Taiex index closes at highest since January

Far Eastern Department Stores Ltd., Taiwan's largest listed department store chain, gained 4.1 percent to NT$26.85, the highest in a month, after the company said in an exchange filing February sales rose 57 percent to NT$2.3 billion from a year earlier.

Powerchip Semiconductor Corp., Taiwan's third-largest memory-chip maker, rose 5.1 percent to NT$4.10 after spokesman Eric Tang said the company plans to spend NT$10 billion to NT$11 billion on equipment this year after “almost zero” expenditure on facilities last year.

Taiwan Fertilizer Co., one of the island's largest landowners, declined 2.4 percent to NT$104, the biggest loss since Feb. 22, on concern the central bank may curb property prices, said Andrew Hsu, a SinoPac Securities Corp. analyst.

Taiwan's central bank may follow China and order domestic lenders to set aside more deposits as reserves to curb loan growth and cool surging property prices, according to Citigroup Inc. and Standard Chartered Plc.

United Microelectronics Corp. gained 1.5 percent to NT$16.60 after the second-largest maker of customized chips said unconsolidated sales surged 175 percent to NT$8.6 billion from a year earlier.

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