Foreign investors have been dumping Korean stocks at a record pace in recent months even as the benchmark KOSPI extends one of the strongest rallies in global equities. The selling may have further to run, analysts said Monday. Foreign investors sold 157.3 trillion won ($102.5 billion) of shares on the KOSPI this year through July 3, according to the Korea Exchange. The selling persisted even as the index surged 91.9 percent over the same period, marking one of the strongest rallies in the market's history. Retail investors took the other side of the trade, buying a net 104.8 trillion won of shares and providing support for the index. Foreign investors' share of KOSPI holdings rose to 40.47 percent on July 3 from 36.65 percent on January 2, even as they continued to sell heavily. Gains in Samsung Electronics and SK hynix lifted the market value of foreign-owned shares, offsetting the impact of the outflows. The two chipmakers accounted for about 90 percent of foreign investors' total selling in the first half. Analysts say global funds have room to further trim their exposure to Korea's