South Korean stock market plunged again today, with foreign institutional investors selling off in unison.

After two consecutive days of rebound and what seemed like a near-term bottom, South Korea’s Korea Composite Stock Price Index (KOSPI) plunged again, hitting a peak decline of 4.76% and falling below the 5,500-point threshold during intraday trading. Driven by rising U.S. Treasury yields and weak first-day performance of a data center firm, foreign investors have been offloading South Korean stocks, while institutional investors including pension funds also joined the sell-off, exerting significant downward pressure on the market. As of press time, foreign investors recorded a net sell of 636.7 billion won in South Korea’s securities market. Institutional investors also posted a net sell of 467 billion won, with financial investment institutions selling 241.8 billion won and pension funds offloading 159 billion won. Retail investors and other corporate entities net bought 838.8 billion won and 261.6 billion won respectively, in an effort to prop up the index and limit further declines. Huh Jae-Hwan, an analyst at Eugene Investment & Securities, said: “The sell-off is indiscriminate, with nearly all stocks falling. The market appears very fragile.” Even battery manufacturers, which led the rebound on Monday, have now retreated.