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South Korean stocks rise this week as region slips

South Korean stocks rose this week after US forces moved into Baghdad, boosting optimism a swift victory over Iraq will help the global economy. Exporters such as Samsung Electronics Co and Hyundai Motor Co gained.

The KOSPI index climbed 4.5 percent for the week, the best performing index in the region. LG Card Co and Kookmin Bank advanced after a financial regulator report showed a drop in overdue credit-card payments and lenders bought bonds from credit-card companies.

Japan's stock benchmarks declined for a second week. Shares of some of the nation's largest companies such as Toyota Motor Corp slid on concern that companies rushing to return part of their pension funds to the government are pushing prices lower.

The Nikkei 225 Stock Average lost 3.2 percent this week, with the Nikkei closing at its fourth 20-year low since the beginning of March. The benchmark rounded off its worst week in 10. The TOPIX lost 1.7 percent.

Indexes in Hong Kong and Singapore declined for the week, led by Cathay Pacific Airways Ltd and Singapore Airlines Ltd, Ltd, after a deadly flu-like disease forced both carriers to cut flights because of a decline in travel.

Samsung Electronics, which generates about a fifth of its sales in the US, was the biggest boost to the Kospi. The stock added 0.5 percent to 285,000 won this week. Hyundai Motor Co, South Korea's largest automaker, jumped 7.5 percent to 26,550 won, becoming the fifth-largest contributor to the index's gain.

LG Card Co and Kookmin Bank advanced after a financial regulator report showed a drop in overdue credit-card payments and lenders bought bonds from credit-card companies.

Kookmin Bank, the largest shareholder of Kookmin Credit Card Co, gained 4.1 percent to 1,300 won.
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