South Korea's equity market is continuing to unwind its heavy concentration in semiconductor leaders, with tighter regulation of single-stock leveraged ETFs now accelerating a rotation into the Kosdaq. Samsung Electronics and SK Hynix saw their combined share of the Kospi fall to 46.3% on Aug. 7 from 58.9% on June 25, while authorities' tougher rules on leveraged products tied to the two chipmakers have pushed retail investors toward smaller, more volatile growth stocks. On Aug. 10, the Kosdaq Index rose as much as 6.8% intraday and extended its rebound to more than 30% from its July 30 low, while a surge in Kosdaq futures triggered a sidecar for the third time this month. The Kosdaq gained 11% last week as the Kospi fell 5.1%, lifting the Kosdaq's relative performance versus the Kospi to its highest since the dot-com bubble in 2000. Analysts and market participants say money leaving leveraged ETF bets on Samsung Electronics and SK Hynix is being redirected into Kosdaq shares, adding to a broader revaluation of sectors that had lagged while semiconductors dominated the market.