July 13, 2021 12:47
Samsung Electronics was the favorite stock among Korean retail investors this year, but foreigners preferred other shares.
According to the Korea Exchange on Monday, retail investors snapped up W25.5 trillion worth of Samsung shares so far this year, accounting for 40 percent of all stocks they bought on the Korean bourse (US$1=W1,148).
But foreign investors sold W12.2 trillion worth over the period and owned 53.5 percent of the company as of July 9, the lowest level in almost three years.
Two years ago they owned the biggest chunk of the electronics giant with 58.01 percent. Institutional investors also cashed in W14.2 trillion worth of the stock.
Analyst Paul Choi at Hong Kong's CLSA said, "Korean IT companies benefited in the coronavirus pandemic as more people worked from home, driving up demand for computers, TVs and other durable goods. But foreign investors are now leaving Korea on expectations of relatively bigger growth in countries with strong tourism and service sectors when they emerge from the pandemic."
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