Foreigners dump 3.7 trillion won worth of Korean shares in January

Foreigners dump 3.7 trillion won worth of Korean shares in January

Foreign investors shed local stocks in January to extend its selling mode for a third straight month amid persistent concerns over the global economic slowdown, the financial watchdog said Thursday.

Offshore investors sold a net 3.71 trillion won ($3.11 billion) worth of local stocks last month, compared with the previous month’s net sell-off of 3.1 trillion won, according to the Financial Supervisory Service (FSS).

“The ‘Sell Korea’ sentiment is attributable to lingering woes over the global economic downturn with ample signs of China’s slowdown and its possible impact on emerging markets, which prompted investors to shun risky assets,” said Lee Kyung-min, a researcher at Daeshin Securities.

British investors led the net selling, offloading a net 1.17 trillion won last month, followed by China and Cayman Islands with 476.2 billion won and 343.9 billion won, respectively.

But Middle Eastern investors’ selling binge eased by dumping 52.1 billion won in January, a sharp drop from 832.3 billion won logged in December, according to the FSS.

On the local bond market, foreign investors also remained net sellers for two months in a row in January by dumping a net 487 billion won.

Foreigners’ bond holdings stood at 101 trillion won as of the end of last month, down by 400 billion won on-month, according to the FSS.

Source:  http://www.koreaherald.com/view.php?ud=20160211000734

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