(Bloomberg) -- South Korean equities are on track for their first quarterly outflow of foreign funds in over a year as investors cash out of electric vehicle suppliers following big gains.

Overseas investors have sold $1.6 billion worth of Korean stocks on a net basis so far in the July-September period, trimming their year-to-date inflow to about $6.3 billion. While retail investors have continued to buy, local institutions have been sellers as well, pushing the benchmark Kospi down 4% this quarter.

The selloff comes amid broad losses in global tech and emerging-market stocks amid concerns over high US interest rates and China’s struggling economy. Still, it’s not necessarily the start of full-blown “Sell Korea” mode, as overseas investors are still buying major chips and auto stocks, said Han Jiyoung, an analyst at Kiwoom Securities Co.

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