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Seoul stocks advanced again on Thursday, setting a fresh 11-week closing high, boosted by steelmakers after POSCO said it was considering raising steel prices and bidding for a shipbuilder.
POSCO, the world's fourth-largest steelmaker, closed up 6.17 percent at 508,000 won after it said it was weighing up an increase in its steel prices and was also considering bidding for Daewoo Shipbuilding and Marine. "POSCO's words on a price rise soothed investors' concerns about its earnings amid recent raw material price hikes," said Moon Jeong-up an analyst at Daishin Securities.
The Korea Composite Stock Price Index closed up 1.23 percent to 1,763.63 points, its highest finish since January 14. The move brings KOSPI's gains since March 17 to 12 percent, but still leaves the index 15.4 percent back from its historical high of 2,085.45 reached on November 1, 2007.
LG Electronics hit a historical high of 140,000 won on expectations that its handset and home appliances divisions will post solid results in its first quarter earnings report. The shares later settled 2.68 percent up at 134,000 won.
The stock has skyrocketed 51.4 percent since February 13. SK Telecom rose 0.55 percent to 183,000 won after credit ratings agency Moody's Investors' Service placed the top South Korean mobile phone operator's A2 ratings under review for possible upgrade.
South Korea's biggest car maker, Hyundai Motor, dipped 0.62 percent to 80,600 won after its chairman said he was worried over demand in the United States, which has been falling due to higher fuel prices. Advancers outnumbered decliners by 413 to 371, with 86 titles ending unchanged.
Trade volume stood at 249 million shares worth 5.82 trillion won, compared with 322.4 million shares worth 7.2 trillion won on Wednesday. The KOSPI 200 June future gained 2.15 points to 228.0, and the KOSPI 200 spot index rose 3.23 points to 226.99. The junior Kosdaq market rose 0.21 percent to 649.26.

Copyright Reuters, 2008

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