Aug. 18 (Bloomberg) -- Korea Gas Corp., the world’s biggest buyer of liquefied natural gas, advanced the most in more than a week in Seoul trading after a local brokerage raised the stock’s rating, citing stabilizing import costs. The shares of the state-run utility climbed 2.9 percent to 50,400 won, the largest gain since Aug. 7. The benchmark Kospi index rose 0.2 percent. Oil’s slump of 54 percent from a record in New York in July last year has led to lower prices of LNG, which South Korea imports to meet almost all of its gas needs. Korea Investment & Securities Co. raised Korea Gas to a “buy” from “hold” and its share-price estimate to 71,000 won from 51,000 won in a note to investors today. “Oil prices have stabilized, the won has strengthened and the government has showed its willingness to allow Korea Gas to raise gas prices,” Yun Hee Do, an analyst at Korea Investment, said in the note. “Korea Gas’s profit will improve sharply if crude prices do not spike again.” South Korea increased power and gas prices in June. The government plans to allow the utility to regularly adjust rates to reflect raw-material costs, starting October.

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