Seoul, Nov 29 (IANS): South Korea's institutional investment in foreign securities hit a record high in the third quarter, central bank data showed on Monday.

The outstanding foreign securities, owned by local institutional investors, including asset managers, brokerages and insurers, reached a new high of $385.59 billion at the end of September, according to the Bank of Korea (BOK).

It was up 1.4 per cent from the previous high of $380.14 billion tallied three months earlier, Xinhua news agency reported.

The ownership of foreign securities by asset managers, foreign exchange banks and brokerages grew by $4.86 billion, $950 million and $260 million respectively in the July-September quarter, but the holdings by insurers declined by $620 million.

The outstanding institutional investment in foreign stocks increased by $5.08 billion during the quarter, while the investment in foreign bonds expanded by $820 million.

The institutional holdings of Korean Paper, which refers to the foreign currency-denominated bonds sold overseas by local institutions or companies, reduced $450 million to $36.94 billion in the cited quarter.