Taiwan share prices closed 0.46 percent higher yesterday as the lead set by Wall Street's overnight gains outweighed technical pressure and profit-taking, dealers said.
The central bank's decision to raise its key interest rate by 12.50 basis points from yesterday did not have much effect on the equity market as the magnitude of the rate increase met market expectations, they added.
The weighted index closed up 36.08 points at 7,884.41, off a high of 7,888.82 and a low of 7,839.91, on turnover of NT$117.72 billion (US$3.56 billion).
Risers led decliners 583 to 522, with 198 stocks unchanged. A total of 37 stocks closed limit-up and six were limit-down.
Grand Cathay Investment Services Corp (
"Investors had made their necessary moves earlier, so they were reluctant to conduct any aggressive measures during the last session," he said.
While the lead on Wall Street overnight lent support to the local bourse, investors here still refrained from any strong position-building ahead of the weekend.
"With companies here to soon disclose their 2006 earnings results and first-quarter performance, many stayed on the sidelines," Tu added.
He said that investors will look for corporate leads and moves in major markets for clues as to the direction the local bourse will take.
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