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Losses Likely To Accelerate For Taiwan Stock Market

The Taiwan stock market on Friday ended the four-day winning streak in which it had jumped almost 300 points or 2.7 percent. The Taiwan Stock Exchange now rests just above the 11,180-point plateau and it's expected to take further damage on Monday.

The global forecast for the Asian markets is soft, thanks to disappointing economic data and ongoing uncertainty over trade negotiations between the United States and China. The European and U.S. markets were down and the Asian bourses are tipped to follow suit.

The TSE finished slightly lower on Friday as losses from the financial shares and technology stocks were mitigated by support from the cement companies.

For the day, the index dipped 6.66 points or 0.06 percent to finish at 11,180.22 after trading between 11,154.86 and 11,237.38.

Among the actives, Mega Financial lost 0.51 percent, while CTBC Financial skidded 1.18 percent, Fubon Financial eased 0.11 percent, First Financial was down 0.23 percent, E Sun Financial collected 0.19 percent, Taiwan Semiconductor Manufacturing Company eased 0.17 percent, United Microelectronics Corporation climbed 1.09 percent, Hon Hai Precision shed 0.39 percent, Largan Precision tumbled 2.05 percent, Catcher Technology dropped 0.96 percent, MediaTek fell 0.27 percent, Asia Cement added 0.23 percent, Taiwan Cement spiked 2.12 percent, Formosa Plastic was down 0.62 percent and Cathay Financial was unchanged.

The lead from Wall Street is negative as stocks opened lower on Friday and stayed that way through the session.

The Dow shed 255.68 points or 0.95 percent to end at 26,770.20, the NASDAQ sank 67.31 points or 0.83 percent to 8,089.54 and the S&P 500 fell 11.75 points or 0.39 percent to 2,986.20. For the week, the Dow eased 0.2 percent, the NASDAQ added 0.4 percent and the S&P rose 0.5 percent.

The weakness on Wall Street reflected concerns about the global economic outlook following soft Chinese data that showed its economy grew at the slowest rate in three decades in Q3.

In U.S. economic news, the Conference Board reported an unexpected drop by its reading on leading U.S. economic indicators in September.

Lingering uncertainty about a possible U.S.-China trade deal and questions about the Brexit deal getting through parliament also weighed on the markets.

Crude oil futures dropped Friday as disappointing GDP data from China added to concerns about the outlook for global energy demand. West Texas Intermediate crude oil futures for November eased $0.15 or 0.3 percent at $53.78 a barrel.

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