POSCO top picks for foreigners in recent months

SEOUL, April 14 (Yonhap) — Foreign ownership in POSCO, South Korea’s biggest steelmaker by sales, climbed the most in recent months among the top 20 stocks in terms of market capitalization, the main bourse said Thursday.

Foreign shareholdings in the steel giant jumped to 49.32 percent as of April 11 from 47.28 percent at the end of December, posting the biggest rise among the top 20 market cap stocks, according to the Korea Exchange (KRX).

During the cited period, shares in POSCO soared 42.64 percent to 237,500 won (US$208) from 166,500 won, outperforming the broader KOSPI’s 0.46 percent gain. The sharp rebound came after POSCO’s plunge to 156,000 won on Jan. 21, the lowest level so far this year, amid an extended slump in the steel industry.

“The stock prices began to rebound from late January helped by price hikes in China and expectations of an improved financial status following bolder than expected restructuring,” a KRX official said.

Among other gainers, foreign shareholding in top cosmetic maker AmorePacific Corp. rose to 31.86 percent from 30.92 percent and No. 1 mobile operator SK Telecom Co. stocks owned by foreigners climbed to 40.26 percent from 39.38 percent during the mentioned period, according to the KRX data.

In contrast, foreigners shed their holdings in Samsung Life Insurance and Kia Motors Corp during the period on profit taking.

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