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Taiwan Stock Market Due For Profit Taking On Monday

The Taiwan stock market has finished higher in four straight sessions, gathering more than 240 points or 2.1 percent along the way. The Taiwan Stock Exchange remains just beneath the 11,550-point plateau although investors may cash in on Monday.

The global forecast for the Asian markets is directionless as investors hold their breath to see if another wave of Covid-19 is imminent. The European markets were up on Friday and the U.S. bourses were mostly lower and the Asian stocks are tipped to follow the latter lead.

The TSE finished barely higher on Friday following mixed performances from the technology and cement stocks, while the financials were under pressure.

For the day, the index rose 1.53 points or 0.01 percent to finish at 11,549.86 after trading between 11,542.37 and 11,584.88.

Among the actives, Cathay Financial eased 0.12 percent, while Mega Financial skidded 1.26 percent, CTBC Financial dropped 0.99 percent, Fubon Financial shed 0.57 percent, First Financial lost 0.44 percent, E Sun Financial sank 0.71 percent, United Microelectronics Corporation added 0.33 percent, Hon Hai Precision gained 0.38 percent, Largan Precision was up 0.12 percent, Catcher Technology fell 0.22 percent, MediaTek surged 6.43 percent, Asia Cement was up 0.23 percent, Taiwan Cement was down 0.35 percent, Formosa Plastic retreated 0.46 percent and Taiwan Semiconductor Manufacturing Company was unchanged.

The lead from Wall Street is soft as stocks opened higher on Friday but faded as the session progressed, sending the major averages mostly into the red at the close.

The Dow shed 208.64 points or 0.80 percent to finish at 25,871.46, while the NASDAQ rose 3.07 points or 0.03 percent to 9,946.12 and the S&P 500 fell 17.60 points or 0.56 percent to 3,097.74. For the week, the Dow added 1 percent, the NASDAQ jumped 3.7 percent and the S&P climbed 1.9 percent.

The higher open on Wall Street came on continued optimism about economic recovery in the wake of recent strong data on employment and retail sales.

However, reports showing a surge in coronavirus infections in several states in America and the World Health Organization’s warning that the pandemic is “accelerating and the world is in a new and dangerous phase” unsettled the market.

The Trump administration has declared there will not be another shutdown, but Apple Inc. (AAPL) announced that it is temporarily shuttering stores again in U.S. states where coronavirus cases have been spiking in recent weeks. Texas and Arizona reported record spikes in new cases on Friday.

Crude oil prices climbed higher on Friday amid continued optimism that OPEC and its allies will strictly comply with production cuts to balance demand-supply position and help stabilize prices. West Texas Intermediate Crude oil futures for July added $0.91 or 2.3 percent at $39.75 a barrel.

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