Share prices closed 0.15 percent higher yesterday as moderate bargain-hunting and possible government support helped offset the continued negative impact from China's passage of its "Anti-Secession" Law against Taiwan, dealers said.
Selected semiconductor and flat-panel heavyweights firmed after recent losses but the market overall looks set to continue around current levels as investors wait to see how planned local demonstrations against the law play out.
The TAIEX closed up 8.88 points at 6,072.36, on turnover of NT$59.46 billion (US$1.92 billion).
"Shares traded sideways as buyers would rather stay sidelined," said Alvin Teng (鄧可欣), an assistant vice president at SinoPac Securities Corp (建華證券).
In all, the market is likely to continue rangebound in the immediate future, given the uncertainty surrounding an anti-China rally on March 26, Teng said.
Meanwhile, the New Taiwan dollar fell for a fourth day to close at its weakest in more than two weeks on concern the central bank will sell its currency to protect exporters.
"Dealers of every bank are just buying the US dollar" because of concern the central bank will sell, said Gary Huang, a foreign-exchange trader in Taipei at Union Bank of Taiwan (聯邦銀行).
The NT dollar fell NT$0.027 to NT$31.027 against its US counterpart, according to Taipei Forex Inc, its weakest since March 1. Turnover was US$812 million.
``After China passed the law, people are a bit nervous'' about the relations between Taiwan and China, which is weighing on the NT dollar, according to Jerry Ho, a foreign-exchange trader at International Bank of Taipei (台北商銀).
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