The South Korean equity benchmark slumped as global funds continued to reduce their positions in the world’s hottest stock market.

After briefing touching the 8,000 milestone early Friday, the Kospi reversed course to sink about 5%. Overseas investors extended their selling streak, mainly cashing out their technology shares. The Kospi tech subgauge bore the brunt of the foreign selloff, with net outflows exceeding $2.5 billion.