Sun, Nov 30, 2003 - Page 10 News List

Japan's Topix has monthly decline

ECONOMIC RECOVERY?Asian indexes slid as the US currency continued to fall against the yen, while South Korea's Kospi had its second-straight monthly advance

BLOOMBERG

Nikon tumbled 18 percent.

The company said at the start of the month that fiscal first-half operating profit plunged because of the gain in the yen against the dollar and fewer sales of chipmaking machines.

South Korea's Kospi rose 1.9 percent to 796.18 yesterday, taking its monthly advance to 1.8 percent. Production rose a seasonally adjusted 2.3 percent from the previous month, the National Statistical Office said today in a statement in Seoul.

That's more than the median 0.9 percent gain forecast in a Bloomberg News survey of nine economists.

Hyundai Motor climbed by more than a quarter in November.

South Korea's biggest automaker said this week that it plans to expand in China, Europe and the US in an effort to become one of the world's five biggest automakers.

Korean stocks gained even as LG Card logged the biggest decline in the MSCI Asia Pacific Index. The stock tumbled 43 percent even after getting a 2 trillion loan this week from creditors so that it could stay in business.

LG Card is the fourth credit card company in Korea to receive support as the number of people missing debt payments for at least 90 days rose to 3.5 million in September.

The number of indebted South Koreans rose further last month, the Korean Federation of Banks said this week.

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