] The daily turnover of Korea’s main bourse KOSPI has reached a 22-month high in May, data showed on May 15.
The daily value of shares traded on the main stock market has averaged 6.67 trillion won (US$5.92 billion) through May 12, up 45 percent from the previous month and 32.4 percent from a year earlier, according to the data by the bourse operator Korea Exchange.
In particular, the turnover reached a monthly peak of 9.38 trillion won on May 10, a day after the country‘s snap presidential election, which liberal candidate Moon Jae-in of the Democratic Party won. It marked the first time since July 2015 that the average daily turnover of the main stock market has surpassed the 6 trillion-won mark.
The jump in the daily turnover was attributed to foreign investors’ brisk buying of local stocks. Offshore investors’ cumulative net buying came to 1.25 trillion won in the first 11 trading days of this month. In contrast, retail investors and institutions sold a net 1.05 trillion won and 113.2 billion won, respectively, during the period.
By Alex Lee and newswires (email@example.com