SEOUL, Dec. 2 (Xinhua) -- South Korea's institutional investment in foreign securities, including stocks and bonds, fell in the third quarter due to higher bond yields and lower stock prices, central bank data showed Friday.
Outstanding investment in foreign securities by local financial institutions came to 354.93 billion U.S. dollars at the end of September, down 18.69 billion dollars, or 5.0 percent, from three months earlier, according to the Bank of Korea (BOK).
The institutional holdings of foreign bonds dwindled 6.59 billion dollars during the July-September quarter on the back of rapid interest rate hikes in major economies.
The ownership of foreign stocks tumbled 10.4 billion dollars during the third quarter as U.S. stocks fell sharply amid growing worry about the global economic slump.
The institutional holdings of Korean Paper, which refers to the foreign currency-denominated bonds issued overseas by local institutions and companies, shrank 1.7 billion dollars in the cited quarter. ■