Foreigners Bought Samsung Electronics and SK Hynix, but Why Did the Market Fall at the End? The Supply-Demand Calculation Hidden in the 2 O'Clock Plunge

Summary

Lee Ji-hwan, CEO of Aurora Investment Advisory, explains the late-session KOSPI drop despite heavy foreign buying of Samsung Electronics and SK Hynix. He attributes the reversal to retail leveraged ETF crowding being shaken out while maintaining a bullish bias on Korean memory-chip leaders and the broader market. He also discusses the US Treasury buyback, bad-news resilience, won-strength risks for KOSDAQ small-cap chip suppliers, and tariff pass-through in power equipment.

• Foreigners bought Samsung Electronics and SK Hynix heavily, but the market fell late as retail leveraged ETF positions were shaken out.
• Lee views the semiconductor leaders as still in an accumulation-driven stair-step uptrend as long as the July low holds.
• Memory fundamentals strengthened: the HBM supercycle narrative returned, hyperscaler demand was validated, and NAND and DDR4 prices firmed.
• The Korean market is resisting negative macro news such as high Treasury yields, oil prices and yen strength, suggesting limited downside.
• The US Treasury buyback is described as resembling rate cuts and quantitative easing, supportive for equities and long-term Treasuries.
• KOSDAQ small and mid-cap semiconductor equipment and material suppliers face earnings risk from a stronger won and raw material costs.
• Korean power equipment and semiconductor leaders may pass through or avoid US tariff damage because of US import dependence.