Tesla (NASDAQ: TSLA) share buying hit its highest level in 2022 for Korean day traders. They took advantage of their decline in value as they were looking for good deals.
Retail investors in South Korea purchased $1.04 billion worth of Tesla shares in May, according to the Korea Securities Depository, reported to yahoo!finance. This was their biggest monthly purchase since December 2021, when net purchases totaled $1.06 billion.
With domestic equities in a bear market, nearly 10 million equity retailers in South Korea are looking for higher returns on overseas assets. Investors paid special attention to Tesla, whose value has been falling throughout the year. This was a great opportunity to fill their portfolios with shares of a promising manufacturer at a heavily discounted price. According to many investment firms and Tesla CEO Elon Musk, the company has high long-term potential.
According to the Korea Securities Depository, Tesla shares are the most popular overseas shares held by South Korean investors. As of June 1, they owned $12.7 billion worth of shares. This represents 1.58% of Tesla's market value and makes South Korean shareholders the fifth-largest holding group outside of Elon Musk himself.
© 2022, Eva Fox | Tesmanian. All rights reserved.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.