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Local shares close higher on late-session buying, US dollar falls

TAIPEI, Taiwan -- The Central News Agency reported that local shares closed higher Monday as a result of late-session buying while the U.S. dollar fell against the Taiwan dollar Monday, losing NT$0.023 to close at NT$30.185.

The greenback opened at NT$30.208 and moved between NT$30.1 and NT$30.219 before the close. Taipei Forex turnover totaled US$692 million at the end of yesterday's session.

Concurrently, the weighted index on the Taiwan Stock Exchange closed up 11.45 points, or 0.12 percent, at 8,899.9 after moving between 8,877.46 and 8,912.35. Turnover amounted to NT$71.17 billion (US$2.36 billion).

The market opened with the index rising from Friday's close of 8,888.45 points. In the middle of the trading session, selling dragged down the index at one point before bargain hunters entered the trading floor.

Dealers at Dah Chang Securities said the market has been dominated by a wait-and-see atmosphere lately as the index in recent sessions has been relatively high, meaning that investors were reluctant to step onto the trading floor.

The index fluctuated in a narrow margin, with relatively low transactions, the dealers added.

The index, however, is expected to climb slowly to breach the 9,000 mark, as buying for weighted electronics shares and financial stocks is warming up, they said.

Foreign institutional investors (including those from China), investment trusts and dealers all bought more shares than they sold, with the net buy totaling NT$3.16 billion.

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