Tesla's share price fell 13% last month, but this was not enough to prevent Korean retail investors from buying the stock on a large scale. The purchase volume reached a five-month high and was also one of the most buying months in history According to the data of Korea securities depository, in May, Korean retail investors bought a net $1.04 billion worth of Tesla shares. This was the largest monthly purchase since December last year, with a total net purchase of $1.06 billion in December last year.
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As the Korean stock market is in a bear market, nearly 10million retail investors in the country are seeking better returns overseas, and do not hesitate to set foot in highly volatile assets such as cryptocurrencies and leveraged products. Tesla is in line with this situation: since this year, except in March, Tesla's share price has been falling every month. So far in 2022, it has fallen by 27%, because Musk's bid for twitter and the Federal Reserve's interest rate hike have put pressure on high valued technology stocks.
According to the data registered by the Korea securities depository, as of June 1, Tesla shares held by Korean investors had reached US $12.7 billion, making it the most popular foreign stock. This is equivalent to 1.58% of Tesla's market value. Korean shareholders are the fifth largest shareholder group except musk.
Apple is the second most popular foreign stock, with Korean investors holding $4.8 billion in the stock.