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LONG-TERM OUTLOOK FOR TAIWAN BOURSE POSITIVE.
TAIPEI, May 3 Asia Pulse - The mid- and long-term outlook for Taiwan's stock market remains positive, despite the plunge in recent days which has sparked concerns among local investors, according to executives at foreign investment institutions.
They forecast that the domestic bourse is very likely to rebound in the coming days and claimed that high-tech shares will be the major driving force halting the decline.
Nevertheless, they suggested that players sell shares to take short-term profits if stock prices rise in the near future.
The weighted index, the key barometer of the domestic stock market, plunged 284.4 points to end at 6,117.81 points Friday, following a drop of 172.54 points a day earlier. Foreign investors sold a single daily record high of NT$23.77 billion (US$720 million) worth of Taiwan shares Friday.
Foreign institutional investors attributed the large declines to reports on mainland China's plan to cool off its overheating economy and on the possibility of interest rate hikes in the United States.
In the face of the mainland's move to curb its booming economic growth, several categories of shares, including those related to shipping and raw materials, have been affected, they said, adding that investors should take a wait-and-see attitude for the time being, at least ahead of the ...
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