South Korean investors are rotating out of semiconductors and other mega-cap technology leaders into a broader set of sectors, with the shift showing up in both thematic ETFs and equal-weight indexes. Over the one-month period through the 7th, the HANARO K-Beauty ETF rose 11.86%, TIGER Cosmetics 11.81%, KODEX Webtoon & Drama 10.07%, KODEX Consumer Staples 9.11% and 1Q K-Sovereign AI 7.34%, while the KRX 300 Consumer Staples Index gained 9.35% and the KRX Semiconductor Index and KRX Information Technology Index each fell about 29%; from the 3rd through the 11th, the KOSPI fell 3.78% but the KOSPI 200 and KOSPI 100 equal-weight indexes rose 8.11% and 6.33% as health care, construction and energy shares outperformed. Analysts cited stronger cosmetics exports, easing currency pressure for food makers, undervaluation in Naver and Kakao, and weakening leadership in Samsung Electronics and SK hynix as drivers of the move, while cautioning that it remains unclear whether the shift is a short-term rebound in laggards or a broader market rotation.