The value of foreign securities held by South Korean institutions climbed to a near record high in the second quarter as local asset managers and insurers beefed up their buying of foreign assets and equities, data showed Thursday.

The outstanding amount of foreign securities held by institutional investors reached US$115.3 billion as of the end of June, the highest level since the second quarter of 2007,   when it was $116.5 billion, according to the preliminary data by the Bank of Korea.

The amount increased $9.6 billion over the three-month period, quickening from a $7.8 billion gain in the first quarter.  

The quarterly gain also marks the third-fastest increase since the global financial crisis in late 2007, following a $10 billion surge in the second quarter of 2014 and a $9.9 billion rise in the second quarter of 2009.

Foreign securities refer to overseas stocks, bonds and Korean papers, or foreign currency-denominated securities issued by the South Korean government, banks or companies in overseas markets.

Foreign securities investments held by local institutions had hovered over the $90 billion threshold before the global financial crisis but suffered a setback following the unprecedented financial jolt. They recovered to the $90 billion level for the first time in six years in the second quarter of last year.

Asset managers saw the value of their foreign securities holdings rise by $3 billion to $49.8 billion, while those by insurers increased by $4 billion to $49.4 billion, according to the data. (Yonhap)