Foreigners sell for another month

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Foreigners sell for another month

Foreign investors sold off a net 3.5 trillion won ($2.97 billion) worth of Korean stocks last month, marking the largest sell-off of the year, industry data showed Sunday.

According to the data compiled by the Korea Exchange, November also marks the fourth consecutive month that foreign investors sold more stocks than they bought.

Their stock sell-offs reached 221 billion won in October, 1.32 trillion won in September, 2.59 trillion won in August and 1.92 trillion won in July, according to the data.

Analysts said the grim economic outlook, combined with the rebalancing of their asset portfolio, weighed on the local stock market.

Amid the extended foreign-selling binge, their presence on the main Kospi market also reached the lowest of the year at 38.18 percent.

Foreign investors dumped a net 942 billion won worth of Samsung Electronics last month, and a net 338 billion won worth of SK Hynix. They also went on a selling binge of Naver, Hyundai Motor and Celltrion, the data showed.

Korea’s economy has been facing headwinds, such as a lengthy trade row between the United States and China, its top two trading partners, and its own trade tussle with Japan.

The country’s exports declined for 12 consecutive months through November, and its growth outlook has been reduced many times. Last week, the Bank of Korea trimmed its 2019 forecast to 2.0 percent.

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