South Korean investors increasingly bet big on Apple
During the last quarter of 2019, investors in South Korea bought almost $60 million of Apple shares. In a region dominated by Samsung, this made Apple the biggest foreign company for investors.
In the last quarter, October to December 2019, investors in South Korea together bought a total of $59.3 million worth of shares in Apple stock. This is specifically South Korean investors buying new shares and does not include the existing Apple stocks that were traded locally.
Going by the new investments, The Korea Herald says that Apple grew by 86%, and outperformed all other technology shares.
Figures from the Korea Securities Depository (KSD) say that in December alone, South Korean investors bought $30.6 million worth of Apple shares. Local investors' now hold $236 million of Apple shares, as compared to $134 million a year ago.
South Korea is home to Samsung, but the The Korea Herald says that investors have been buying more American stocks in the last year. It says this is because "the Korean stock market suffered a relatively dull performance compared with the US market."
The publication also credits better than expected sales of Apple new products during the year, including the Apple Watch.