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Funds that invest in local equities have drawn bargain hunters over the past week while foreigners exited the Korean market amid rising uncertainties in the world's two major economies, data showed Tuesday.
Domestic stock funds took in 814.2 billion won ($677.4 million) from Aug. 17-24, far surpassing a 14.2 billion net inflow into foreign stock funds, data by market researcher FnGuide showed.
On Friday, local stock funds had a net inflow of 262.6 billion won, the largest daily amount since March 2011, when the benchmark KOSPI index dipped below the psychologically important 1,900-point following an exchange of artillery fire in the inter-Korean border on the previous day. In contrast, 4.2 billion won were withdrawn from foreign stock funds.
Their fund investment, however, has yet to result in profits as the recent Chinese stock market rout accelerated the foreign capital flight at a time when the U.S. Federal Reserve was considering an interest rate hike later this year.
The KOSPI sank 7 percent over the last week, ending at 1,928.81 points on Monday, after China's Shanghai Composite Index tumbled 8.5 percent on rising concerns over a slowdown in the world's second-largest economy. (Yonhap)
Domestic stock funds took in 814.2 billion won ($677.4 million) from Aug. 17-24, far surpassing a 14.2 billion net inflow into foreign stock funds, data by market researcher FnGuide showed.
On Friday, local stock funds had a net inflow of 262.6 billion won, the largest daily amount since March 2011, when the benchmark KOSPI index dipped below the psychologically important 1,900-point following an exchange of artillery fire in the inter-Korean border on the previous day. In contrast, 4.2 billion won were withdrawn from foreign stock funds.
Their fund investment, however, has yet to result in profits as the recent Chinese stock market rout accelerated the foreign capital flight at a time when the U.S. Federal Reserve was considering an interest rate hike later this year.
The KOSPI sank 7 percent over the last week, ending at 1,928.81 points on Monday, after China's Shanghai Composite Index tumbled 8.5 percent on rising concerns over a slowdown in the world's second-largest economy. (Yonhap)
