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Taiwan shares are expected to extend their gains next week on hopes the island and China will seal a deal to expand cross strait ties during a visit by a top Chinese negotiator, dealers said.
However, as a recent strong recovery is lifting the market to the nearest technical resistance at around 5,000-5,100 points, the market may suffer profit taking and see a cap on the gains, they said. Despite optimism towards Taiwan-China relations, worries over global financial woes and the world's economic slump are expected to continue to weigh in the market, they added.
For the week to October 31, the weighted index rose 291.04 points or 6.36 percent to 4,870.66 after a 7.68 percent decline a week earlier. Average daily turnover stood at 68.42 billion Taiwan dollars (2.09 billion US), compared with 41.38 billion dollars.
Chen Yunlin, head of China's Association for Relations Across the Taiwan Strait, will visit the island and hold talks with his Taiwanese counterpart Chiang Pin-kung of the Straits Exchange Foundation next week. "Investors tend to buy on hopes and sell on news. Once Taiwan and the mainland cut a deal, profit taking is expected to emerge to erode early gains," Mega Securities analyst Alex Huang said.
The transport and tourism sectors may encounter more selling after they staged a significant rally this week on expectations of expanded air and marine links with China, dealers said.

Copyright Agence France-Presse, 2008

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