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Local market closes high from late-session boost

TAIPEI--Shares in Taiwan closed higher Thursday as late-session buying boosted select high-tech stocks to lift the broader market at the close, dealers said.

However, non-high tech stocks closed mixed, as market sentiment remained cautious ahead of the conclusion of a policymaking meeting of the European Central Bank (ECB) scheduled to be announced later in the day, the dealers said.

The weighted index on the Taiwan Stock Exchange closed up 20.76 points, or 0.22 percent, at the day's high of 9,140.72, off an early low of 9,094.13, on turnover of NT$110.41 billion (US$3.68 billion).

The market opened up 7.60 points in a knee-jerk reaction to gains posted on Wall Street overnight and continued in consolidation mode, with the index seesawing around the previous closing level during most of the session, the dealers said.

A Boost in Large-cap Electronics

However, certain large-cap electronics stocks got a boost in the latter part of the session, which raised the broader market to the day's high at the close, they said.

"Although the late-session buying lifted the index, the broader market still appeared quiet as many investors preferred to stay on the sidelines," Concord Securities analyst Kerry Huang said.

"Not only in the local bourse but also on Wall Street, market movement remained limited as investors were watching closely whether the ECB will cut its key interest rates in the meeting or even come up with more moves to boost the economy," Huang said.

Semiconductor Sector

In the local equity market, the semiconductor sector outperformed the broader market to close up 0.90 percent, led by heavyweights such as integrated circuit designer MediaTek Inc. (聯發科) and IC packaging and testing services provider Siliconware Precision Industries Co. (矽品), Huang said.

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