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[Apha Biz=(Chicago) Reporter Paul Lee] Foreign investors, who are continuing their net selling due to signs of a prolonged high interest rate, are steadily buying KT shares, which are considered high-dividend telecommunication stocks.
According to securities firms on the 13th, KT closed at 33,300 won, down 200 won (0.6%) from the previous day.
The decline on the day is attributed to concerns that poor performance in the third quarter of this year will continue. According to financial information provider FnGuide, KT's third-quarter operating profit consensus (average stock market forecast) rose 0.6% year-on-year to 455.6 billion won.
Foreigners have focused on KT shares in the past month as dividend attractiveness has been highlighted despite sluggish earnings forecasts in the third quarter. From November 11 to this day, foreigners bought 107.1 billion won worth of KT and ranked third in net buying.
It is more than twice the net purchase amount of Hana Financial Group (52 billion won), the fifth-largest net foreign buyer during the same period. It bought more than financial stocks, which are classified as representative dividend stocks along with telecommunication stocks.
KT shares have been on the decline for the past nine months due to a management vacuum, but surged 11.85% in August when new CEO Kim Young-sup took office.
AlphaBIZ 폴 리(hoondork1977@alphabiz.co.kr)
