Investors pick Apple as their top foreign stock
Apple was the top foreign pick by Korean investors during the fourth quarter of last year as local investors joined the rush to buy shares in the U.S. tech company on hopes of it making a rally, data showed Monday.Apple outperformed all other market-leading tech shares in 2019, rising 86 percent, as its new products, such as the Apple Watch 4 series, drew better-than-expected market response.
According to the data compiled by the Korea Securities Depository (KSD), Korean investors net bought $59.3 million worth of Apple shares, the largest tally among all foreign companies during the October-December period of 2019.
In December alone, Korean investors scooped up $30.6 million of Apple, the data showed.
Apple stock holdings by local investors also swelled to $236 million as of Jan. 3, up from $134 million a year earlier.
Apple closed at a record high of $300.35 in New York on Thursday, up 2.3 percent from the previous session’s close, with its market capitalization standing at $1.3 trillion.
Retail investor appetite for U.S. stocks has increased sharply this year as the Korean stock market suffered a relatively dull performance compared with the U.S. market.
The benchmark Kospi closed at 2,197.67 in the final trading session of the year, up 7.67 percent, or 156.63 points, from last year’s final closing at 2041.04.
Over the same period, the Dow Jones Industrial Average soared 24.54 percent.
Yonhap
with the Korea JoongAng Daily
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