Foreign net selling of Kospi stocks hits record high in May

Kospi that reached 8,476.15 is seen on a display in a trading room in central Seoul on May 29. [YONHAP]

Foreign selling of Korean stocks listed on the benchmark Kospi reached a record high in May, while foreign investors poured a record amount into the tech-heavy Kosdaq market, data showed Sunday.

Offshore investors sold a net 44.7 trillion won ($29.7 billion) worth of local stocks in May, surpassing the previous record of 35.7 trillion won in net selling set in March, according to data from the Korea Exchange.

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Foreign investors remained net sellers for 16 consecutive trading sessions from May 7 to Friday, marking the longest selling streak since February 2009, when they sold stocks for 17 straight trading days in the aftermath of the 2008 global financial crisis.