Foreign and Institutional Selling Pushes KOSPI Down as Much as 4.76%

Foreign and institutional investors sold South Korean shares as the KOSPI fell as much as 4.76% on Oct. 20, reversing a two-session rebound in the country’s stock market.

The benchmark briefly slipped below 5,500. The 4.76% figure describes its deepest intraday decline, rather than its closing change.

Foreign investors and institutions were both net sellers in an intraday trading snapshot. Financial investment firms and pension funds were among the institutional sellers. Individual investors and other corporations were net buyers, absorbing some of the shares sold.

That buying did not keep the index above 5,500 at its low. Battery manufacturers that had helped lead the previous session’s advance also declined, adding to the weakness across South Korean shares.

The selloff unfolded amid rising U.S. Treasury yields and a weak first trading day for a data center company. The KOSPI had gained for two consecutive sessions before the Oct. 20 reversal.

The KOSPI is South Korea’s main stock benchmark.