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Hot money floods S. Korean stock market after Japan's quake

04-07-2011 10:00 BJT Special Report:9.0 Magnitude Earthquake Rocks Japan |

SEOUL, April 6 (Xinhua) -- Massive hot money flowed into South Korea's stock market following the devastating earthquake in Japan, the financial regulator said Wednesday.

Short-term speculative money moved into the country's stock market since the March 11 earthquake in Japan, the Financial Services Commission (FSC) said in a statement released after a regular meeting with local reporters.

Foreign investors have bought a total of 3.9 trillion won (3.6 billion U.S. dollars) worth of local stocks since March 16, according to the statement. It marked the 14th straight session of foreign net buying, sending the benchmark KOSPI to a record high of 2,130.43 a day earlier.

Of the total foreign funds funneled into the local stock market, 58 percent is considered hot money, which stands for foreign investments with more than 500 percent of turnover ratio or tax haven-based funds with less than 200 percent of turnover.

The FSC said it will strengthen the monitoring of hot money in a bid to prevent such short-term funds from destabilizing the local stock market.

Editor:Yang Jie |Source: Xinhua

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