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Retail investors' stock sell-off at over 8-year high

All News 17:19 May 19, 2020

SEOUL, May 19 (Yonhap) -- Individual investors in South Korea net sold more than 1 trillion won (US$816 million) worth of local stocks on Tuesday, the largest sum in more than eight years, bourse operator data showed.

Retail investors offloaded a net 1.19 trillion won worth of stocks on the main local bourse, marking the first time that their stock selling surpassed the 1-trillion won threshold since Sept. 14, 2012, according to the data from the Korea Exchange (KRX).

The largest-ever sell-off by retail investors was 1.68 trillion won on Dec. 1, 2011.

Retail investors' stock sell-off at over 8-year high - 1

"Individuals seem to have dumped their stocks to cash in gains built up recently," Samsung Securities Co. researcher Jeong Myeong-ji said.

"Since early this year, they had raked in a massive amount of local stocks, hoping to take advantage of the coronavirus-caused market crash this year," Jeong added.

Individuals' selling binge on Tuesday countered foreigners' net purchase of 331 billion won and institutions' 842 billion won in net buying.

Their selling spree mostly centered around heavyweight stocks.

They sold off the largest 354.4 billion won worth of market kingpin Samsung Electronics, followed by a 171.1 billion-won sell-off of Hyundai Motor Co.

The stock price of Samsung Electronics jumped 5.07 percent to close at 50,300 won, and Hyundai Motor advanced 7.83 percent to end at 99,100 won.

jwc@yna.co.kr
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