Taiwan stocks closed up 0.25 percent on Friday, with Acer tumbling 4.83 percent after the surprise replacement of its chief executive The main TAIEX index was up 21.83 points at 8,705.13, after opening up 0.17 percent. The market will be closed on Monday April 4 and Tuesday April 5 for a public holiday.
Acer, which has now plunged 21.6 percent this week, pressured computer issues , which were the biggest laggards, dropping 1.21 percent. Banking shares also weighed on the benchmark index, falling 0.27 percent after an expected 0.125 percentage points rate hike by the central bank on Thursday.
Department stores were among the biggest gainers, while Hon Hai rose 2.9 percent, recovering from a slump the previous day. Kenny Ko, proprietary trading vice president of Taiwan International Securities Corp, said he did not see strong fund inflows into Taiwan. He said he was pessimistic about Taiwan's share performance in the second quarter because of the uncertainties in Japan, Libya and Europe. "Now I'm just waiting to see when this round of rebound will be over," he said. Foreign investors were net buyers for the sixth consecutive session on Thursday, capping their total net selling for March at T$36.11 billion ($1.22 billion).