South Korean stocks rise

South Korean shares rose in thin trade on Thursday, led by steel makers such as POSCO amid expectations for a recovery in profits, while higher oil prices lifted oil refiners including SK Corp.
The main index rose for a sixth consecutive session, although gains have been limited as a stronger won currency raises the prospects of disappointing first-quarter profits at exporters such as Samsung Electronics Co Ltd.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.41 percent to end at 1,338.14. "There are expectations for a recovery in earnings at steel makers by the second quarter," said Park Byung-chil, an analyst at Korea Investment and Securities. POSCO Co Ltd, the world's fifth-biggest steel maker, rose 2.65 percent to end at a record 251,500 won.
Investors expect POSCO to soon raise steel prices in line with regional peers. Japan's JFE Holdings Inc, the world's fourth-biggest steel maker, said earlier this week it would raise Asian export prices, cementing expectations the regional steel market is finally bottoming out.
SK Corp rose 2.4 percent to 64,000 won after oil prices ended higher on Wednesday as gasoline extended its rally on the back of the largest inventory drop since August 2003.
Shipbuilders rose amid speculation they would soon announce a number of large orders related to gas projects in Qatar. Hyundai Heavy Industries Co, the world's biggest shipbuilder, rose 2.34 percent to end at a record 83,200 won.
Hynix Semiconductor Inc, the world's second-biggest maker of memory chips, rose 2.35 percent to 28,300 won. Samsung Electronics, the world's biggest maker of memory chips, fell 0.48 percent to 623,000 won, while flat-panel maker LG.Philips LCD Co Ltd fell 1.81 percent to 43,400 won.
Confectionary maker Orion Corp fell 2.38 percent to 287,000 won after UBS downgraded its rating to "Neutral" from "Buy", and cut 2006 and 2007 profit forecasts, noting a recent surge in its share prices had already priced in positive news.
Trade volume reached some 292.7 million shares worth 2.7 trillion won ($2.77 billion), data at 0635 GMT showed, compared to 388.5 million shares worth 2.9 trillion won on Wednesday. Gainers outnumbered decliners by 466 to 300 with 62 titles ending flat.
Foreign investors sold a net 37.2 billion won in shares on the main bourse, while retail investors sold a net 155.4 billion won. Institutional investors bought a net 192.9 billion won.
The June KOSPI 200 futures index rose 1.05 points to 174.20, while the underlying KOSPI 200 spot index added 0.65 point to 173.61. South Korea's junior and tech heavy Kosdaq market rose 2.03 percent to finish at 653.05.