Reuters: Hot Stocks: Korea Hot Stocks-POSCO shares surge on China recovery hope

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Korea Hot Stocks-POSCO shares surge on China recovery hope Jan 2nd 2013, 02:38 SEOUL | Tue Jan 1, 2013 9:38pm EST SEOUL Jan 2 (Reuters) - South Korea's main KOSPI share index rose 1.05 percent to 2,018.10 as of 0226 GMT. Shares of POSCO, the world's fourth-biggest steelmaker, jumped 3.4 percent to reach their highest levels in nearly three months after China's upbeat manufacturing data boosted hopes of demand recovery. Shanghai steel futures extended last week's rally and rose nearly 2 percent on Monday, buoyed by data showing factory activity in China's vast manufacturing sector hit its fastest pace in December since May 2011, pointing to strength for the world's second-biggest economy. "POSCO has cut discounts on domestic steel prices, after China's steel prices strongly rebounded. POSCO's earnings will recover after bottoming out in the last quarter of 2012," said Kim Kyeong-joong, an analyst at Eugene Investment & Securities. (Reporting by Hyunjoo Jin; Editing by Anand Basu)

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