South Korean retail investors bought $3.59 billion in U.S. stocks this month amid a domestic market downturn.

Huo Xing Finance reports that, on July 28, according to South Korea’s Seoul Economic Daily, as South Korea’s stock market continues its sluggish performance, domestic investors have once again turned to U.S. equities, with net purchases of U.S. stocks exceeding 5 trillion Korean won this month. According to data from Seibro, the securities information portal operated by the Korea Securities Depository, net purchases of U.S. stocks by South Korean investors from the 1st to the 27th of this month reached $3.58999 billion—approximately 5.5 times the total net buying volume for the entire month of June. As of the 23rd, net purchases stood at $2.53026 billion, but surged by an additional $1.05973 billion over the following two trading days. Retail investor funds were primarily concentrated in the semiconductor and technology sectors. The most heavily bought product this month was the Direxion Daily Semiconductor Bull 3X ETF, which tracks the Philadelphia Semiconductor Index, with net purchases reaching $1.75919 billion. SK Hynix ADRs have also continued to attract strong demand, with net purchases rising to $812.38 million by the 27th.