SEOUL, Dec. 14 (Korea Bizwire) — South Korean retail investors loaded up on shares of top-cap Samsung Electronics Co. last week amid a surge in its share price, data showed Monday.
Individual investors bought a net 1.26 trillion won (US$1.15 billion) worth of Samsung from Monday to Friday, their top pick among local companies, according to the data from the Korea Exchange.
In contrast, foreign investors and local institutions sold a net 1.29 trillion won worth of Samsung shares during the five-session period.
Individuals’ strong net buying comes as Samsung shares have been rising fast thanks to expectations for a recovery in global demand for semiconductors.
After reaching a near 10-month high on Nov. 13, Samsung, the world’s top smartphone and memory chip maker, broke the 70,000 won level on Dec. 4 and finished at 73,400 won on Friday.
In November, foreigners snapped up Samsung shares, leading the local stock market rally. Between Nov. 5-17, offshore investors bought a net 2.53 trillion won of Samsung shares.
Buoyed by a rebound in the global semiconductor market, South Korean brokerage houses have recently raised their target prices of Samsung to the 90,000 won range.
According to financial information provider FnGuide, local securities firms have offered a median forecast of 46.2 trillion won for Samsung’s 2021 operating profit, up 24.8 percent from this year.