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[Alpha Biz=(Chicago) Reporter Paul Lee] The share of foreigners in HYBE is soaring. Analysts say foreign investors net bought HIVE shares worth nearly 400 billion won in a month, expressing confidence in HIVE's growth potential.
According to the KRX Information Data System run by the Korea Exchange, foreign investors bought more than 1.84 million HYBE shares in the month since November 7.
The amount amounts to 383 billion won. Foreign ownership of HYBE, which was in the mid-10% range as of early November, exceeded 20% due to a series of foreign buying rush.
The increase in HYBE's foreign stake came shortly after Netmarble, the second-largest shareholder, carried out a block deal.
The securities industry believes that much of the stake in the block deal has flowed into long funds managed by investors from foreign institutions. The Long Fund is a fund that uses a strategy of buying stocks that are expected to rise in stock prices and holding them for years. In other words, the block deal has resulted in friendly shares that add downside stability to Hive's stock price.
Stock markets also have a positive outlook for the growth of the K-pop industry.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
