Seoul shares gain

Seoul shares posted their first gain in three sessions on Wednesday as exporters such as Hyundai Motor advanced on data showing faster-than-expected export growth, while stocks sensitive to fuel costs gained on lower oil prices.
Shares in Hyundai Motor Co also gained after the country's biggest auto maker posted quarterly earnings that were not as bad as some had feared and as investors viewed the shares as cheap following recent sharp drops.
LG.Philips LCD rose after Lehman Brothers and Credit Suisse raised their 2007 earnings forecasts and share target prices, while SK Corp surged on a deal to jointly explore oil and gas blocks in Indonesia and after UBS raised its target price on the stock.
Trading volumes on Wednesday dropped to 269.4 million shares as of 0637 GMT, the lowest amount since 260 million shares changed hands on March 27. The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.72 percent to end at 1,553.30 points.
The index had hit a record 1,565.03 points on April 26 only to fall in the prior two trading sessions. Seoul financial markets were closed on Tuesday in observance of Labour Day.
Analysts expect the KOSPI to extend gains this month, although many doubt it will match the 6.2 percent surge in April that saw the index scale a series of record highs.
Firms reliant on overseas sales gained after data out on Tuesday showed South Korean exports and imports grew by the fastest annual pace in three months in April, showing external demand is holding up and that growth in the domestic economy is gathering pace.
Hyundai Motor rose 3.88 percent to 61,600 won, despite posting its fourth straight fall in quarterly operating profit as it came in a little above estimates. Hyundai shares had dropped a combined 14.1 percent in March and April.
Flat-panel maker LG.Philips LCD Co Ltd rose 1.57 percent to 38,800 won following earnings and share target price upgrades by Lehman Brothers and Credit Suisse, which cited rising prices for flat screens and disciplined capital spending.
SK Corp surged 4.9 percent to 107,000 won after the president at Pertamina, Indonesia's state-run oil firm, said on Tuesday it had signed a preliminary deal with SK and state-run Korean National Oil Corp for an oil exploration project.
SK Telecom Co rose 2.04 percent to 200,500 won. Kookmin Bank rose 0.6 percent to 84,000 won. State-run power provider Korea Electric Power Corp gained 3.43 percent to 39,250 won.