Taipei shares outlook - Higher on Wall St rally, currency strength |
|
|
|
Published
:
Tue, 30 Oct 2007 01:11
|
TAIPEI (XFN-ASIA) - Share prices are expected to open higher, with Wall Street's stronger close adding to the positive sentiment in a market already bolstered by a strong Taiwan dollar, dealers said.Despite record oil prices, Wall Street advanced on speculation of further interest rate cuts by the Federal Reserve later this week.Yesterday, the weighted index closed up 178.37 points or 1.85 pct at 9,809.88, on turnover of 180.85 bln twd.The index surpassed the year's high of 9,807.91, posted on July 26.Foreign investors were net buyers of shares worth 20.26 bln twd, local investment trusts were net buyers of shares worth 2.72 bln twd while brokers were net buyers of shares worth 2.81 bln twd.The Taiwan dollar closed yesterday at 32.415 against the US dollar, compared with the previous 32.465. It traded in the 32.359-32.469 range.'The New York lead should be encouraging as investors here are pinning hopes on 10,000 points for the local bourse soon after yesterday's success in challenging the 9,807.91 points,' said a dealer with a domestic securities house.He said the appreciation of the Taiwan dollar should provide more incentives to local investors.'Speculation of a US rate cut will heighten expectations of capital inflows and Taipei stocks should react favorably' if local firms' earnings results for the third quarter meet expectations.Taiwan Semiconductor Manufacturing Co Ltd and AU Optronics Corp could lead the local technology segment following surges in their American Depositary Shares, the dealer added.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.
|
|
|
|
|
|
Print this Story
Taipei shares close at year's high on Wall St rise, UMC ruling - UPDATE 