Taipei shares outlook - Higher on firmer Wall Street, tech to lead recovery |
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Published
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Mon, 19 Nov 2007 01:12
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TAIPEI (XFN-ASIA) - Share prices are expected to open higher after Wall Street's gains Friday, supporting a rebound on the local bourse, dealers said.Technology stocks are likely to lead the recovery in line with their US counterparts.Investors could also respond positively to the resolution of a disputed city election, they said.On Friday, the weighted index closed down 140.59 points or 1.58 pct at 8,764.82, after trading in a range between 8,678.55 and 8,790.57.Turnover was 113.83 bln twd.Foreign investors were net sellers of shares worth 19.23 bln twd, local investment trusts were net sellers of shares worth 1.64 bln twd and brokers were net sellers of shares worth 181.57 mln twd.'Thanks to the US rebound Friday, domestic technology stocks may lead the local bourse to rebound this session,' said an analyst with a domestic securities consulting firm.'Taipei stocks were oversold in the previous session. A technical rebound could be the theme today.'He said a court ruling ended the electoral dispute should be welcomed by investors.The Taiwan high court on Friday afternoon ruled in favor of Kaohsiung city mayor Chen Chu in a lawsuit arising from the mayoral election in December 2006.The high court's Kaohsiung branch overturned an initial ruling made by the Kaohsiung district court in June that annulled Chen's election.'There seem to be no other major fresh fundamental leads to give the domestic market any direction. Investors could be encouraged by Wall Street, although the local bourse should trade in a narrow band,' he added.(1 usd = 32.30 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 close up on Wall St rebound; techs mostly up but AU down - UPDATE 