Taipei shares outlook - Higher on Wall St rally; no chasing of upside seen |
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Published
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Thu, 30 Aug 2007 01:38
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TAIPEI (XFN-ASIA) - Share prices are expected to open higher as investors take their lead from the rebound on Wall Street thanks to growing optimism over a key rate cut by the Fed next month, dealers said.Due to the recent volatility of US equities, however, investors may not want to push the upside too aggressively, as the weigh continuing uncertainty for global markets going forward, they said.Yesterday, the weighted index closed down 84.23 points at 8,643.32 on turnover of 129.09 bln twd.Foreign investors were net sellers of shares worth 10.25 bln twd, local investment trusts net sellers of 548.58 mln twd, and brokers net sellers of 220.26 mln twd.'The Taipei bourse, alongside its Asian neighbors, should get a boost from Wall Street this morning,' Jih Sun Securities Investment deputy manager Wilson Lien said.He said however that convincing leads are needed to persuade investors to put more money into a vulnerable market, with Wall Street yet to fully stabilize.Turnover has been low in recent sessions, indicating that an immediate upturn to breach technical resistance at around 8,800 points may not be likely, he added.(1 usd = 33.10 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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Tokyo shares open higher after Wall St sustains rally - UPDATE 