The Kospi Index (KOSPI) rose 5.15, or 0.3 percent, to 2,001.47.
Airlines: Korean Air Lines Co. (003490 KS) rose 1 percent to 62,700 won. Asiana Airlines (020560) Inc. (020560 KS) gained 1.5 percent to 10,300 won. Oil futures dropped for a second day as speculation mounted that OPEC will consider boosting output to compensate for disruptions in Libya and rising U.S. supplies signaled weakening demand. Fuel accounts for more than 30 percent of operating costs for Korean Air, according to data compiled by Bloomberg.
Banks: Woori Finance Holdings Co. (053000 KS) climbed 3.5 percent to 14,650 won. Shinhan Financial Group Co. (055550 KS) rose 1.2 percent to 50,900 won, while Korea Exchange Bank (004940) (004940 KS) gained 6 percent to 9,540 won.
Tiremakers: Hankook Tire Co. (000240 KS) rose 6.6 percent to 32,300 won and Kumho Tire Co. (073240 KS) climbed 1.9 percent to 16,050 won on speculation production costs will drop. Rubber futures yesterday slumped by the most in more than 10 months in Tokyo.
Doosan Heavy Industries & Construction Co. (034020 KS), South Korea’s biggest maker of power generators, lost 3.6 percent to 66,900 won. Daishin Securities Co. cut its share- price estimate by 15 percent, saying the company’s 2011 earnings guidance falls short of expectations.
OCI Co. (010060 KS), a South Korean maker of polysilicon, rose 3.6 percent to 417,500 won. The company won a 479.4 billion won order to provide polysilicon to Suntech Power International Ltd., according to a filing.
Seoul Broadcasting System (034120) (034120 KS), a broadcasting company, advanced 2.9 percent to 28,750 won. The company’s first-quarter earnings will top analysts’ estimates, Shinyoung Securities Co. said in a report.
STX Pan Ocean Co. (028670 KS), the biggest bulk carrier, rose 3.2 percent to 10,150 won. The Baltic Dry Index, a measure of commodity shipping costs, gained 3 percent yesterday.
To contact the reporter on this story: Saeromi Shin in Seoul at firstname.lastname@example.org.
To contact the editor responsible for this story: Darren Boey at email@example.com