Taipei shares outlook - Higher on Wall St; global uncertainties to cap gains |
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Published
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Fri, 30 Nov 2007 01:19
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TAIPEI (XFN-ASIA) - Share prices are expected to open higher on the back of extended gains on Wall Street, despite mixed US economic readings, dealers said.The Taiwan bourse may continue its technical rebound following the stronger close on Wall Street but lingering concerns over global economic and market uncertainties will suppress any major rally.Yesterday, the weighted index closed up 170.77 points or 2.06 pct at 8,447.03, after moving in a range of 8,376.09 and 8,481.45.Turnover was 120.99 bln twd.Foreign investors were net buyers of shares worth 8.76 bln twd, local investment trusts were net sellers of shares worth 511.83 mln twd, while brokers were net buyers of shares worth 146.71 mln twd.'Wall Street's overnight gains and the return of foreign investors on the domestic market yesterday should bolster sentiment today,' an analyst with a domestic securities investment consulting firm said.But global economic uncertainties will continue to cast a shadow over the local bourse.'Technology stocks in particular will be affected by worries over economic prospects in the US as the US remains a key destination for the island's technology exports.'He said investors seeking safe havens may shift their focus on conglomerates.'Some are hoping that conglomerates will support their own stocks or shares in their units for year-end window-dressing,' the analyst said.The key signals to watch for the local market will be market turnover of above 120 bln twd and the stance of foreign investors, the analyst said(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 sharply lower on Wall St falls, foreign investor selling - UPDATE 