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Saudi Arabia has emerged the largest investor in the Korean stock market this year, replacing U.S. and British funds that until recently had enormous influence on the local market.
Using Financial Supervisory Service documents, the Chosun Ilbo on Thursday analyzed investments by foreigners through to April. Saudi Arabia topped the list with the net purchase of W1.177 trillion (US$1=W1,044) worth of stocks. American and British investors fled Korea after selling stocks worth W10.8 trillion and W4.6 trillion respectively during the same period.
Saudi Arabia was followed by Norway (W468.7 billion), France (W375.9 billion) and China (W337.6 billion). Another Middle Eastern country, the United Arab Emirates, ranked fifth with the purchase of W292.6 billion worth of stocks.
With the Korean stock market rallying a bit as of May 15, the Caiman Islands, a well-known tax haven, was emerging as another large investor by buying W319.2 billion worth of stocks.
(englishnews@chosun.com )
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