Seoul, Nov 16 (IANS) South Korean individual investors’ net purchases of overseas stocks reached a new high for a half-month period in November, driven by their aggressive investment patterns, officials here said on Sunday.

Local investors bought a net US$3.63 billion worth of foreign stocks in the first 14 days of this month, more than double the $1.77 billion recorded during the same period last month, according to the Korea Securities Depository and the Korea Center for International Finance, reports Yonhap news agency.

While U.S. stocks accounted for the bulk of the purchases, retail investors also acquired $180 million in European shares, $170 million in Hong Kong shares, and $150 million in Chinese shares. Japanese stocks were net sold to the tune of $350 million.

Notably, investors net purchased $560 million of Meta Platforms Inc., anticipating a rebound after the stock plunged sharply in a short period, approaching the $600 mark this month.

The recent surge in overseas stock purchases has coincided with net sales of domestic stocks by foreign investors.

According to the Korea Exchange, foreign investors have engaged in large-scale profit-taking in the Korea Composite Stock Price Index (KOSPI) market, recording cumulative net sales of 9.12 trillion won.

Earlier, South Korean individual investors’ net purchases of overseas stocks reached an all-time high in October.

Local retailers bought a net US$6.81 billion worth of foreign stocks in October, nearly 2.5 times higher than the $2.77 billion recorded a month earlier, according to the data from the Korea Center for International Finance (KCIF).

U.S. stocks made up the largest share of their purchases, totaling $6.85 billion.

In particular, investments in artificial intelligence (AI) and technology stocks surged $1.62 billion in September to $3.25 billion last month, representing 47.4 percent of total U.S. stock purchases.

—IANS

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