Foreign investors extend Korean stock sell-off to third month

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Foreign investors extend Korean stock sell-off to third month

Published: 08 Nov. 2024, 10:04 Updated: 08 Nov. 2024, 13:52

A screen in Hana Bank's trading room in central Seoul shows the Kospi opening on Friday. [NEWS1]

Foreign investors sold off Korean stocks for the third consecutive month in October, data showed Friday.

Offshore investors sold a net 4.38 trillion won ($3.14 billion) worth of local stocks last month, extending their net selling to a third month, according to the data from the Financial Supervisory Service (FSS).

In October, foreign investors sold a net 7.36 trillion won of local stocks.

After the sell-off, foreigners owned 728.9 trillion won worth of local stocks, or 27.7 percent of total market capitalization, compared with 28 percent at the end of September.

By country, investors from the United States was the top net seller of local stocks, net offloading 1.32 trillion won worth of shares, followed by those from Luxembourg with 661 billion won and Canada with 520 billion won.

Meanwhile, foreign investors purchased a net 5.53 trillion won worth of local bonds last month following the net buying of 3.63 trillion won the previous month.

Their holdings of local bonds came to 268.93 trillion won as of end-October, accounting for 10.5 percent of listed bonds here as of end-September, the data showed.

Yonhap