00:02You're listening to AI Prism from Seoul Economic Daily.
00:06Three numbers before the open.
00:088.95, 6,856, and 32.4 billion.
00:15Monday's 8.95% crash tripped a circuit breaker,
00:20and Goldman says leveraged ETFs, not fundamentals, did the damage.
00:25Foreign investors pulled a record $32.4 billion from Korean stocks in June.
00:32And Samsung is quietly weighing a U.S. listing.
00:36Let's get straight to it.
00:38It's Wednesday, July 15th.
00:39Here's what today's story could mean for the Korean market.
00:43Leveraged ETFs have grown large enough to force mechanical selling detached from fundamentals.
00:49Wall Street banks say memory fundamentals are intact,
00:52with Morgan Stanley raising big tech CapEx forecasts by 9% to 10% for 2027 and 2028.
01:01And the government just lifted its 2026 growth forecast to 3.0% on the semiconductor supercycle.
01:10Here's what the numbers show.
01:11The KOSPI closed at 6,856.83, up 0.73% after Monday's 8.95% plunge,
01:22with Tuesday's intraday swing topping 500 points.
01:26Goldman Sachs traced 62% of Monday's institutional selling to ETF liquidations,
01:32with program trades making up 45.4% of the 3.9 trillion won foreign and institutional dump.
01:41Four single-stock leverage and inverse ETFs posted 16.7 trillion won, about $12 billion,
01:50in turnover, taking four of the market's 10 most-traded slots.
01:54Foreign investors sold a net $32.37 billion of Korean equities in June,
02:02a monthly record and the sixth straight month of outflows,
02:07bringing the year-to-date exit to $110.2 billion.
02:13Retail investors bought 388.7 billion won into Monday's crash,
02:19then sold a near-record 4.15 trillion won, roughly $3 billion, into Tuesday's rebound.
02:28Samsung Electronics held preliminary talks with banks on a U.S. ADR listing, Bloomberg reported,
02:35after SK Hynix raised $26.5 billion in New York.
02:40So what does this mean for active traders positioning today?
02:43Earlier, we said the machines did the damage.
02:47Here's what that actually means for you.
02:50Program flows and single-stock leverage ETF volumes are now the marginal price setters
02:56for SK Hynix and Samsung, so watch them alongside the tape.
03:00With retail deposits and margin balances shrinking,
03:03the dip-buying floor under this market may be thinner than the past six months suggest.
03:09That's today's AI Prism, stock investors.
03:12This episode was produced with AI assistance based on Seoul Economic Daily reporting
03:17and reviewed by a human editor.
03:20AI Prism is a Juan Ifra award-winning series.
03:23We'll be back tomorrow.
03:24You've been listening to AI Prism from Seoul Economic Daily.
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