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Finance

Korean retail investors pay 10 percent premium for SK Hynix ADR

Korean retail investors sharply increased purchases of U.S. stocks during a domestic market correction, with July net buying at about $4.5 billion, CNBC reported. SK Hynix ADRs drew about $840 million, ranking second in Koreans’ U.S. securities net buying, even though the shares are available at home. Arcadian Asset Management’s Owen Lamont said the ADR traded about 10 percent above the Korean shares and called the buying abnormal.

Finance

RIA tax benefits cut raises concerns over faster exodus from Korean stocks

The tax deduction rate on capital gains from overseas stocks sold through Korea’s return-to-domestic-market account (RIA) will fall to 50 percent from 80 percent from the end of this month, prompting doubts about its policy impact. The Financial Supervisory Service said the deduction rate is determined by the settlement completion date, not the trade date. While RIA accounts increased, growth has slowed and total balances have declined, as buying of U.S. stocks has picked up again.

Finance

U.S. stock net buying by South Korean retail investors tops 5 trillion won amid domestic market pullback

South Korean retail investors\' net buying of U.S. stocks has topped 5 trillion won so far this month as a pullback in the domestic market persists. Net buying from July 1 to 27 reached $3.59 billion, with purchases concentrated in a leveraged U.S. semiconductor ETF and SK Hynix ADRs. The monthly total is about 5.5 times last month’s net buying, while net buying of a leveraged South Korea ETF declined.