South Korean Stocks Advance; Samsung, STX Pan Ocean Lead Gains

South Korean stocks advanced after Wal-Mart Stores Inc.'s profit beat estimates, raising speculation U.S. consumer spending will weather the impact of subprime- mortgage defaults. Samsung Electronics Co. paced gains.

``There were all these fuzzy concerns about the subprime issue hitting the real economy, but the actual indicators aren't bad,'' said Heo Pil Seok, who oversees the equivalent of $4.4 billion at Midas International Asset Management in Seoul.

STX Pan Ocean Co. climbed after its net income surged 83- fold on higher bulk-shipping rates. Posco rose after UBS AG suggested investors ``buy steel,'' saying earnings will recover in the fourth quarter.

The Kospi index added 39.69, or 2.1 percent, closing at 1,972.58 in Seoul, its biggest gain since Oct. 26.

Samsung, the nation's biggest exporter, rose 15,000 won, or 2.8 percent, to 547,000. LG.Philips LCD Co., the world's second- largest maker of liquid-crystal displays, added 2,500 won, or 4.8 percent, to 55,000.

U.S. stocks advanced the most in two months yesterday after Wal-Mart Stores Inc., the world's biggest retailer, said its third-quarter net income increased to 70 cents a share, beating the 67 cent average estimate of analysts. The U.S. is South Korea's second-biggest export market.

Hyundai Motor Co., which sells four out of five of its cars overseas, added 2,500 won, or 3.8 percent, to 69,000. LG Electronics Inc., Asia's second-biggest handset maker, gained 5,500 won, or 5.5 percent, to 106,000.
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