South Korea’s institutional investments in foreign securities surged to $90.3 billion as of end-June as asset managers and insurers increased their net buying, central bank data showed Tuesday.

The outstanding value of foreign securities held by institutional investors rose by $10 billion in the April-June period, logging the biggest quarterly growth since the global financial crisis, according to the preliminary data by the Bank of Korea.

Foreign securities include stocks, bonds and so-called Korean paper ― foreign currency-denominated securities issued by the South Korean government, banks or companies in overseas markets.

The on-quarter surge came as asset managers’ investments during the three-month period rose by $4.8 billion, more than doubling from the $2.3 billion gain logged in the January-June period.

Insurers also increased their buying by $4.6 billion, compared with $3.2 billion from the previous quarter, according to the data. (Yonhap)