South Korea's National Pension Service, whose activity is widely understood to dominate pension-fund trading compiled by the Korea Exchange, bought a net $1.11 billion of SK Hynix shares between July 1 and August 14 after resuming portfolio rebalancing, making the memory-chip maker its largest purchase. Other notable net buys included SK Innovation at $205 million, S-Oil at $153 million, Celltrion at $152 million, NAVER at $133 million, Samsung Biologics at $113 million, DB Insurance and SK Telecom at $109 million each, and LG Electronics at $102 million. SK Square was the biggest sale at $698 million, followed by Samsung Electronics at $282 million, Samsung Electro-Mechanics at $238 million, LG Innotek at $127 million, Hyundai Motor at $118 million, Hyundai Mobis at $110 million, Samsung Life Insurance at $106 million, Hanwha Ocean at $91 million and Mirae Asset Securities at $81 million. Analysts previously described the shift as a move away from holding company proxies and toward direct SK Hynix exposure after the stock's late-June pullback reopened room under the NPS's domestic equity limits.