Taipei shares outlook - Lower on continued Wall St fall |
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Tue, 13 Nov 2007 01:09
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TAIPEI (XFN-ASIA) - Share prices are expected to open lower, extending Monday's downturn in the wake of a continued retreat on Wall Street, dealers said.Bargain-hunting is likely to prove limited due to mounting margin call pressure after recent steep losses, they said.Yesterday, the weighted index closed down 300.31 points or 3.35 pct at 8,670.61 on turnover of 142.87 bln twd.Foreign investors were net sellers of shares worth 21.62 bln twd, local investment trusts net buyers of 344.69 mln twd, and brokers net sellers of 1.12 bln twd.'A further decline seems inevitable this morning,' said an analyst with a leading local house who asked not to be named.With margin calls putting the market in a downward spiral, serious bargain-hunting is not considered likely to emerge, he said.The performance of US stocks will be crucial in determining the local market's ability to hold above the 288-day moving average of around 8,400 points, he added.(1 usd = 32.30 twd)philip.wang@afxasia.com-xfnpw/xfntmCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Taipei shares outlook - Lower on Wall St weakness, caution ahead of co earnings 