Foreigners Switch to 'Palja' in 4 Weeks... KOSDAQ Sees 'Saja'
[Asia Economy Reporter Song Hwajeong] Foreign investors have turned to a selling trend in the domestic stock market for the first time in four weeks.
According to the Korea Exchange on the 9th, foreign investors net sold about 197.4 billion KRW in the domestic stock market during the week from the 3rd to the 7th. They sold 283.6 billion KRW in the KOSPI market while purchasing 86.1 billion KRW in the KOSDAQ market.
The stock most purchased by foreign investors last week was LG Chem. Foreign investors net bought LG Chem for 125.1 billion KRW last week. This was followed by LG Electronics with purchases worth 64.9 billion KRW. Other net purchases included LG Household & Health Care (53.2 billion KRW), Naver (418 billion KRW), KB Financial Group (39.8 billion KRW), CJ CheilJedang (33.3 billion KRW), LG (29.6 billion KRW), Kumho Petrochemical (28.0 billion KRW), POSCO (27.4 billion KRW), and Lotte Chemical (26.0 billion KRW).
The stock most sold by foreign investors last week was SK Hynix. Foreign investors net sold SK Hynix for 241.6 billion KRW, marking the second consecutive week as the most sold stock. This was followed by Kakao, which was sold for 234.6 billion KRW. Other top net sales included Samsung Electronics (210.3 billion KRW), Seegene (98.1 billion KRW), Hyundai Motor (94.2 billion KRW), SK Telecom (54.1 billion KRW), Samsung Electronics Preferred (46.4 billion KRW), Samsung Fire & Marine Insurance (26.2 billion KRW), Kolmar BNH (22.3 billion KRW), and Hyundai Mobis (22.1 billion KRW).
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Despite the recent rise in the stock market leading to high valuation burdens, the market is still considered attractive. Roh Nokgil, a researcher at NH Investment & Securities, said, "Although the pace of corporate profit improvement is slow, the KOSPI has settled around the 2300 level, increasing valuation pressure." He added, "The forward price-to-earnings ratio (PER) of the 12 KOSPI sectors rose to 12.8 times, continuously hitting the highest levels since 2010." Roh also noted, "However, peripheral funds in the domestic stock market have also reached record highs due to the accommodative monetary policy stance, and the relative expected return of the domestic stock market compared to the bond market exceeds 6 percentage points, so the attractiveness of stocks remains."
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