As the South Korean stock market remains sluggish, retail investors are shifting to US stocks; net buying this month exceeds 50 trillion won

PANews July 28, 2024, according to Gelonghui, and according to South Korea’s Seoul Economic Daily. As the slump in the Korean stock market continues, Korean domestic investors have once again turned to US stocks. This month, the scale of net purchases of US stocks has exceeded 50 trillion won. Data from Seibro, the securities information portal of the Korea Securities Depository, shows that between July 1 and July 27, Korean domestic investors’ total net purchases of US stocks amounted to $3.59B, or about 5.5 times the net purchases for the entire month of June. As of the 23rd, net purchases were only $2.53B, but then over the next two trading days they increased by $1.0597B. Retail funds have mainly been concentrated in the semiconductor and technology sectors. The product with the highest net purchases this month was Direxion Daily Semiconductor Bull 3X ETF, which tracks the Philadelphia Semiconductor Index, with net purchases reaching $1.7592B. SK hynix ADR has also continued to be in demand; by July 27, its net purchases had risen to $812.38 million.