Institutional investment in foreign securities exceeded 400 billion dollars for the first time last year, according to central bank data released on Wednesday.

The Bank of Korea reported a total valuation of 402-point-72 billion dollars invested in foreign securities by local institutions as of the end of last year. This marks an on-year increase of 29-point-97 billion dollars.

Foreign stock investment increased by 36-point-91 billion dollars, driven primarily by asset management companies.

Local investment in foreign bonds decreased by one-point-43 billion dollars, led by insurance companies and brokerages, due to valuation losses caused by rising global bond interest rates.

Foreign securities investment has continued to set new records each quarter after hitting a new high in the second quarter of last year at 380 billion dollars.