South Korea's stock market is showing signs of broadening beyond Samsung Electronics and SK hynix after equal-weight indexes, which give every constituent the same weighting regardless of size, outperformed conventional benchmarks this month. From the 3rd through the 11th, the KOSPI fell 3.78%, while the KOSPI 200 dropped 5.67% and the KOSPI 100 fell 6.15%, according to the Korea Exchange (KRX, South Korea's bourse operator). Over the same period, the KOSPI 200 equal-weight index gained 8.11% and the KOSPI 100 equal-weight index rose 6.33%, suggesting a market rotation as money moves away from former leaders and into a wider set of shares. The shift marks a reversal from earlier this year, when the KOSPI climbed 56.51% from January 2 through the end of last month on sharp gains in Samsung Electronics and SK hynix, even as equal-weight versions of the KOSPI 100 and KOSPI 200 rose only 22.03% and 12.29%. This month, with the KOSPI trading between 6,200 and 6,500, semiconductor momentum has cooled and previously overlooked sectors have strengthened: the KRX Semiconductor index fell 4.09%, while KRX Health Care rose 20.89%, Construction gained 19.36% and Energy & Chemicals added 15.03%. Lee Jun-young, an analyst at Eugene Investment & Securities, said weakening leadership among large-cap stocks means alpha, or stock-specific excess return, is shifting from the index to individual names as concentrated funds spread more widely across the market.