Foreign investors have remained net sellers of South Korean stocks for 17 sessions in a row in December, weighing heavily on the local market alongside falling oil prices and a U.S. rate hike, data showed Sunday.
  

Offshore investors extended their selling streak to 17 sessions from Dec. 2 to Dec. 24, marking the seventh-longest foreign sell-off in history, according to the Korea Exchange, the bourse operator.
  

They sold a net 3.2 trillion won ($2.7 billion) worth of local stocks over the cited period, dragging down the benchmark KOSPI by 0.93 percent.
  

Foreigners have mostly been in a selling mode throughout 2015 as the U.S. Fed earlier hinted at tightening its monetary policy within the year.
  

In August, they had been net sellers for 29 consecutive sessions, recording the second-longest selling streak following 33 straight net sale sessions in the aftermath of the 2008 financial crisis.
  

However, analysts expect foreign investors to change their stance in the near future, citing that the amount of foreign selloffs has decreased in the last few days as the U.S. Fed's rate hike cleared market uncertainties.
  

Foreigners dumped an average of 200 billion won worth of local shares per day in December, but they only sold a net 6.2 billion won and 3.6 billion won on Wednesday and Thursday, respectively.
  

"Foreign investment is largely affected by foreign exchange rates and U.S. rate hike issues," said Kim Hu-jung from Yuanta Securities Korea Co. "Global markets have already reflected rate hike risks in the second half. Foreign outflow will likely subside from emerging markets." (Yonhap)