Foreign stock ownership hits 10-year low

SEOUL, Jan. 6 (Yonhap) -- Foreign ownership of South Korean stocks plunged to a
10-year low in November as a global financial crisis frightened investors out of
emerging markets, the financial regulator said Tuesday.
As of the end of November, foreign investors held 162.84 trillion won (US$122.9
billion) worth of shares listed on the main bourse, or 29.4 percent of the total
market capitalization, said the Financial Supervisory Service (FSS).
The November figure is the lowest since 1998 when it nosedived to 19.6 percent
amid an Asia-wide currency crisis. Foreign possession of local shares has been on
the decline since it peaked at 42 percent in 2004, the FSS said.
"Foreign investors went on a selling spree in pursuit of safer assets amid a
global financial crisis," an FSS official said.
The main index KOSPI plunged 40 percent last year, wiping out 375 trillion won in
stock value and foreign investors' net selling reached 33.8 trillion won,
according to the bourse operator.
pbr@yna.co.kr
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