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Foreigners extend selling streak to 23rd consecutive session

All News 16:59 April 06, 2020

SEOUL, April 6 (Yonhap) -- Foreign investors continued to sell local stocks for a 23rd consecutive session on Monday, on concerns that the economic fallout from the new coronavirus may be larger than what has been expected, data showed.

Offshore investors offloaded a net 202.5 billion won (US$164.9 million) worth of local stocks on Monday.

Since March 5, foreigners have net sold a total of 13.3 trillion won worth of local stocks.

Despite massive foreign sell-offs, the country's benchmark index, the KOSPI, jumped 3.85 percent, buoyed by institutions' buying binge.

Institutional investors scooped up a 1.04 trillion won worth of stocks, the biggest since Jan. 28, 2016 when the comparable figure was 1.64 trillion won.

An electronic signboard at Hana Bank in Seoul shows the benchmark Korea Composite Stock Price Index (KOSPI) up 3.85 percent to close at 1,791.88 points on April 6, 2020. (Yonhap)

Retail investors joined the sell-offs by offloading 844 billion won, ending a nine-session buying streak.

From March 25-April 3, individuals bought a net 3.67 trillion won worth of local stocks, countering the massive foreign selling.

Massive foreign dumping of local stocks stemmed largely from worsening economic indices at home and abroad.

According to data from the U.S. Labor Department, the U.S. unemployment rate soared to 4.4 percent in March, up from the previous month's 3.5 percent.


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