South Korea’s benchmark Korea Composite Stock Price Index (Kospi) on Tuesday enjoyed its longest winning streak of 13 days, lifted by the buying spree of foreign investors amid eased concerns over the world’s two biggest economies.

The country’s main Kospi index on Tuesday gained 5.75 points, or 0.26 percent, to end at 2,248.63, extending its winning streak for 13 days since Mar. 29. It is the second time for the index to gain for 13 straight days since it was introduced on Jan. 4, 1980. The only 13-day winning streak was in 1984 from Jan. 19 to Feb. 2.

The Kospi opened the session 1.82 points, or 0.08 percent, lower from Monday at 2,241.06, but soon rebounded on foreign buying. The index closed at the highest level in six months since 2,253.83 closing on Oct. 8.

Foreigners net purchased 153.9 billion won ($135.5 million) worth of shares, whereas retail investors offloaded 95.7 billion won and institutional investors 54.3 billion won. Foreign players were net buyers for 12 of the last 13 trading days with total purchases amounting to 2.5 trillion won.

Hana Financial Investment Co. said offshore investors’ appetite for local shares has remained strong since it revived late last month. They have turned positive about the global economy after the U.S. and China recently released better-than-expected economic data. The U.S. Fed’s more accommodative monetary policy has further buoyed foreign investors’ appetite for risky assets, it added.

Large-cap stocks mainly led the march. Samsung Electronics Co. gained 0.43 percent, SK Hynix Inc. 0.88 percent, Hyundai Motor Co. 2.39 percent, Celltrion Inc. 2.21 percent, Posco 0.19 percent, and Hyundai Mobis Co. 3.45 percent. LG Chem Ltd., however, lost 0.13 percent, Samsung BioLogics Co. 0.27 percent, and LG Household & Health Care Co. 0.42 percent.

The heavy-tech secondary Korea Securities Dealers Association (Kosdaq) index, meanwhile, ended 1.73 points, or 0.23 percent, lower at 765.02 on Tuesday. The index began the session 0.84 points, or 0.11 percent, higher than the previous day’s closing at 767.59, but soon reversed its direction. Retail investors net purchased 52.6 billion won worth of shares while foreign and institutional investors offloaded 28.5 billion won and 19.6 billion won, respectively.

By Chung Seung-hwan and Lee Eun-joo

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