Foreign purchases of S. Korean stocks soar in April

SEOUL, May 1 (Yonhap) -- Foreign investors nearly quadrupled their buying of
South Korean stocks in April on the back of the country's improved economic
indicators, the bourse operator said Friday.

Overseas investors snapped up a net 4.1 trillion won (US$3.2 billion) worth of
shares on the main bourse and the secondary tech-heavy market last month,
according to the Korea Exchange. They bought 1.1 trillion won of local stocks in
March.
The strong buying in April brought foreigners' total purchases since the start of
the year to 4.7 trillion won, according to the bourse operator.
Meanwhile, foreign buying of South Korean bonds was also substantial through the
first four months of the year.
Overseas buyers purchased a total of 4.9 trillion won worth of bonds during the
January-April period. In April alone, they bought 900 billion won worth of debts,
the Korea Financial Investment Association said.
"Amid sustained global financial jitters in the U.S. and Europe, overseas
investors shifted their focus to the local markets as the nation's stabilizing
currency and improving economic indicators make the shares more attractive," said
a market expert.
The local key KOSPI index has regained about 22 percent so far this year after
plunging 40 percent last year. The South Korean won also rose nearly 22 percent
after hitting a yearly low of 1,570.3 won on March 2.
The South Korean economy, Asia's fourth-largest, expanded 0.1 percent in the
January-March period, compared with three months earlier, fed by state
pump-priming.
pbr@yna.co.kr
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