Foreign investors snap 30-session selling streak

SEOUL, April 17 (Yonhap) -- Foreign investors on Friday ended their weeks-long selling binge on the South Korean main bourse, primarily on reports on a potential treatment for the new coronavirus.

Foreign investors net bought 318.1 billion won (US$261.3 million) worth of local stocks on the main bourse on Friday, ending a selling spree of 30 consecutive sessions, according to data from the bourse operator Korea Exchange (KRX).

In the March 5-April 16 period, offshore investors dumped a total of 14.7 trillion won worth of stocks.

Foreigners' buying came amid positive reports on Gilead Sciences' remdesivir, an experimental coronavirus treatment. The U.S. pharmaceutical giant said its trials on severe COVID-19 patients have shown encouraging data.

The White House's new guidelines on re-opening the economy also fueled expectations for a rebound in financial markets. The three-phase guidelines, issued late Thursday (local time), allow states and employers to emerge from most social distancing practices and shutdowns within a month.

Buoyed by strong foreign buying, the country's benchmark Korea Composite Stock Price Index (KOSPI) rose 57.46 points, or 3.09 percent, to close at 1,914.53 on Friday.

jwc@yna.co.kr
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