ChainThink reports that, on July 23, according to Goldman Sachs' latest MarketFeed brief, foreign investors are returning to the Korean market.
The KOSPI rose 4.4% on Thursday, closing above 7,000 points, as foreign investors recorded their fourth consecutive day of net purchases; this week, foreign inflows reached $3.8 billion, the largest weekly net foreign purchase on record.
Goldman Sachs stated that buying pressure was primarily concentrated in the AI and storage sectors, with approximately 87% of foreign capital inflows directed toward the technology sector, and about 91% of the nominal trading volume in the technology sector focused on Samsung Electronics and SK Hynix.
The report suggests that the core rationale behind overseas capital returning to Korean assets remains the bet that global AI capital expenditures will drive the memory cycle. This round of capital inflow follows a significant deleveraging in the Korean market.
Goldman Sachs noted that the KOSPI has declined approximately 22% from its intra-year high, and foreign ownership in South Korea's semiconductor sector has dropped to 50%, 1.9 standard deviations below the historical average since 2000;
Margin loan balances have also declined from a peak of $25 billion to $22 billion. On the technical side, Goldman Sachs previously indicated that 6,800 points serve as the key 38.2% Fibonacci retracement support for the KOSPI.
After the index stabilized near this level and reclaimed the 7,000-point mark, the MACD began to rise, while the RSI stood at approximately 44.6, still below the overbought zone; Goldman Sachs has identified the next resistance level at 7,700 points, representing about a 7.8% upside potential.