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Foreigners stage another massive stock sell-off

All News 16:35 March 11, 2020

SEOUL, March 11 (Yonhap) -- Foreign investors extended their selling spree of local stocks to a fifth day on Wednesday amid growing angst over the spread of the new coronavirus.

Foreign investors sold a net 699 billion won (US$585 million) worth of local stocks on Wednesday. Foreigners have been net sellers since Thursday.

Offshore investors have sold a total of 3.7 trillion won worth of local stocks during the cited period.

They sold a net 1.3 trillion won on Monday alone, the largest amount on record.

Foreigners stage another massive stock sell-off - 1

"The fast-growing coronavirus toll is fueling concerns about a potential recession, particularly in the U.S. and Europe," said Kiwoom Securities Co. analyst Suh Sang-young.

"The market prediction is that President Trump's payroll tax cut bill is unlikely to pass, which creates another negative factor in the market," he added.

The local stock market dropped by almost 3 percent to its lowest point in almost 4 years Wednesday on growing skepticism about the U.S.'s stimulus plans to counter the new coronavirus and an extended sell-off by foreign investors.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 54.66 points, or 2.78 percent, to 1,908.27, the lowest since February 17, 2016, when the index closed at 1,883.94 points. The index dipped to as low as 1,898.27 points at one point.

Retail investors have sold a combined 3.79 trillion won worth of stocks over the past five trading sessions.

jwc@yna.co.kr
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