Foreigners sell S. Korean stocks for three months


A currency trader watches the computer monitors near the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between US dollar and South Korean won at the foreign exchange dealing room in Seoul. Foreign investors sold South Korean stocks for three straight months to April on worry about the Covid-19 (coronavirus) outbreak across the world, financial watchdog data showed Monday (May 11). - AP

SEOUL: Foreign investors sold South Korean stocks for three straight months to April on worry about the Covid-19 (coronavirus) outbreak across the world, financial watchdog data showed Monday (May 11).

Foreigners sold a net 5.39 trillion won (US$4.4 billion) worth of local shares in April, remaining net sellers in the domestic stock market since February according to the Financial Supervisory Service.

It came as concerns spread over the economic fallout from the Covid-19 (coronavirus) pandemic across the globe.

Investors from the United States, France and Singapore were net sellers, but Saudi and Chinese investors purchased domestic shares last month.

Foreign holdings of local stocks reached 505 trillion won (US$41.4 billion) as of the end of April, accounting for 31.5% of the total market capitalization.

Meanwhile, offshore investors bought a net 9.4 trillion won (US$7.7 billion) worth of local listed bonds last month.

Given the maturing debts worth 1.9 trillion won (US$1.6 billion), the foreign net investment in the domestic bond market amounted to 7.5 trillion won (US$6.1 billion).

Foreign ownership of domestic bonds reached 140.5 trillion won (US$115.2 billion) as of end-April, taking up 7.3% of the total listed bonds. - Xinhua/Asian News Network
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