South Korea’s benchmark Korea Composite Stock Price Index(KOSPI) suffered its steepest foreign outflows on record last week, as investor sentiment weakened amid sharp declines in U.S. technology shares and “AI bubble” fears. 

According to the Korea Exchange on Sunday, foreign investors offloaded a net seven-point-26 trillion won or five-point-two billion dollars’ worth of KOSPI stocks during the first week of November, marking the largest weekly net sell-off ever recorded. 

The previous record was seven-point-05 trillion won in the second week of August 2021.

Analysts said profit-taking after the KOSPI’s recent rally, coupled with global jitters over inflated valuations in U.S. tech and AI-related stocks, likely fueled the selling spree.

Due to the heavy foreign sell-off, the KOSPI fell three-point-seven percent in the first week of November.

On Wednesday, the index plunged two-point-eight percent in a single day, triggering a temporary halt to trading known as a sidecar.