Foreign investors end their KRX selling streak at 21 days

Foreigners on Friday ended their selling binge of Korean stocks that had lasted 21 sessions, helped by growing optimism that an interim deal may be reached in the protracted Sino-U.S. trade dispute.

Foreign investors net bought 43 billion won ($36 million) worth of local stocks after dumping a total of 5.2 trillion won worth of stocks in the Nov. 7 to Dec. 5 period, according to the data from the Korea Exchange (KRX).

Their buying mode came amid growing hope for a small deal between the United States and China. U.S. President Donald Trump said on Wednesday that the trade talks with China were “moving along well.”

The remark fueled expectations that the world’s two largest economies could sign an interim trade deal before the Dec. 15 deadline, when another round of heavy tariffs by the United States are set to be imposed.

Thanks to strong foreign buying, the country’s benchmark index, the Kospi, rose 21.11 points, or 1.02 percent, to close at 2,081.85 on Friday.

Yonhap