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Tech Shares May Continue To Weigh On Taiwan Bourse

The Taiwan stock market on Friday snapped the three-day winning streak in which it had jumped almost 410 points or 3.5 percent. The Taiwan Stock Exchange now sits just above the 12,825-point plateau and it may take further damage on Monday.

The global forecast for the Asian markets remains mired in uncertainty, balancing better than expected economic data, tumbling crude oil prices and continued uncertainty over stimulus. The European and U.S. markets were slightly higher and the Asian markets now look to open roughly flat.

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

For the day, the index lost 84.63 points or 0.66 percent to finish at 12,828.87 after trading between 12,791.18 and 12,912.63.

Among the actives, Cathay Financial shed 0.87 percent, while CTBC Financial eased 0.26 percent, Fubon Financial skidded 0.96 percent, First Financial surrendered 3.50 percent, E Sun Financial fell 0.37 percent, Taiwan Semiconductor Manufacturing Company shed 0.46 percent, United Microelectronics Corporation plunged 3.76 percent, Hon Hai Precision dropped 0.89 percent, Largan Precision tanked 3.00 percent, Catcher Technology soared 2.72 percent, MediaTek plummeted 3.69 percent, Formosa Plastic gained 0.63 percent, Taiwan Cement was down 0.11 percent and Mega Financial and Asia Cement were unchanged.

The lead from Wall Street offers little clarity as stocks opened lower Friday and remained in the red throughout much of the day until a late rally pushed the Dow and S&P barely into the green - although the NASDAQ stayed negative on profit taking after big gains last week.

The Dow added 46.50 points or 0.17 percent to finish at 27,433.48, while the NASDAQ dropped 97.09 points or 0.87 percent to end at 11,010.98 and the S&P 500 rose 2.12 points or 0.06 percent to close at 3,351.28.

The uncertainty on Wall Street was the result of growing uncertainty about a new coronavirus relief plan following the failure of the lawmakers to arrive at an agreement amid reports of spiked in various cases around the world.

Tensions between the U.S. and China have escalated following the Trump administration unveiling a ban on U.S. transactions with ByteDance's TikTok and Tencent-owned WeChat.

In economic data, the Labor Department reported a larger than expected increase in employment last month as the jobless rate fell to 10.2 percent.

Crude oil prices drifted lower Friday on concerns about outlook for energy demand after reports showed spikes in coronavirus cases in several parts across the world. West Texas Intermediate crude oil futures for September ended down $0.67 or 1.6 percent at $41.28 a barrel. For the week, WTI crude oil futures gained 2.1 percent.

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