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Foreigners sell S.Korean stocks to take profits

English.news.cn   2013-12-08 12:06:19            

SEOUL, Dec. 8 (Xinhua) -- Foreigners sold South Korean stocks last month in a bid to lock in profits after ending their record winning streak, financial watchdog data showed Sunday.

Foreign investors offloaded local stocks worth 323 billion won (300 million U.S. dollars) in November after buying a net 5.29 trillion won worth of shares in the prior month, according to the Financial Supervisory Service (FSS).

It was the first foreign selling in five months as foreigners ended their longest buying trend that lasted from Aug. 23 to Oct. 30. The watchdog said foreigners sought to take profits last month.

The largest seller was Saudi investors who sold domestic shares worth 525.5 billion won. Those from Luxembourg and Britain turned into net sellers last month, but U.S. and Canadian investors bought shares in the local market.

Foreign holdings of local stocks rose 4.5 trillion won from a month earlier to 442.6 trillion won as of the end of November, accounting for 32.9 percent of the total market capitalization.

The largest owner was U.S. investors who held shares worth 175. 1 trillion won, or 39.6 percent of the total foreign ownership. It was trailed by European investors with a 30.4 percent share and British investors with a 9.3 percent share.

Bond investment, or net bond buying minus maturing debts, logged a net outflow of 1.3 trillion won last month, keeping the outflow trend for the fourth consecutive month.

The FSS attributed the outflow to a 1 trillion won worth of maturity in monetary stabilization bonds, or those issued by the central bank to control monetary surplus or deficit in the money market.

Foreign holdings of local bonds were 95.1 trillion won as of end-November, 0.6 trillion won from the prior month. Foreign ownership took up 6.8 percent of the total listed bonds.

Editor: Shen Qing
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