Foreigners sell record amount of Korean stocks in May

Foreign investors continued their selling binge of Korean stocks in May, with sell-offs hitting a record monthly high, data showed Monday.

Offshore investors offloaded a net $31.83 billion worth of local stocks last month, following a $2.68 billion sell-off in April, according to data from the Bank of Korea.

The massive selling spree came as investors unloaded chipmakers and other market heavyweights to cash in their gains after an extended rally.

In the first five months of the year, foreign selling reached $77.83 billion, central bank data showed.

In the bond market, foreign investors bought $5.68 billion worth of bonds in May, compared with purchases of just $550 million a month earlier.

Taken together, foreigners sold a net $26.15 billion worth of local securities last month, up from a net sale of $21.3 billion in April.

Yonhap