SEOUL, June 6 (Korea Bizwire) — South Korean investors are continuing to buy shares in electric vehicle leader Tesla Inc. despite the plunging price, data showed Sunday.
Local investors bought US$1.03 billion worth of Tesla shares last month, the highest since last December, according to the data from the Korea Securities Depository.
As such, South Korean investors owned $12.69 billion in Tesla stock as of June 1.
“That represents 1.58% of Tesla’s market value and makes South Korean shareholders the fifth-largest holder group excluding Elon Musk,” Bloomberg reported last Friday.
The recent fluctuation in Tesla’s share price was seen by many as a chance to buy at a discount.
Tesla’s shares dropped 12.9 percent in May alone. Since earlier this year, shares have dropped by 28.2 percent.
South Korean investors also bought shares of other U.S. tech giants last month, many of which have been seeing price drops.
Investors bought $428 million of the ProShares UltraPro QQQ ETF (TQQQ), which aims to offer three times the daily return of the Nasdaq 100 index and $152 million of Apple shares.
They also bought $69 million worth of Direxion Daily Semiconductor Bull 3X SHS ETF, which has an investment objective of three times the daily return of the Philadelphia Semiconductor Index and $53 million worth of IONQ, a quantum computer startup in the U.S.
H. M. Kang (firstname.lastname@example.org)