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december quarter/fund managers

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    Market to withstand Bali shock

    October 03, 2005

    THE Australian sharemarket should open in Melbourne in positive territory today, with the Bali blasts expected to have a negligible impact on trading.

    AMP Capital Markets chief economist Shane Oliver said financial markets had tended to look through terrorist attacks in recent times.

    "As tragic as these events are, I don't think it's going to have an impact on the sharemarket as there's unlikely to be any flow-on effect for Australian companies," Mr Oliver said.

    "With the Bali bombings in 2002, the impact on the sharemarket was very minor."

    Airline stocks, however, might be softer amid concerns about the bombings' impact on tourism, Mr Oliver said.

    CommSec chief equities economist Craig James said the market was likely to rise today after a sharp fall in late trading on Friday.

    "Given the selling we saw on Friday – futures-selling as well as profit-taking by fund managers – it's likely the share market will rise on Monday, probably in the order of 10 to 15 points, as fund managers rebuild their position for the December quarter," he said.

    But trading was likely to be a bit slower than usual today, thanks to the Labour Day holiday in NSW, South Austeralia and the ACT.
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