Tech Stocks a Retail Darling Despite Flight by Foreigners

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Tech Stocks a Retail Darling Despite Flight by Foreigners

Foreigners cut their holdings in technology stocks but increased their investment in automakers, shipbuilders and related stocks on the Korean Stock Exchange so far this year, the exchange said Monday.

Local retail investors added technology shares, fleeing from vehicle-related stocks during the same period.

The exchange said that foreign investors held 2.06 billion shares listed on the main market on Friday, down fractionally from the end of last year. Foreign holdings accounted for 16 percent of the total listed shares. Retail investors held 5.05 billion shares, or 38 percent of the total.

According to the exchange, the ratio of foreigners' investment in technology stocks to their total holdings fell to 14 percent on Friday, down nearly 11 percentage points from the end of last year. Their ratio of holdings in vehicle-related stocks was up 5 points and that of financial stocks rose by just over 3 percentage points.

Retail investors' ratio of technology stock holdings passed 53 percent on Friday, a rise of over 13 percentage points from the end of last year. During that period, technology stock prices, measured by the Korea Stock Exchange technology index, declined 1.1 percent. Retail buyers lowered their proportion of vehicle-related shares by nearly 7 percentage points during the same period.



by Kim Dong-sun

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