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Samsung Electronics most favored by foreign investors in 2019: data

31.12.2019 4969
Samsung Electronics most favored by foreign investors in 2019: data
Global chip supplier Samsung Electronics Co. was the most favored stock by foreign investors this year, while Hyundai Motor Co. was the target of a foreign selling binge, data showed Tuesday.
Offshore investors, who were net sellers in 2018, net bought 1 trillion won (US$836.9 million) worth of local shares this year, according to the data compiled by the Korea Exchange (KRX), the main bourse operator, Yonhap reports.
In the Jan. 2-Dec. 30 period, they net bought 3.87 trillion won worth of Samsung Electronics shares, the largest sum among local companies.
South Korea's second-largest chipmaker, SK hynix, came next, with net foreign buying of 1.31 trillion won.
Foreign investors scooped up local chipmakers on hopes for a rebound in global chip prices, along with spreading optimism for further progress in the Sino-American trade tussle, although their business performance was generally lackluster in the face of a sharp decline in chip prices.
In the July-September period, Samsung Electronics saw its operating profit fall 55.7 percent on-year to 7.8 trillion won.
SK hynix also suffered a nose-diving 93 percent on-year drop in its operating profit to 472.6 billion won in the three-month period, its lowest since the second quarter of 2016.
Kakao Corp. was the third-most popular pick by foreign investors as they snatched up 863.3 billion won worth of Kakao stocks. The operator of Kakao Talk, South Korea's largest messaging app, was favored by foreigners on expectations of a rosy earnings outlook, particularly for its mobile ad services and other platform businesses.
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