South Korea’s stock market recorded a record monthly net outflow of 12.543 trillion won (approximately $9.2 billion) in August, as retail, foreign and institutional investors simultaneously reduced their exposure. The outflow was the first of the year and the largest since related data began in 2000, exceeding levels recorded during the global financial crisis and the 2021 inflation shock. Retail investors had driven more than 120 trillion won of cumulative net buying from January through July, but their monthly net purchases fell 90% to 5.4 trillion won from 54.5 trillion won in June after a sharp late-July sell-off. Foreign investors remained net sellers despite reducing their outflows, while institutions shifted from net buying to net selling. Other corporations were the only major buying category, with purchases rising to 11.7 trillion won from 1.2 trillion won, largely because Samsung Electronics and SK Hynix bought back shares. Analysts expect that support to fade by early to mid-October if the companies maintain their current pace. Future market direction is expected to depend heavily on whether foreign investors return to net buying, with a stronger won viewed as supportive of foreign inflows. Funds leaving equities have also moved into bank deposits, with time-deposit balances at the five major commercial banks exceeding 1,000 trillion won at the end of August.