S.Korea shares rise early on upbeat global economic data
(Updates to midday)
* Upbeat outlook on global economy lifts manufacturers
* Auto and parts makers, shipbuilders lead gains
* Foreigners net buyers of local shares
SEOUL, Aug 26 (Reuters) - South Korea shares rose on Monday morning, with automakers and shipbuilders rallying on foreign buying, after data out of Europe and China late last week showed growth in major global economies.
The Korea Composite Stock Price Index (KOSPI) was up 0.8 percent at 1,885.36 points as of 0205 GMT, the highest intraday level since Aug. 21.
"Our market has fared well against the fears of Fed tapering since late May compared to Indonesia and some other emerging markets," said Mirae Asset Securities analyst Lee Jae-hun. "Foreign investors are noticing it and buying here on spreading optimism over global economic growth."
Foreign investors bought a net 76.8 billion won ($68.8 million) worth of South Korean shares on Monday morning.
Automaker Hyundai Motor Co rose 3.1 percent after its affiliate Hyundai Dymos, an auto parts maker, announced a plan on Friday to build a $35 million plant in the U.S. state of Georgia. Kia Motors Corp and Hyundai Mobis Co Ltd also gained 1.8 percent and 1.1 percent, respectively.
Shipbuilders Hyundai Mipo Dockyard Co Ltd and Hyundai Heavy Industries Co Ltd rose 2.3 percent and 2.8 percent, respectively, on hopes for improved earnings as the euro zone and Chinese economies strengthen.
Lotte Chemical Corp rose 2.3 percent after last week's 8.6 percent drop. LG Chem Ltd advanced 2.7 percent.
Gainers outnumbered decliners 476 to 265.
The KOSPI 200 benchmark of core stocks advanced 0.9 percent, while the junior KOSDAQ rose 0.8 percent. ($1 = 1116.9500 Korean won) (Reporting by Jungmin Jang; Editing by Choonsik Yoo and Eric Meijer)
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