Foreign investors are on their longest-ever buying spree of South Korean stocks – another sign that the country has emerged as a one of Asia's most popular safe-havens, analysts say.
Data on Monday showed foreign investors bought South Korean stocks for a 37th straight session, bringing the net total to more than 12.6 trillion won (US$ 11.8 billion), while the country's stock market closed at its highest level since August 2011.
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The data follows a report from investment bank Morgan Stanley last week which highlighted South Korea as a relative 'safe haven' within the emerging market region.
"Korea now stands out as a safe haven for investors, especially amid global macro uncertainty," read the report, which referred to South Korea's turnaround from a country once crisis prone to one that has become increasingly resilient to external shocks.
"Korea has been in the eye of every economic storm we have seen in Asia over the last two decades. However, 2008 proved to be a watershed year, as regulations were implemented to foster stability in its economy," said the report.
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South Korea has weathered a grueling test in recent months, amid the fallout from the U.S. Federal Reserve's planned tapering, which prompted a sharp sell off across most emerging market currencies, equities and bonds.
However, the export-led economy managed to emerge relatively unscathed. The won has depreciated 4.36 percent against the dollar since late May, in contrast to some of the more battered emerging market currencies like the Indian rupee, which has lost nearly 11 percent. Meanwhile the Kospi has risen over 3 percent over the same period.