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Foreigners maintain net selling streak for 4th month on grim prospects

Published: 12 Dec. 2024, 15:54 Updated: 12 Dec. 2024, 17:33

An employee arranges stacks of bank notes at Hana Bank's Counterfeit Notes Response Center in Jung District, central Seoul, on Nov. 13. [YONHAP]

Foreign investors remained net sellers of Korean stocks for the fourth consecutive month in November amid grim prospects for domestic semiconductor companies and geopolitical risks, the central bank said Thursday.

Offshore investors sold a net $2.95 billion worth of local stocks last month, extending their net selling to a fourth month, according to data from the Bank of Korea (BOK).

The net selling came as investors were worried about growth momentum for domestic semiconductor companies and prolonged global geopolitical risks in the Middle East and elsewhere, the BOK said in a report.

But offshore investors became net buyers of Korean bonds, net purchasing $810 million worth last month, following their net purchase of $4.05 billion in October.

Meanwhile, the local currency weakened to 1,394.7 won against the dollar in November from October's 1,379.9 won.

The won's worsening rate was mainly attributable to data demonstrating a solid U.S. economy and heightened uncertainties stemming from U.S. President-elect Donald Trump's victory in the presidential election, the BOK said.

The daily fluctuation of the dollar-won exchange rate, however, slid to an average of 4.7 won last month from 4.9 won a month earlier, the data showed.

Yonhap