SEOUL, Feb. 11 (Korea Bizwire) — Foreign investors raked in bio and chemical shares while dumping chip and auto stocks during the past two weeks of adjustment, putting the key stock index in a tight band.
The benchmark Korea Composite Stock Price Index (KOSPI) has been in a lengthy adjustment period since Jan. 26, after hitting a record high of 3,208.99 points.
Foreigners, whose selling intensified during the three-week period, picked up pharmaceutical heavyweights, such as Celltrion and Samsung BioLogics, and chemical giant LG Chem, according to data from the Korea Exchange (KRX).
From Jan. 26 to Feb. 10, offshore investors bought a net 507.3 billion won (US$458.7 million) worth of Celltrion, 190.7 billion won Samsung BioLogics and 203.7 billion won of LG Chem.
During the cited period, they sold a net 5.1 trillion won on the main bourse.
Foreigners’ selling spree centered on major tech stocks, such as Samsung Electronics and carmaker Kia. They sold a net 3 trillion won worth of Samsung Electronics and 551.6 billion won of Kia — both of which topped the list of picks by individual investors.
Retail investors bought 5.2 trillion won of Samsung Electronics, 602.2 billion won of Kia and 598.9 billion won of preferred shares in Samsung Electronics. Celltrion and Samsung BioLogics were atop their list of most sold shares.
Since the beginning of the year to Feb. 10, foreign investors net sold 4.7 trillion won on the main bourse, while individuals bought 24.8 trillion won. Institutions offloaded 19.4 trillion won.