Taipei shares outlook - Higher on Wall Street record gains |
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Fri, 13 Jul 2007 02:04
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TAIPEI (XFN-ASIA) - Share prices are expected to open higher as sentiment in an already bullish market gets a further boost from Wall Street's record performance overnight.The local bourse has been driven by ample liquidity and investors are likely to maintain an upbeat trading stance amid expectations that the governmen will introduce further market-friendly policies.Yesterday, the weighted index closed up 63.46 points or 0.68 pct at 9,354.41, after moving in a range between 9,316.91 and 9,400.37, on turnover of 233.04 bln twd.Foreign investors were net buyers of shares worth 1.58 bln twd, local investment trusts were net buyers with 2.18 bln twd worth of purchases and brokers were net buyers with 136.54 mln twd.Yuanta Core Pacific Capital Management Co Ltd assistant vice president Jack Tam said the strong showing on the New York exchange is likely to encourage investors here to chase prices higher.'Wall Street's rally comes at a time when the local bourse is already supported by bullish sentiment.'He said liquidity-driven interest and expectations of the government's committment to introduce more market-friendly policies will be sustained.However, he warned that some profit-taking may cap the gains.'We can not rule out the possibility of profit-taking after recent surges, while corporate earnings reports will also be among the variables affecting the bourse,' Tam added.(1 usd = 32.80 twd)adela.lin@afxasia.comal/netxfnal/xfnntCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Asian shares close mostly higher, boosted by Wall St record finish 