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Korean investors bought 6.7 trillion won ($5.7 billion) worth of overseas stocks in March, the biggest monthly buying since November 2007, backed by tax benefits, the central bank said Monday.
In March, overseas stock buying by domestic individual and institutional investors more than doubled from $2.75 billion a year earlier. They bought foreign shares worth $6.55 billion in November 2007, showed data from the Bank of Korea (BOK) and the Korea Financial Investment Association (KOFIA).
"The financial authorities began to offer tax benefits to overseas stock investments on Feb. 29 to help ease the won's strengthening against the dollar," a KOFIA official said.
The won has gained 1.6 percent against the dollar this year.
To invest in overseas stocks, local investors have to change the local currency into U.S. dollars, driving up demand for the greenback. An increased demand for dollars will push down the won's value, she explained.
Korea posted $10.09 billion in its current account surplus in March, marking a surplus for 49 consecutive months, according to BOK data.
"As current account surpluses mean an increase in dollars in the market and increased dollars will further strengthen the won, the authorities reintroduced tax-free overseas equity funds that were temporarily available here from 2007-2009," the official said. (Yonhap)
