Seoul, Dec 12 (IANS) Foreign investors recorded their second-largest monthly sell-off of South Korean stocks in November, as they moved to take profit last month, central bank data showed on Friday.

Offshore investors sold a net $9.13 billion worth of local stocks last month, following $3.02 billion in net purchases the previous month, according to data from the Bank of Korea (BOK), reports Yonhap news agency.

The November sell-offs mark the largest since the record selling of $9.33 billion in April this year, the data showed.

The country’s benchmark KOSPI index dropped nearly 16 percent in November after a bull run since April amid concerns over a bubble in the artificial intelligence (AI) sector, which prompted investors to cash in gains.

The KOSPI more than doubled so far this year, aided by a strong rally in chipmakers and other market heavyweights.

Foreign investors snatched up a net $11.81 billion worth of bonds last month, the largest on record, the data showed.

Daily fluctuations in the won-dollar exchange rate narrowed, averaging 5.3 won in November, compared with 5.6 won a month earlier, the data showed.

Meanwhile, South Korean stocks extended gains late Friday morning as the latest earnings report by Wall Street-listed Broadcom eased woes over an artificial intelligence (AI) bubble.

The benchmark Korea Composite Stock Price Index (KOSPI) added 46.19 points, or 1.12 percent, to 4,156.81 as of 11:20 a.m.

Top cap Samsung Electronics rose 1.16 percent and SK hynix added 1.68 percent.

Financial shares also traded higher, with KB Financial increasing 0.56 percent and Shinhan Financial Group moving up 1.04 percent.

Samsung Fire & Marine Insurance crashed 21.83 percent, following the previous day’s abrupt 28.31 percent gain without clear reason.

The local currency was trading at 1,472.2 won against the greenback at 11:20 a.m., up 0.8 won from the previous session.

–IANS

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