Seoul shares up

Seoul stocks ended a shade higher on Tuesday, as investors snapped up local refiners betting on handsome margins from high oil prices, while late interest in index heavyweights such as Samsung Electronics also helped overturn initial tech-led losses. Foreign selling, sparked by weaker US technology shares, helped push the tech-laced Kosdaq down 0.83 percent to a lifetime closing low of 341.50 points, analysts said.
"The market is consolidating, but there are underlying uncertainties," said Kim Ji-hwan, an analyst at Hyundai Securities. "A weak economic outlook, falling US stock markets and a gloomy IT outlook are dragging down Korean shares with little hope of an early resolution."
The benchmark Korea Composite Stock Price Index (KOSPI) closed up 0.31 percent at 738.51, after falling by as much as 1.29 percent during the session.
Program-buying helped Samsung Electronics Co Ltd, the world's biggest maker of memory chips, end 0.48 percent higher at 420,000 won. The stock had fallen by as much as 1.91 percent earlier in the day.
Shares in local oil refiners also rose, with SK Corp, South Korea's largest oil refiner, rising 3.79 percent to end at 46,500 won ahead of its second-quarter earnings announcement on Wednesday.
Third-ranked S-Oil Corp surged 6.88 percent to end at 57,500 won.
SK Telecom Co, South Korea's largest mobile carrier, rose 2.48 percent to 165,000 won.
Also on the up, shares in Samsung Securities rose 4.17 percent to 17,500 won.
Top South Korean lender Kookmin Bank shed 2.22 percent to 33,000 won.
Flat-screen maker LG.Philips LCD Co Ltd, the second-biggest local tech stock behind Samsung Electronics, dipped 0.75 percent to end at 33,300 won.
Foreign investors sold a net 46.4 billion won ($39.96 million) in shares in quiet trading. Local institutions bought a net 72.5 billion won worth while retail investors sold a net 34.5 billion won.
Turnover stood at 1.29 trillion won, recovering slightly from Monday's 1.23 trillion won, the lowest of the year. A total of 369 million shares changed hands.
Decliners outnumbered advancers by 423 to 287, with 77 counters trading unchanged.
The September KOSPI 200 futures index rose 0.40 point to 95.40 and the underlying KOSPI 200 spot index moved up 0.44 point to 95.66.