The KOSPI closed at 6,715.41 on Wednesday, down 2.56 points, or 0.04%, after foreign investors sold large-cap semiconductor shares and erased an early gain of as much as 1.15%. The index opened 0.91% higher at 6,779.02 and reached 6,795.53 before falling to an intraday low of 6,697.85. Foreign investors sold a net ₩2.28 trillion of KOSPI-listed shares, extending their selling streak to seven sessions, while retail investors and institutions were net buyers. Other corporate entities bought ₩1.7045 trillion, supported by share buybacks from Samsung Electronics and SK Hynix. The KOSDAQ gained 0.76% to 822.18. Transportation equipment led sector gains as funds rotated toward autos and shipbuilding, with HD Hyundai Heavy Industries and Hanwha Aerospace among the strongest KTOP30 performers. The retreat followed the Federal Reserve’s first interest-rate increase in three years and two months, lifting its benchmark range to 3.75%-4.00%. Fed Chair Kevin Warsh said inflation had been too high for too long and left open the possibility of further tightening, while the Fed’s dot plot indicated one more hike before year-end. Market participants said the KOSPI’s limited decline suggested hawkish FOMC (Fed rate-setting committee) concerns were largely priced in, but foreign fund flows remain important for the near-term direction. Chris Senyek of Wolfe Research said equities could face short-term pressure if the Fed hikes as expected, although stocks have historically moved toward recovery within six to 12 months after an initial rate increase.