The total value of foreigner-owned Korean stocks hit a record high last week, riding on the optimism of a global economic recovery, the Korea Exchange said on Wednesday.

Breaking the 420 trillion won ($387 billion) mark for the first time, the total sum of foreigner-owned Korean stocks ― including those listed on the tech-heavy KOSDAQ market ― surpassed 420.4 trillion won on Feb. 20.

Analysts said the increase stemmed from the country’s strong economic fundamentals despite the global economic slump and its improved profitability of local companies.

The rising won temporarily discouraged foreign buying, pushing foreign stock ownership to below 400 trillion won at the end of last year. But foreign investment in stocks rebounded in February, according to the analysts.

By Chung Joo-won (joowonc@heraldcorp.com)