Wednesday, April 8, 2020
Tesla Emerges as the Most Favored Overseas Stock among Korean Investors
Stock Prices of Battery Makers Rise Sharply
Tesla Emerges as the Most Favored Overseas Stock among Korean Investors
  • By Yoon Young-sil
  • February 7, 2020, 14:16
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Tesla has emerged as the most favored overseas stock among Korean investors.

Tesla has emerged as the most favored overseas stock among Korean investors. Riding on the back of the Tesla craze, Samsung SDI, one of the leading secondary battery makers, posted a record high in its stock price, while LG Chem's market cap surpassed that of Hyundai Motor Co. to take fifth place among KOSPI firms.

The Korea Securities Depository said on Feb 5. that Korean investors bought US$17.17 million worth of Tesla shares from Feb.3-4. Apple, which was the most favored stock in January, fell to fourth place with US$12.39 million, followed by Microsoft at fifth with US$9.22 million. Amazon fell from third place to eighth.

Tesla’s stock price more than doubled this year alone as a surplus for two consecutive quarters fueled investors’ expectations. Tesla's stock price rose 13.73 percent to US$887.06 in the U.S. stock market on Feb. 4 (local time).

In Korea, secondary battery-related stocks such as LG Chem, Samsung SDI and SK Innovation continue to fly high. Samsung SDI closed at 314,000 won on Feb. 5, up 1.95 percent from the previous trading day. At one point, the stock price hit 321,000 won. As a result, Samsung SDI hit a new high in terms of intraday and closing stock prices since its listing in 1979. Its market capitalization rose to 21.59 trillion from 16.23 trillion won at the end of last year, the eighth highest among Kospi companies. Samsung SDI jumped by 10 notches from 18th place at the end of last year.

Another battery maker, LG Chem climbed 0.66 percent on Feb. 5 to take fifth place in market cap, surpassing Hyundai Motor. SK Innovation also gained 4.69 percent, and preferred stocks of Samsung SDI surged 9.92 percent, renewing its 52-week intraday high.