Foreign Investors Shy Away From Long-Time Favorites

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Foreign Investors Shy Away From Long-Time Favorites

Shifting from Korea's largest stocks such as Samsung Electronics Co. and SK Telecom Co., foreign investors concentrated their buying in LG Electronics Co. and Hyundai Motor Co. last month, the Financial Supervisory Service said Monday. Overseas investors snapped up shares worth some 2 trillion won ($1.6 billion) on the Korea Stock Exchange and unloaded 2.5 billion won of shares on the Kosdaq market in May.

Among main exchange issues, foreign investors showed the greatest interest in LG Electronics, purchasing 248.6 billion won of its shares. After that came Hyundai Motor Co. (173.7 billion won in purchases), Kookmin Bank (134.7 billion won), Pohang Iron & Steel Co. (105.6 billion won) and Samsung Securities Co. (101.2 billion won). Foreign investors bought only 43.5 billion won of shares in Samsung Electronics, their darling for many years, and SK Telecom was the most heavily sold by overseas investors, who dumped 298.4 billion won of the telecommunication operator's shares. Good Morning Securities Co. (45.5 billion won in net sales), LG Chem Investment (30.5 billion won) and Samsung Heavy Industries Co. (29.9 billion won) were also out of favor.

At the end of May, shares held by foreign investors amounted to 31 percent of the total value of the main exchange.



by Lee Chul-ho

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