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Foreigners extend selling streak to 16th consecutive session

Economy 16:25 March 26, 2020

SEOUL, March 26 (Yonhap) -- Foreign investors continued to sell local stocks for a 16th consecutive session, with the coronavirus pandemic looming heavily on the global economy, data showed Thursday.

Offshore investors offloaded a net 531.2 billion won (US$431.3 million) worth of local stocks on Thursday.

Since March 5, foreigners have net sold a total of 10.7 trillion won in stocks. They sold a net 1.31 trillion won on March 9, marking the biggest sell-off on record.

Weighed down by the continued foreign selling and profit-taking, the benchmark Korea Composite Stock Price Index retreated 1.09 percent to finish at 1,686.24 points.

An electronic signboard at Hana Bank in Seoul shows the benchmark Korea Composite Stock Price Index (KOSPI) shedding 1.09 percent to close at 1,686.24 on March 26, 2020. (Yonhap)

Foreigners' selling spree continued despite the U.S. Senate's approval of a proposed $2.2 trillion virus aid package earlier that day, as markets take a wait-and-see mode. The stimulus measure will be sent to the House of Representatives for approval on Friday (local time).

The South Korean authorities, too, have been taking extensive measures to stabilize the coronavirus-hit financial markets.

The Bank of Korea (BOK) revealed plans to supply an "unlimited" amount of liquidity to financial institutions over the next three months.

The de facto unlimited quantitative easing comes in line with the government's 100 trillion-won support program, set to relieve faltering local businesses and financial markets.

jwc@yna.co.kr
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