SEOUL, Jan 27 (Reuters) - Seoul shares skidded 1.6 percent to a 5-month low on Monday, as investors were unnerved after a selloff in emerging markets gathered pace amid tighter credit condition in China and expectations of a further cut in the Federal Reserve’s stimulus this week.
The Korea Composite Stock Price Index (KOSPI) closed down 1.6 percent at 1,910.34 points, its lowest close since Aug. 29. The KOSPI has fallen more than 5 percent so far in the year.
Offshore investors sold a net 514.6 billion won ($476.3 million) worth of KOSPI shares, their biggest single day net selling since Dec. 12.
Market heavyweights suffered from the massive foreign capital outflow, with the country’s largest mobile carrier SK Telecom Co Ltd and secondary battery maker Samsung SDI Co Ltd dropping 3.3 percent and 5 percent, respectively. ($1 = 1080.3500 Korean won) (Reporting by Jungmin Jang; Editing by Shri Navaratnam)