Taiwan shares likely to consolidate

Taiwan shares are expected to consolidate next week as investors take to the sidelines after volatile trade buffeted by conflict in the Middle East and record high oil prices, dealers said Friday.
They said US Federal Reserve chairman Ben Bernanke's mid-week comments eased concerns over further interest rate hikes to some extent but there is some concern that a slowing US economic will hit demand for Asian goods.
Continued declines in daily turnover this week reflected investor caution about the external factors and this is likely to continue with the reduced presence of foreign funds.
Dealers put next week's trading range at a narrow 6,300 to 6,450 points. For the week to July 21, the weighted index closed down 8.02 points or 0.12 percent at 6,420.01 after a 3.49 percent fall the previous week.