South Korean retail investors have net-sold more than 8 trillion won ($6.6 billion) worth of stocks this year amid a stagnant market, retaining their net-selling position for the eighth consecutive year, data showed Thursday.

Individual investors sold a net 8.76 trillion won worth of shares between Jan. 4 and Dec. 28, the largest net selling among market players, according to the data by the Korea Exchange.

Institutions sold a net 4.91 trillion won during the cited period, while foreign investors net-bought 11.27 trillion won worth of local stocks.

Retail investors have been net sellers since 2009, a year after the outbreak of the global financial crisis, with their net selling reaching a cumulative 42.36 trillion won.

Market watchers said the amount of retail investors' net selling this year is even larger, considering their withdrawal of money from stock-focused investment funds.

According to market tracker FnGuid, individual investors have withdrawn a net 8.3 trillion won from stock investment funds this year, with the cumulative net outflow reaching more than 20 trillion won for the past five years.

Analysts pointed out that retail investors are increasingly shying away from putting their money in stocks as the benchmark Korea Composite Stock Price Index has remained range-bound for years, hovering around 2,000.

"With the key index not going up and down sharply, individuals inevitably lag far behind institutional investors in access to information, its interpretation and risk management," said Hwang Se-woon, a senior researcher at the Korea Capital Market Institute.

Indeed, retail investors posted negative returns on 19 of their

20 most net-bought shares this year, with their top pick Korea Electric Power Corp. tumbling 9.9 percent this year.

In contrast, institutional investors lost money on only four out of the 20 most net-bought issues, with offshore investors registering negative returns on 10. (Yonhap)