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Foreigners extend stock selling streak to 20th straight session

All News 16:12 April 01, 2020

SEOUL, April 1 (Yonhap) -- Foreign investors on Wednesday continued to sell local stocks for the 20th consecutive session on increasing fears of the new coronavirus' economic fallout, data showed.

Offshore investors offloaded a net 575.7 billion won (US$467.9 million) worth of local stocks on Wednesday.

The strong foreign sell-off, coupled with institutions' 620.3 billion won net selling, pulled down the benchmark Korea Composite Stock Price Index (KOSPI) to 1,685.46 points, down 3.94 percent from the previous session.

An electronic signboard at Hana Bank in Seoul shows the benchmark Korea Composite Stock Price Index (KOSPI) down 3.94 percent to close at 1,685.46 points on April 1, 2020. (Yonhap)

The daily size of the foreign selling jumped considerably from the previous day's 71.1 billion won.

Earlier on Tuesday (local time), U.S. President Donald Trump warned of a "painful" two weeks ahead, raising wariness among investors globally.

Since March 5, foreigners have net sold a total of 12.2 trillion won in stocks, spooked by fears that the worst part of the COVID-19 respiratory pandemic may not have reached its peak yet.

jwc@yna.co.kr
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