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Seoul shares closed a touch higher on Wednesday, as a late burst of foreign buying lifted SK Telecom Co and helped technology shares such as Samsung Electronics narrow earlier losses.
The market had spent most of the day in negative territory due to concerns about the impact of record high oil prices and a report showing weaker consumer spending in the key US export market.
"Some investors believed that the market may be nearing a trough, which sparked a late bout of buying by foreign and some domestic players," said Kim Hak-kyun, a strategist at Goodmorning Shinhan Securities.
The benchmark Korea Composite Stock Price Index (KOSPI) ended up 0.41 percent at 729.41 points.
Select blue chips advanced late in the session to give the market a much-needed lift.
Top mobile carrier SK Telecom jumped 3.13 percent to 165,000 won, while steel maker POSCO Co ended up 1.3 percent at 158,000 won.
Shares in Hyundai Motor rose 2.52 percent to close at 44,800 won.
Market leader Samsung Electronics Co Ltd, ended flat at 413,000 won.
Shares in South Korea's largest air carrier, Korean Air, lost 4.53 percent to close at 13,700 won, hit by surging oil prices and after its unionised pilots voted to strike over pay, analysts said.
Foreign investors bought a net 19.3 billion won ($16.57 million) worth of shares on the main board. Retail investors sold 13.2 billion won worth of shares and domestic institutions unloaded 883 million won worth. Volume stood at 283 million shares valued at 1.4 trillion won. Losers outpaced winners 435 to 254 with 97 shares ending flat.
The junior Kosdaq market fell 0.29 percent to 324.71.
The September KOSPI 200 futures index declined 0.05 point to 93.25 and the underlying KOSPI 200 spot index rose 0.38 point to 94.59.

Copyright Reuters, 2004

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