Taipei shares outlook - Higher on follow-through interest after Wall St gains |
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Mon, 16 Jul 2007 01:40
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TAIPEI (XFN-ASIA) - Share prices are expected to open higher with investors remaining positive on the market due to high levels of liquidity and extended gains on Wall Street on Friday, dealers said.With quarterly earnings coming up in both the US and Taiwan, investors are expecting positive outcomes, helping shares to advance further, they said.On Friday, the weighted index closed up 116.89 points at 9,471.30 on turnover of 238.13 bln twd.Foreign investors were net buyers of shares worth 17.31 bln twd, local investment trusts net buyers of 3.89 bln twd, and brokers net buyers of 1.14 bln twd.'People will take their cues from another record-breaking runup on Wall Street where the Dow Jones Industrial Average and S&P 500 indices both renewed all-time highs,' said Alvin Teng, a SinoPac Securities assistant vice president.Of the upcoming earnings season, companies are promising to report better-than-expected earnings for the second quarter, he said.'The same bullish story (in the US) stands a good chance of repeating itself here,' he said. 'What's more, there is a strong consensus that the authorities would like to keep the bull running before parliamentary and presidential elections early next year.'(1 usd = 32.80 twd)philip.wang@afxasia.com-xfnpw/xfntmCOPYRIGHTCopyright 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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Taipei shares outlook - Higher on Wall St rebound 