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S. Korean stock investors swoop on Tesla in H2

All News 08:17 September 09, 2020

SEOUL, Sept. 9 (Yonhap) -- Electric vehicle leader Tesla Motors Inc. has been South Korean investors' most-bought issue among foreign shares since July amid an overseas stock buying craze here, data showed Wednesday.

Domestic investors bought a net US$1.56 trillion won worth of Tesla shares between July 1 and Tuesday, according to the data from the Korea Securities Depository.

Their net buying peaked at $761 million in July before declining to $471 million in August and rising again to $489 million this month.

S. Korean stock investors swoop on Tesla in H2 - 1

Market watchers said local investors appear to have considered Tesla's stock split last month as an opportunity to buy the dip.

Tesla conducted a 5-for-1 stock split last month and trading began at the adjusted price on Aug. 31. Tesla closed at $418.32 on Friday.

Smartphone giant Apple Inc. was the second-most-bought stock by South Korean investors with $773 million, followed by graphic card maker Nvidia with $509 million and Amazon with $452 million.

Turnover of overseas stock transactions came to $42.3 billion over the cited period, more than the full-year amount of $40.98 billion for 2019. The value of U.S. stock trading accounted for nearly 87 percent of the total.

South Korean investors' net buying of overseas stocks stood at $5.87 billion during the period, according to the data.

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