S.Korea’s Pension Fund to Buy More Domestic Stocks in 2013
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South Korea’s National Pension Service plans to spend 6.6 trillion won ($5.7 billion) buying more of the nation’s stocks next year, signaling its support for equities amid Europe’s worsening debt crisis.
The nation’s biggest investor will increase the weighting of domestic stocks in its holdings to 20 percent of assets in 2013, the Ministry of Health and Welfare, which oversees the fund, said in an e-mailed statement today. That compares with its 2012 target of 19.3 percent. The fund aims to pare its domestic bond weighting to 56.1 percent of assets in 2013, less than the 59.3 percent it targeted for this year.