Foreign purchases of South Korean tech and auto stocks have reached over 16 trillion won ($12 billion) so far this year, according to the Korea Exchange on Monday.
Foreigners bought 16.45 trillion won worth of Samsung Electronics Co., Hyundai Motor Co. and other related stocks this year through May 26, according to the main bourse.
In the first five months, foreigners bought 9.78 trillion won worth of Samsung Electronics stocks, followed by 1.26 trillion won worth of Hyundai Motor shares, 1.1 trillion won of SK hynix Inc. shares, 967.3 billion won worth of Samsung SDI Co. shares and 546.9 billion won of Kia Corp. shares.
Foreigners scooped up a massive amount of Samsung Electronics and SK hynix shares amid expectations that global chipmakers have hit bottom and are on a path to recovery in terms of profitability, analysts said.
Hyundai and Kia stocks are expected to rise further on low inventories and increased sales of their high-end models in global markets. (Yonhap)