Hyundai Motor shares most popular among foreignersShares of Hyundai Motor were the most popular among foreign buyers lately, according to a report by the Korea Exchange (KRX) on Sunday.
The KRX said foreign buyers purchased 106.3 billion won worth of shares of the nation’s leading automaker from Wednesday to Friday. The foreigners were also aggressive buyers after ending their recent selling spree, acquiring 521.1 billion won worth of shares during the same time in the local stock market.
Due to foreigners’ aggressive moves, Hyundai Motor’s stock value increased to the 160,000 won per share level for the first time in four months. On Wednesday, it traded at 163,000 won per share, reaching over 160,000 won for the first time since May 26. Foreigners were also buyers of Hyundai’s sister company, Kia Motors, purchasing 53.6 billion won worth of shares during the same time. The average share value once fell 43,000 won per share in July, but the value increased to the 50,000 won per share level.
Stock analysts said the two auto giants’ sales improvement in key markets, including the United States and Europe, as well as the weakening Korean won, had motivated foreign investors to become buyers.