SEOUL:Foreign investors sold stocks of South Korea for the seventh day,the highest losing stripe in two months, helping to put down the benchmark Kospi (KOSPI) index to its lowest level since Feb. 5.
Global funds pulled a net 480 billion won ($435 million) of Kospi shares as of 11:39 a.m. in Seoul trading, taking total sales in the seven days to 2.77 trillion won, according to data compiled by Bloomberg. The string of outflows is poised to be the longest since mid-October. The Kospi dropped 0.4 percent to 1,893.32, while the won weakened 0.7 percent.
Korea’s stock index has declined 5.8 percent this year, the worst performer in Asia after Malaysia, as profits declined at the nation’s biggest companies and volatility in the won increased. Investors withdrew more than $2.5 billion from U.S. exchange-traded funds that buy developing nation stocks and bonds last week, the biggest outflow since January, as oil declined and concern grew the U.S. will raise borrowing costs.
“Global investors in general have been trimming exposures in emerging markets,” Park So Yeon, strategist at Korea Investment & Securities Co., said by phone today. “Some emerging investors also seem to moving funds to Chinese markets after the Hong Kong-China link opened.”
The Shanghai Composite Index (SHCOMP) has rallied 24 percent in the past month, compared with a 6.8 percent drop by the MSCI Emerging Markets Index. The link between exchanges in the city and Hong Kong began on Nov. 17, giving foreign investors unprecedented access to mainland shares.
shanghai shares start week with losses 25 june 2018
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