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| An electronic signboard in the dealing room of Hana Bank in Seoul, Sept. 11, shows the benchmark Korea Composite Stock Price Index having risen 9.20 points, or 0.36 percent, to close at 2,556.88. |
Foreign investors turned net sellers of Korean stocks in August amid woes over a slowdown in the Chinese economy, central bank data showed Tuesday.
Offshore investors sold a net $910 million worth of local stocks last month, a turnaround from net buying of $440 million a month earlier, according to the data from the Bank of Korea (BOK).
The central bank said foreigners' net stock selling was driven by growing woes over a slowdown in the Chinese economy, the world's second-largest economy.
Foreigners also sold a net $790 million worth of local bonds, compared with net buying of $600 million a month earlier.
Foreign investors offloaded a net $1.7 billion worth of local stocks and bonds last month, the largest since December 2022, when the comparable figure was $2.42 billion, the data showed.
Meanwhile, the premium on credit default swaps (CDS) for Korea's five-year dollar-denominated currency stabilization bonds amounted to 31 basis points in August, unchanged from the previous month. A basis point is 0.01 percentage point.
The CDS premium reflects the cost of hedging credit risks on corporate or sovereign debt. A rise implies a drop in the credit spreads of sovereign bonds and higher borrowing costs. (Yonhap)
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