Ignoring 29 Buy Calls, Investors Sell Biggest Korean Refiner
- Korea’s best fund manager sold off shares in refiners
- Refining margins in Asia have fallen from January high
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South Korean investors aren’t buying analysts’ bullish forecasts for earnings of the nation’s top refiners, bringing to an end the rally that brought their shares to a three-year high.
"I sold all of my shares in refiners when crude prices were rebounding early this year," said Jung Sang Jin, a fund manager whose Korea Investment Long Term Value Securities Master Investment Trust fund beat 98 percent of peers this year with a return of 5.6 percent. "Their refining margin looks volatile, as commodities would rebound a lot throughout this year.”