Foreign investors sold more than $10 billion worth of South Korean stocks this week.

Glonghui, June 5th — Foreign investors have sold another 3.5 trillion won (approximately $2.3 billion) in South Korean stocks, bringing this week’s cumulative sell-off to over $10 billion. The won has fallen to its lowest level since March 2009. According to KB Securities economist Oh Jaeyoung, the depreciation of the won triggered by rising oil prices has been intensified by foreign capital selling South Korean stocks; as the Seoul Composite Index declines, this pressure is further amplified. From a short-term market sentiment perspective, the won may still have further room to fall.