Seoul: Major chipmaker SK hynix was the top pick for foreign investors in the first quarter of the year, data showed Saturday. The foreign investors scooped up a net 1.88 trillion won (US$1.28 billion) worth of SK hynix shares during the January-March period on hopes for a turnaround in the sector, according to the data compiled by the Korea Exchange.
According to Yonhap News Agency, defense firm Hanhwa Aerospace and internet portal operator Naver followed SK hynix with net buyings of 733 billion won and 434 billion won, respectively. In contrast, foreign investors heavily sold shares worth 1.18 trillion won of shipbuilder Hanhwa Ocean in the first quarter. This was followed by top automaker Hyundai Motor with 790 billion won and leading banking group KB Financial with 548 billion won in sold shares.
In the first three months of the year, foreign investors sold a net total of 4.73 trillion won worth of local stocks, reflecting a cautious approach towards certain sectors while showing confidence in the anticipated recovery of the semiconductor industry.