Foreign investors net-sold 199.10 trillion won in KOSPI-listed stocks, excluding ETFs and similar products, between January 2 and October 12, while accumulating 9.66 trillion won of domestically listed exchange-traded funds. SK hynix and Samsung Electronics accounted for more than 173 trillion won of the direct-equity sales, with Hyundai Motor and SK Square also among heavily sold shares. Foreign investors sold individual KOSPI stocks in every month except January and April, including 8.46 trillion won through October 12, but recorded uninterrupted monthly ETF net buying from January through September. The divergent flows indicate a shift from direct stock selection toward ETFs rather than a broad withdrawal from Korean-listed investment products. Foreign ownership of domestic equity ETFs stood at about 4.3% at the end of September, above the 16-year average of 2.75%, after reaching 6.5% in June. Analysts said ETF demand has rotated into lagging sectors and index products, while persistent foreign selling has weighed on the KOSPI despite Samsung Electronics' stronger-than-expected preliminary third-quarter earnings and continued investment in AI infrastructure.