(Bloomberg) — Retail investors in South Korea are on course to reduce their holding in US equities for the first time in nearly a decade in a shift from their feverish interest in these stocks during the pandemic.
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Day traders sold a net $296 million worth of US shares so far this year, the first outflow since 2014, according to Korea Securities Depository data.
The selloff by investors was mainly in big tech firms. Among the most actively traded US equities, Nvidia Corp. saw an outflow of $945 million while a leveraged exchange-traded fund seeking three times the daily performance of the Nasdaq 100 Index saw an outflow of $803 million. Traders cut stakes in Apple Inc., Alphabet Inc. and Tesla Inc. worth at least $278 million each through Nov. 2.
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