Reuters: Hot Stocks: Korea Hot Stocks-Auto shares up on hopes of Hyundai weekend output

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Korea Hot Stocks-Auto shares up on hopes of Hyundai weekend output May 22nd 2013, 04:11 SEOUL | Wed May 22, 2013 12:11am EDT SEOUL May 22 (Reuters) - South Korea's main KOSPI share index was up 0.55 percent at 1992.01 as of 0400 GMT. Automobile shares reached a more than one-month high, fuelled by a media report that Hyundai Motor may be soon restart weekend production at its biggest factory complex in South Korea. After Saturday output stoppages since March, Hyundai's union leadership agreed to a weekend wage scheme under a new two-shift system. But opposition within the union delayed the resumption of weekend production, hurting Hyundai's output and sales from its Ulsan factory complex. "The union's boycott of weekend work has been a drag to automobile shares. But now expectations are rising that union members may strike a deal to restart weekend output at least at three out of five plants in Ulsan complex," said Kim Yoon-ki, an auto analyst at Mirae Asset Securities. The automobile sub-index rose to its highest level since April 4. Hyundai Motor gained more than 2 percent and affiliates Kia Motors and Hyundai Mobis jumped more than 4 percent. (Reporting by Hyunjoo Jin; Editing by Anupama Dwivedi)

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