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KOSPI · Foreign Flows · AI Cycle 📘 Part 1. Why Are Foreign Investors Pulling So Much Money Out of the KOSPI Right Now? — “This isn’t just about Korea. It’s the first deep breath in a global tech rally.” Foreign investor flows in November 2025 AI · Semiconductors · FX · Value-Up November 2025 has been an unusually tense month for the Korean stock market. Index swings have been sharp, but what really stands out beneath the surface is the sheer scale of foreign selling — very different from what we’ve seen in the past. Many investors are probably thinking something like this: “Earnings don’t look that bad… so why are they dumping this much?” “Is Korea out of favor now, or is this just part of a bigger global move?” To answer that properly, we need to break it down into three parts: ① How much have ...

Resolving the Korea Discount: How the Government’s Value-Up Policy Could Transform the Market and Create Investment Opportunities A deep dive into South Korea’s long-standing “Korea Discount” and the government’s new Value-Up initiative. This analysis covers valuation metrics such as PBR, dividend policy, corporate governance reforms, and which sectors may benefit. --- Part I. The Korea Discount — Why Does It Exist and Why Is It a Problem? --- 1) Definition and Reality of the Korea Discount The term Korea Discount is not just industry jargon; it encapsulates a structural issue that has plagued South Korea’s capital markets for decades. Put simply, “companies listed in Korea trade at significantly lower valuations than their global peers.” Take late 2024 as an example: The average price-to-book ratio (PBR) of the KOSPI stood at about 0.8x, meaning Korean firms trade at less than 80% of their book value. At the same time, the Nikkei 225 in Japan averaged around 1.5x, While th...