Foreign net selling of KOSPI stocks hit record high in May

Foreign selling of Korean stocks listed on the benchmark Korea Composite Stock Price Index (KOSPI) reached a record high in May, while foreign investors poured a record amount into the tech-heavy KOSDAQ market, data showed Sunday. Offshore investors sold a net 44.71 trillion won ($29.66 billion) worth of local stocks in May, surpassing the previous record of 35.74 trillion won in net selling set in March, according to data from the Korea Exchange (KRX). Foreign investors remained net sellers for 16 consecutive trading sessions from May 7 to May 29, marking the longest selling streak since February 2009, when they sold stocks for 17 straight trading days in the aftermath of the 2008 global financial crisis. In contrast, retail investors purchased a net 36.09 trillion won worth of stocks, setting a record for monthly net buying. Market watchers attributed the foreign sell-off largely to profit-taking following a tech rally, led by chipmakers Samsung Electronics and SK hynix Inc. Meanwhile, foreign investors bought a net 2.8 trillion won worth of shares on the secondary KOSDAQ market this mo

Go to News Site