Taipei shares outlook - Little changed ahead of co earnings, mixed Wall St |
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Thu, 18 Oct 2007 01:21
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TAIPEI (XFN-ASIA) - Share prices are expected to open little changed as investors await major firms' earnings announcements, with sentiment also dampened by Wall Street's mixed showing overnight, dealers said.While firmer US technology stocks could be encouraging to their Taiwan counterparts, high oil prices will still cast a shadow over the the broad market here, they added.Yesterday, the weighted index closed down 30.31 points or 0.32 pct at 9,562.16, off a high of 9,616.26 and a low of 9,492.89, on turnover of 143.84 bln twd.Foreign investors were net sellers of shares worth 4.73 bln twd, local investment trusts were net buyers of shares worth 478.62 mln twd, while brokers were net sellers of shares worth 75.06 mln twd.Frank Lin, senior vice president at Fubon Securities, said local technology stocks may grab the spotlight here.'Some large-cap firms are due to unveil their third-quarter results soon, and investors are reluctant to make any aggressive moves before these announcements,' he said.'But selected technology stocks could benefit from the firmer showing of their US peers and the rally in some Taiwan companies' America Depositary Shares.'In the absence of major fresh leads for the domestic market, companies expected to report solid earnings will outperform, Lin noted.(1 usd = 32.60 twd)adela.lin@afxasia.com-xfnal/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 - Flat as liquidity-driven buying offsets Wall St fall 