Foreign investors turned into net buyers of South Korean stocks in November, ending their two-month selling streak, as central banks from major economies such as Japan and China stepped up their monetary easing measures, data showed on Monday.
Overseas investors bought 1.8 trillion won ($1.62 billion) worth of local shares last month, a turnaround from the 2 trillion won net sell-off in October and the 600 billion won net selling in September, according to the data compiled by the Korea Exchange.
Japan’s central bank earlier this month vowed to ramp up its efforts to combat deflation in the world’s third-largest economy by expanding its asset purchases.
China also joined a similar move by cutting benchmark interest rates for the first time since 2012, in a bid to support its weakening economy.
By company, Samsung SDS Co., a key IT unit of the country’s top conglomerate Samsung Group, was the top pick for foreign investors last month. They scooped up a net 909 billion won worth of Samsung SDS, followed by SK hynix Co. with 287 billion won, and POSCO with 155 billion won.
Foreign buying of Samsung SDS, which made its market debut on Nov. 14 on the local stock market, has accelerated as global index provider MSCI added it to the emerging market index. (Yonhap)
