Seoul: Foreign sell-offs of South Korean stocks hit a record high in March amid escalating geopolitical tensions in the Middle East, central bank data showed Thursday. Offshore investors sold a net US$29.78 billion worth of local stocks last month, following $13.5 billion worth of net selling in February, according to the data from the Bank of Korea (BOK). The March figure marked an all-time monthly high and a third consecutive month of net selling by foreigners. In the first three months of the year, foreigners sold $43.33 billion worth of Korean stocks, according to the data.

According to Yonhap News Agency, in the bond market, foreign investors net sold $6.77 billion worth of bonds last month, ending their four-month net buying streak. Taken together, foreigners sold a net $36.55 billion worth of local equities in March, also marking a record high, following a net selling of $7.76 billion the previous month. "Foreigners have been maintaining their profit-taking mode, and the risk-off sentiment caused by the growing geopolitical risks further fueled selling," a BOK official said.