Foreigners turn net buyers in July
[THE INVESTOR] Foreign investors turned net buyers in the Korean stock market for the first time in four months in July as they scooped up local shares in the second-quarter earnings season, the central bank said on Aug. 8.
Foreigners purchased US$120 million worth of Korean shares last month, swinging from net selling of $640 million tallied in June, according to the Bank of Korea.
They had remained net sellers since April, when they dumped US$2.04 billion worth of Korean stocks as intensifying US-China trade disputes fueled uncertainties in the global financial sector.
This changed in July, as most local companies released their second-quarter earnings reports, which caused offshore investors to became bullish despite ongoing trade concerns.
On the bond market, offshore investors bought US$1.31 billion worth of assets in Korea, slightly down from US$1.91 billion in the previous month. They have stayed net buyers since January.
In total, foreigners purchased a net $1.43 billion worth in the local equity market last month.
By Song Seung-hyun and newswires (firstname.lastname@example.org)