Share prices closed 0.26 percent higher yesterday in cautious trade, with investors unwilling to push the market too far ahead in the last session before the week-long Lunar New Year break, dealers said.
They said foreign investors continued to be in evidence, attracted by the prospect of gains in both Asian stocks and currencies, and this provided support.
PHOTO: WANG YI-SONG, TAIPEI TIMES
The TAIEX closed up 15.91 points at 6,034.60, on turnover of NT$73.26 billion (US$2.31 billion).
Risers led decliners 369 to 364, with 250 stocks unchanged.
On the Taipei foreign exchange market, the New Taiwan dollar rose to its highest close in more than four years on speculation investors abroad will increase demand for the country's stocks.
Overseas fund managers on Wednesday bought a net NT$14 billion of Taiwanese shares, the most since Oct. 4, according to stock exchange figures. They added NT$7.4 billion of equities yesterday.
The stock market closes for the Lunar New Year from today and investors have three business days to settle purchases. But other financial markets will be open through tomorrow. All of the nation's financial markets will reopen Feb. 14.
"Market participants are speculating overseas investors will buy more stocks, helping the NT dollar," said Joseph Lee, a currency trader in Taipei at Cathay United Bank (
The NT dollar rose NT$0.060, or 0.2 percent, to NT$31.639 against its US counterpart, its strongest close since Oct. 12, 2000.
Yuanta Core Pacific Securities (
Most technology heavyweights finished higher yesterday, on hopes a recovery in the sector may be imminent.
AU Optronics Corp (
Investors are hoping local panel makers will follow their South Korean counterparts and raise prices on 17-inch screens.
Dealers are unsure flat panel stocks can sustain their gains, however. Paul Wang, a trader at Fubon Securities (
Taiwan Semiconductor Manufacturing Co (
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