Foreign investors were net buyers of South Korean stocks in March, but the amount tumbled from the previous month on massive profit-taking, the financial watchdog said Wednesday.

Overseas investors bought a net 939 billion won ($832 million) worth of local stocks last month, compared with net buying of 3.9 trillion won in February, according to the Financial Supervisory Service.

The March tally raised foreigners’ net buying of local shares to some 11 trillion won during the first three months of the year.

In January, foreigners bought 6.2 trillion won worth of local stocks, a record high for monthly purchases, after dumping a massive 9.6 trillion won worth of shares last year amid the first-ever U.S. credit rating cut and eurozone debt concerns.

“European investors continued their net buying, but U.S. investors turned net sellers last month,” said an official at the FSS.

Foreign investors’ stock holdings reached 400.7 trillion won at the end of March, according to the FSS.

By country, investors based in the Cayman Islands were the biggest purchase group with their buying of local stocks reaching 724 billion won. Investors from Luxemburg came in second with purchases amounting to 529 billion won.

Investors from the U.S. and Britain, however, scaled back their holdings by 503 billion won and 215 billion won, respectively, according to the FSS. 

(Yonhap News)