April 26, 2024

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[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 (ssh@heraldcorp.com)