Foreigners sell Korean stocks worth 31 trillion won: The DONG-A ILBO
According to the Korea Stock Exchange on Sunday, foreigners sold net Korean stocks worth a total of 30.730 billion won (about $ 26 billion) on the KOSPI market and the technology-intensive KOSDAQ market from January to August 20 of this year. The value far exceeds their total net sales (24.712.8 trillion won or $ 20.8 billion) last year.
On a monthly basis, foreigners continued to net Korean stork from January to July except April (net purchase worth 82.9 billion won or $ 70 million). They continued to sell shares on the KOSPI market every day from August 9, dumping Korean stocks worth a total of 8.2 trillion won ($ 6.93 billion) over nine trading days. As a result, KOSPI posted a profit ratio of minus 4.43% this month, the lowest among the major economies.
Analysts say foreigners have stepped up their selling frenzy as the won currency against the US dollar has remained consistently weak due to the resurgence of COVID-19 and signs of an early economic slowdown in the United States. – Dominant shares of Samsung Electronics due to a slowdown in semiconductor activity in recent weeks. “Foreigners’ exit from Korea and the collapse of Korean stocks will likely continue due to concerns over the slowing global economy and the collapse of the semiconductor market,” said Kim Hak-gyun, chief from the research center at Shinyoung Securities. “If the United States begins to slow down during this year, the flight of capital from emerging markets could accelerate further.”