Foreign investors net-sold 11.927 trillion Korean won in KOSPI stocks over six consecutive trading days from September 9 to 16, despite positive outlooks from major global investment banks on South Korea and its semiconductor industry. The selling included 5.8539 trillion won of SK Hynix and 4.3869 trillion won of Samsung Electronics, with the two stocks accounting for about 86% of total foreign net-selling during the period. BlackRock Investment Institute upgraded emerging-market stocks, including South Korea, from neutral to overweight on the 14th local time, while Goldman Sachs retained buy ratings on both companies. BlackRock cited South Korea and Taiwan’s roles in the global semiconductor and memory supply chain, as well as stronger projected earnings growth and lower valuations for emerging markets than the U.S. Goldman Sachs said North American investors were broadly positive on memory and projected third-quarter DRAM and NAND average selling prices to rise about 20% quarter-on-quarter, while HBM (high-bandwidth memory) ASPs could rise around 100% next year. Analysts said the foreign selling reflects broader risk appetite, interest rates, liquidity and currency or funding conditions rather than necessarily a changed view of semiconductors. Corporate share buybacks by Samsung Electronics and SK Hynix have also made it easier for foreign investors to sell. Future flows will depend on semiconductor demand, third-quarter earnings and interest-rate trends, with September and early October identified as critical periods.