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TAIEX posts slight rise as investors maintain interest

Taiwan share prices closed 0.46 percent higher yesterday, extending Thursday's gains as foreign investors maintained their buying interest, dealers said.

They said that the market, however, appeared to lack enough support to get much nearer the psychologically significant barrier of 8,000 points, with investors awaiting more convincing leads to justify aggressive buying following a mixed performance on Wall Street overnight.

The weighted index rose 35.65 points to 7,859.32, after trading between 7,806.89 and 7,879.09, on turnover of NT$109.02 billion (US$3.30 billion).

Risers led decliners 605 to 460, with 243 stocks unchanged.

"Although people could not bring themselves to push the upside aggressively, there was no reason for them to decisively pull out either," Jih Sun Securities Investment Trust Co (日盛投信) deputy manager Wilson Lien said.

Lien said the local bourse was likely to keep up a generally positive tone so long as international markets and Wall Street provide that lead.

Given that foreign investors are positive about the Taiwan market again, there is a good chance it should breach 8,000 points before long, he said.

At the same time, the market will face a testing time as companies start reporting their first quarter to March results, he said, adding that the key techs normally go through a seasonally weak period in the first three months.

Shares of Taiwan Semiconductor Manufacturing Co (台積電), the world's largest contract chipmaker, closed down NT$0.20 at NT$70.00 and smaller rival United Microelectronics Corp (聯電) shed NT$0.10 at NT$19.50.
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