Seoul stocks steady

Seoul shares closed nearly steady on Tuesday, initially weighed down by soaring oil prices but trimming losses late in the session after Greece clinched a long-awaited debt deal. "The recent string of bullish factors have been fully priced into shares and in the absence of any new cues, rising oil prices were enough to trigger adjustments," said Kim Sung-bong, a senior market analyst at Samsung Securities.
Brent crude futures held nearly steady after topping $120 a barrel on Monday for the first time in more than eight-months, with buyers across Asia and Europe cutting Iranian crude imports amidst rising tensions with the West. The Korea Composite Stock Price Index (KOSPI) inched 0.03 percent lower to close at 2,024.24 points.
Profit-taking weighed as institutional funds dumped shares for a fifth-consecutive day, offloading a net 308.3 billion won ($274.4 million) worth of stocks. Foreign investors bought a net 130.9 billion won worth. Airline shares were hit hardest by the oil surge, with South Korea's flagship carrier Korean Air tumbling 6.39 percent while Asiana Airlines shed 4.39 percent on fears of rising jet fuel costs.
Shipping lines were also hit by worries about additional fuel expenses. Hanjin Shipping Holdings fell 3.07 percent while STX Pan Ocean slid 3.46 percent. Shipbuilders underperformed, with Daewoo Shipbuilding & Marine Engineering sheding 2.67 percent while Samsung Heavy Industries declined 2.79 percent.
Samsung Electronics extended its rally, having set an all-time intra-day high for four straight trading sessions before Tuesday. Samsung shares hit another record intraday peak of 1,198,000 won earlier in the session but eased back to close up 0.43 percent at 1,118,000 won. Taihan Electric Wire soared 5.52 percent, setting a three-day winning streak and gaining nearly 14 percent since February 7, when the cash-strapped wire-maker successfully secured a 430 billion won co-loan package. 701.9 million shares exchanged hands in the main bourse while declining shares outnumbered winners 442 to 379. The KOSPI 200 index ticked 0.02 percent lower while the junior, tech-heavy KOSDAQ index closed up 0.51 percent.