TAIPEI: Taiwan stocks closed 0.58 percent higher on Wednesday, lifted by banking shares on an expected rate hike by the central bank at its meeting due the following day.
Laptop PC maker Acer Inc fell 3.8 percent, taking its decline to 16.5 percent in three sessions after it warned of lower sales. Fund mangers said its shares might dip further as it was still expensive.
The main TAIEX index closed up 49.74 points at 8,646.31, after opening up 0.11 percent.
Financials were among the biggest winners, up 1.22 percent, while electronics shares rose 0.26 percent.
"But the turnover of Taiwan shares was still below T$100 billion, it shows that the confidence of investors remained weak because of concerns about raw materials supply problems in Japan," said Paradigm Asset Management fund manager Mike Fang.
He expected the benchmark stock index would trade rangebound around the current level, lacking the momentum to climb further.
Foreign investors were net buyers for a fourth consecutive session on Tuesday, buying T$3.23 billion ($112 million). Wednesday's figures will be announced later in the day.
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