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South Korean stocks lure biggest daily foreign inflow since August

Bloomberg
Bloomberg • 1 min read
South Korean stocks lure biggest daily foreign inflow since August
Global funds bought 539.6 billion won ($517 million) worth of Kospi Index members on a net basis on Tuesday, the most since Aug 16. Photo: Bloomberg
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South Korea’s stock benchmark attracted its biggest foreign inflow in more than three months as strong US economic data bode well for growth in the export-oriented country.

Global funds bought 539.6 billion won ($517 million) worth of Kospi Index members on a net basis on Tuesday, the most since Aug 16.

That boosted the measure 1.9% higher after two days of declines. 

Investors found comfort in improvement to the US ISM manufacturing new orders gauge, according to Seo Sang-young, a strategist at Mirae Asset Securities.

The measure, which moved into expansion territory for the first time in eight months, serves as an indicator for the country’s exports. 

See also: South Korean regulator opposes legal changes sought by stock investors to address ‘Korea discount’

Chart: Bloomberg

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