The KOSPI fell 124.01 points, or 1.76%, to 6,909.91 on the 11th, just two trading days after closing above 7,000 for the first time in 33 trading days. The retreat stalled the index's attempt to break through the upper end of its trading range after a semiconductor-led rebound driven by strong exports and expectations for artificial-intelligence investment. Foreign and institutional investors sold net ₩2.304 trillion and ₩1.2235 trillion, respectively, while Samsung Electronics and SK Hynix declined 2% to 3%. The KOSDAQ also fell 1.52% to 824.17, and the KRX Semiconductor Index dropped 4.57%, its steepest decline among the 34 KRX industry indices. Semiconductor exports totaled $16.5 billion in the first 10 days of the month, up 270.1% from a year earlier, but analysts said the strength was already reflected in market expectations. Investors are also monitoring crude supply disruptions around the Strait of Hormuz, which could lift oil prices, inflation and interest rates. Higher long-term rates can reduce the present value of future earnings, putting pressure on growth stocks and potentially weakening foreign flows if the won declines. Analysts say the next earnings releases from Samsung Electronics and SK Hynix could become a key test, while the market is likely to balance semiconductor momentum against Middle East risks and higher funding costs for large technology companies driving AI investment.