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Taiwan Stock Market May Extend Losing Streak

The Taiwan stock market has finished lower in two straight sessions, sliding more than 150 points or 1 percent along the way. The Taiwan Stock Exchange now sits just above the 15,615-point plateau and it's tipped to open in the red again on Monday.

The global forecast for the Asian markets is negative on disappointing earnings news and ongoing concerns over the spread of the coronavirus. The European and U.S. markets were down and the Asia bourses figure to follow suit.

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

For the day, the index lost 90.81 points or 0.58 percent to finish at 15,616.39 after trading between 15,615.11 and 16,041.59.

Among the actives, Cathay Financial retreated 1.65 percent, while Mega Financial declined 1.51 percent, CTBC Financial sank 0.76 percent, Fubon Financial surrendered 1.75 percent, First Financial dropped 1.17 percent, E Sun Financial lost 0.79 percent, Taiwan Semiconductor Manufacturing Company jumped 1.52 percent, United Microelectronics Corporation tanked 2.30 percent, Hon Hai Precision shed 0.43 percent, Largan Precision plunged 3.38 percent, Catcher Technology tumbled 2.32 percent, MediaTek skidded 1.28 percent, Formosa Plastic plummeted 2.98 percent, Asia Cement slid 1.76 percent and Taiwan Cement was down 1.41 percent.

The lead from Wall Street is soft as stocks opened sharply lower on Friday; the major averages recouped some of the losses but still finished firmly in the red.

The Dow shed 177.26 points or 0.57 percent to finish at 30,814.26, while the NASDAQ sank 114.14 points or 0.87 percent to end at 12,998.50 and the S&P 500 fell 27.29 points or 0.72 percent to close at 3,768.25. For the week, the Dow lost 0.9 percent and the NASDAQ and S&P both fell 1.5 percent.

The early sell-off on Wall Street reflected a negative reaction to disappointing earnings news from financial giants Wells Fargo (WFC), Citigroup (C) and JPMorgan Chase (JPM).

Negative sentiment was also generated by a report from the Commerce Department showing a continued decline in U.S. retail sales in December. But the Federal Reserve released a separate report showing U.S. industrial production jumped much more than expected last month.

Crude oil futures settled sharply lower on Friday as worries about energy demand resurfaced amid rising coronavirus cases and tighter restrictions. West Texas Intermediate Crude oil futures for February ended down $1.21 or 2.3 percent at $52.36 a barrel.

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