(Bloomberg) -- South Korea’s benchmark stock index erased its gain for the year on renewed outflow of foreign funds amid worries that the new Covid variant could hamper the global economic recovery.

The equity benchmark fell more than 1% Tuesday, poised to finish lower for a sixth straight session and to close below 2,900 for the first time this year. The index is down 13% from its July 6 peak and is set to record its fifth-straight monthly decline as overseas funds cash out of the local equities market.

Foreign funds have sold a net 1.16 trillion won ($977 million) in Kospi names since the start of October, reversing a brief bout of buying in September. Their selloff has been most pronounced in Samsung Electronics Co., which has seen a net outflow of 1.74 trillion. Samsung shares have fallen more than 20% from their record high in January. 

South Korea’s influential retail traders, who typically account for three quarters of daily turnover, have continued to add Kospi shares but that has failed to offset the exodus of foreign traders. 

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