Australian share prices are expected to continue to rise next week amid renewed confidence among investors, dealers said Friday. For the week ending August 18 the SP/ASX200 finished at 5052.5, up 103.3 points or 2.1 percent on the previous week's 4,956.1.
AMP head of investment strategy and chief economist, Shane Oliver, said the outlook for share markets has taken a turn for the better over the past week as the index passed the 5,000-point mark. Oliver said further upside is now likely over the next few weeks because share markets have broken through technical resistance at 5,000 points.
"The next big worry for investors is likely to be that US economic growth is slowing too much, political uncertainty may weigh on the US and hence global shares in the run-up to this year's mid-term Congressional elections and we are still in what is normally a difficult time of the year," he said.
Company profit reporting season continues next week with BHP Billiton, Publishing and Broadcasting, Virgin Blue and Caltex Australia posting results.
BHP Billiton is expected to announce annual profits exceeding 10 billion US dollars Wednesday, exceeding its own Australian corporate record set last year.