Foreign investor exodus from Korean stocks accelerates amid chip sell-off

The benchmark KOSPI remained under pressure for a second straight session Wednesday as foreign investors continued pulling funds out of the Korean stock market. Persistent selling in semiconductor shares, coupled with the sharp depreciation of the Korean won and rising U.S. Treasury yields, added to concerns over weakening market liquidity and investor sentiment. The country’s benchmark index opened up 52.86 points, or 0.73 percent, at 7,324.52, but reversed course within minutes and later dropped to an intraday low of 7,053.84. Volatility persisted throughout the trading session before the index ended the day at 7,208.95, down 62.71 points, or 0.86 percent. Data from the Korea Exchange showed that foreign investors extended their selling streak in the KOSPI market to 10 consecutive trading sessions from May 7 through Wednesday. Their cumulative net selling during the period surpassed 43 trillion won ($28.5 billion), already well above the previous monthly record of 35.88 trillion won set in March. Foreign investors were seen rapidly reducing exposure to major semiconductor stocks, such

Original source: Korea Times