Taipei shares outlook: Firmer on rate cuts, foreign interest

TAIPEI (AFX-ASIA) - Share prices are expected to open firmer after the central bank's 12.50 basis points reduction in both the discount and accommodations rates, and on continued position-building by foreign investors, dealers said. 	    At the same time, the upside may be limitd due to continuing concerns about the corporate outlook, with major companies due to report first quarter results by the end of the month, they said. 	    TSMC is due to report on April 27 and UMC on April 30. 	    On Friday, the weighted index closed down 11.87 points at 5,596.63 on turnover of 84.42 bln twd.	    Foreign institutions were net buyers of shares worth 5.58 bln twd, local investment trusts net buyers of 283.69 mln twd and brokers net buyers of 586.31 mln twd.	    "The market is likely to continue Friday's rangebound trading as no extraordinarily exciting lead appears in sight," National Securities head of institutional sales Oliver Fang said. 	    The central bank's rate cuts are certainly welcome but might have only a muted impact given their relatively small scale, Fang said. 	    "Any short-term boost is likely to be offset by negative economic data expected this morning -- export orders, industrial output and unemployment."	    While foreign investors continued to buy into semiconductor majors, the NASDAQ decline and the losses of their ADRs on Friday does not offer much of a positive lead for the short term, he said. 

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