April 19, 2024
Market Now
Strong foreign buying spurs stock market rally
[THE INVESTOR] The past week saw foreign investors loading up on South Korean large-cap stocks, propelling the benchmark index to the 2,100-point level for the first time in 19 months, data showed on Feb. 24.
According to the data by the Korea Exchange, offshore investors were net buyers of local shares for the last six consecutive sessions, with their net purchases reaching 1.12 trillion won (US$980 million).
Lotte Shopping, a flagship unit of retail conglomerate Lotte Group, was the most coveted issue with foreign buying coming to 187.8 billion won.
Analysts pointed out that foreigners probably snapped up Lotte Shopping as it was deemed undervalued despite such positives as strong fourth-quarter earnings and a group plan to establish a holding company.
Lotte Shopping finished higher for the past two sessions after going south for three days due to unfavorable leads like China‘s threat of retaliation against the planned deployment of an advanced missile defense battery in South Korea.
(theinvestor@heraldcorp.com)
According to the data by the Korea Exchange, offshore investors were net buyers of local shares for the last six consecutive sessions, with their net purchases reaching 1.12 trillion won (US$980 million).
Lotte Shopping, a flagship unit of retail conglomerate Lotte Group, was the most coveted issue with foreign buying coming to 187.8 billion won.
Analysts pointed out that foreigners probably snapped up Lotte Shopping as it was deemed undervalued despite such positives as strong fourth-quarter earnings and a group plan to establish a holding company.
Lotte Shopping finished higher for the past two sessions after going south for three days due to unfavorable leads like China‘s threat of retaliation against the planned deployment of an advanced missile defense battery in South Korea.
(theinvestor@heraldcorp.com)
