Foreigners flee, dump 1.3 trillion won

Home > Business > Finance

print dictionary print

Foreigners flee, dump 1.3 trillion won

Foreigners offloaded Korean stocks and bonds worth around 1.3 trillion won ($1.1 billion) in September as they fled for safe-haven assets amid concerns over the global economic recession, data showed yesterday.

Overseas investors sold a net 1.3 trillion won of local stocks in September, driving down their share holdings to 339 trillion won at the end of last month, compared with 350.2 trillion won as of end-August, according to data by the Financial Supervisory Service (FSS).

With their dumping of 5.9 trillion won in August factored in, foreigners’ net selling of local equities reached 7.2 trillion won over the last two months.

Meanwhile, foreign stock ownership rebounded to 30.7 percent after dipping to 29.8 percent last month, the first time the figure fell below the 30 percent level since last October, the data showed.

The September selling spree was mostly led by European investors, who sold a net 971.6 billion won worth of local equities. Net selling by investors from Luxembourg reached 623.7 billion won while that of Irish investors amounted to 543.3 billion won.

In contrast, investors from the United Arab Emirates snapped up shares worth 560.7 billion won last month.

Meanwhile, foreign investors offloaded a net 2.5 billion won worth of local bonds in September, breaking their seven-month net investment, the data showed.

European investors opted to reduce bond investments by 2 trillion won in September, but net investments made by Thai and U.S. investors reached 0.7 trillion won and 0.6 trillion won, respectively.

Foreigners’ bond holdings reached a record 85.1 trillion in September, up from 84.7 trillion won the previous month.


More in Finance

Banks failed to tell borrowers they can demand rate cuts: FSS report

Stocks fall more than 1% as profit-taking continues

Profit-taking ends four-session winning streak for Kospi

Lottery sales hit record in the first half

Another recent high

Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)

What’s Popular Now