Taipei shares open weaker, tracking Wall St after Bernanke comments |
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Thu, 19 Jul 2007 02:36
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TAIPEI (XFN-ASIA) - Share prices opened weaker, tracking an overnight pullback on Wall Street after Federal Reserve Chairman Ben Bernanke struck a cautious tone on the US economy and the housing sector.Bernanke said the US housing sector might get worse before it gets better and that it remains a risk to consumer spending and overall economic growth.Dealers said the market's downside was, however, limited by the still strong expectations of another liquidity-driven rally ahead of parliamentary and presidential elections early next year.The weighted index opened down 35.63 points at 9,449.72, but trimmed losses quickly.At 9.05 am, it was down 3.79 points at 9,481.56, on turnover of 21.75 bln twd.(1 usd = 32.80 twd)philip.wang@afxasia.compw/rcxfnpw/xfnrcCOPYRIGHTCopyright 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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