Plastic perked 0.42 percent and CTBC Financial, First Financial, Taiwan Semiconductor Manufacturing Company and Largan Precision were unchanged.

The lead from Wall Street is ambiguous as stocks saw choppy trade on Friday, bouncing back and forth across the unchanged line before eventually closing mixed.

The Dow eased 25.22 points or 0.09 percent to end at 29,398.08, while the NASDAQ gained 19.21 points or 0.20 percent to 9,731.18 and the S&P 500 rose 6.22 points or 0.18 percent to 3,380.16. For the week, the NASDAQ spiked 2.2 percent, the S&P rose 1.6 percent and the Dow rose 1 percent.

Traders have recently shown a predilection toward buying despite signs of mounting headwinds, but the release of a mixed batch of U.S. economic data finally gave them pause.

The Commerce Department said U.S. retail sales rose in line with estimates in January, while core retail sales came in unchanged. Also, the Federal Reserve saw decrease in U.S. industrial production in January, while the University of Michigan noted an unexpected increase in U.S. consumer sentiment in February.

Crude oil prices surged higher on Friday with traders creating fresh long positions amid hopes the coronavirus impact may not weigh on the global economy for long. West Texas Intermediate crude oil futures ended up $0.63 or 1.2 percent at $52.05 a barrel.

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