SEOUL: South Korea's institutional investments in foreign securities surged to $90.3 billion as of the end of June as asset managers and insurers increased their net buying, central bank data showed Tuesday.
The preliminary data by the Bank of Korea showed that the outstanding value of foreign securities held by institutional investors rose by $10 billion in the April-June period, logging the biggest on-quarter growth since the global financial crisis, South Korean news agency Yonhap reported.
Foreign securities include stocks, bonds and so-called Korean paper that refers to foreign currency-denominated securities issued by the South Korean government, banks or companies in overseas markets.
The on-quarter surge came as asset managers' investments during the three-month period rose by $4.8 billion, more than doubling from the $2.3 billion gain logged in the January-June period.
Insurers also increased their buying by $4.6 billion, compared with $3.2 billion from the previous quarter, according to the data. (QNA)