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Korean Stocks Lure Biggest Daily Foreign Inflow Since August
(Bloomberg) -- 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 ($385 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 Co. The measure, which moved into expansion territory for the first time in eight months, serves as an indicator for the country’s exports.