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| A dealer looks at screens displaying the main KOSPI index and won-dollar exchange rate at a Hana Bank branch in central Seoul, May 31. Yonhap |
Foreign investors have snapped a months-long selling streak and turned to buying Korean stocks, data showed Wednesday, amid eased worries over a global recession and China's struggle with COVID-19 outbreaks.
They scooped up a net 1.72 trillion won ($1.38 billion) on the country's main KOSPI market from last Thursday through Tuesday, including about 1.05 trillion won purchased Tuesday alone, according to the Korea Exchange.
In May, foreigners bought a net 130.6 billion won, turning net buyers for the first time since December last year on a monthly basis.
From the beginning of this year until May 25, they had sold off more than 12 trillion won worth of local equities.
Overseas investors account for about 30 percent of the KOSPI.
"We have recently seen the foreigners' portion hitting a historical low, but the foreign fund flow is back as China has eased its lockdown measures and investors are increasingly becoming tolerant of the U.S. monetary tightening issue," Seo Jeong-hoon, a senior analyst at Samsung Securities, said.
Foreigners largely opted for auto, rechargeable battery and finance stocks.
Last month, they bought 397 billion worth of shares in Kia, the smaller affiliate of top automaker Hyundai Motor. The investors also bought about 288 billion won worth of stocks in top battery maker LG Energy Solution, followed by 198 billion won in Woori Financial Holdings.
Individuals sold off a net 1.06 trillion won and institutions bought a net 663 billion won in the same period, the data showed. (Yonhap)
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