Retail investors lose faith in Korean stocks, turn to US market

Korean retail investors shifted from domestic equities to U.S. stocks in the second half as the KOSPI lost momentum and U.S. markets reached records. Individuals sold a net 5.59 trillion won of KOSPI shares during the third quarter while purchasing $7.63 billion of U.S. equities. AI optimism, stronger developed-market performance and the won’s appreciation increased the appeal of U.S. stocks.

Net sales of Korean shares totaled 14.2 trillion won in September, outweighing net purchases of 5.37 trillion won in July and 3.24 trillion won in August.

The KOSPI reached an all-time closing high of 9,114.55 on June 22 before falling below 7,000 on July 13 and closing at 6,806.93.

Korean individuals invested a net 99.17 trillion won in KOSPI shares during the first half, compared with 13.22 trillion won in U.S. equities.

The won strengthened from above 1,500 per dollar in the first half to the mid-1,300 range, reducing the won amount needed to buy dollar-denominated stocks.

Samsung Securities senior researcher Kim Jong-min said global capital was gravitating toward the AI value chain because rapid growth offered resilience against high borrowing costs.

Published Oct 12, 2026 3:12 pm KST

KOSPI slump, AI-driven US rally, stronger won fuel exodus

Korean retail investors have shifted from domestic equities to U.S. stocks in the second half as the two markets have taken divergent paths, market analysts said Monday.

While the KOSPI has fallen nearly 30 percent from its peak and struggled to regain momentum, enthusiasm for artificial intelligence (AI) has pushed Wall Street to a series of record highs.

According to data from the Korea Exchange and Korea Securities Depository, individuals sold a net 5.59 trillion won ($4.2 billion) worth of shares on Korea’s main bourse during the July-September period. Net purchases of 5.37 trillion won in July and 3.24 trillion won in August were outweighed by net sales of 14.2 trillion won in September alone.

Korean retail investors’ appetite for U.S. equities, meanwhile, remained strong throughout the third quarter. They made net purchases of $7.63 billion, equivalent to about 10.15 trillion won, over the three months. September’s heavy selling in Korea coincided with net buying of about $1 billion in U.S. stocks.

That pattern stands in stark contrast to their investment activity in the first half.

Between January and June, Korean individual investors poured a net 99.17 trillion won into shares on the KOSPI. The amount was about 7.5 times the $9.87 billion, or 13.22 trillion won, they invested on a net basis in U.S. equities during the same period.

In April and May, in particular, these investors pulled money out of U.S. stocks as government policies encouraged a return to the domestic market. They sold a net $468.93 million, or 628.3 billion won, in April and $939.77 million, or 1.26 trillion won, in May.

Retail investors’ renewed interest in U.S. stocks in the second half appears to reflect the prolonged lack of momentum in the Korean market.

The KOSPI has lost ground since posting an all-time closing high of 9,114.55 on June 22. It fell below the 7,000 mark on July 13, closing at 6,806.93, and has since remained rangebound with little momentum.

Meanwhile, optimism surrounding AI has sustained gains in all three major U.S. stock indexes, pushing them to fresh records.

Currency movements have added to the appeal of U.S. shares. After trading above 1,500 won per dollar in the first half, the Korean won has strengthened to the mid-1,300 range per dollar. The won’s appreciation means Korean investors need less of their home currency to purchase dollar-denominated stocks.

Kim Jong-min, a senior researcher at Samsung Securities, said persistently high interest rates were channeling global capital into a narrower range of assets.

“Investment is gravitating toward the AI value chain, where rapid growth offers resilience against high borrowing costs,” Kim said. “The relative strength of developed markets over emerging markets, combined with Taiwan’s outperformance of Korea among emerging markets, is further directing money toward U.S. AI-related businesses.”

Korean retail investors were joining that shift, using the stronger won as an opportunity to expand their exposure to the U.S. market, he added.

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下半年，随着韩国综合股价指数（KOSPI）涨势减弱，美国股市屡创新高，韩国散户投资者纷纷从国内股票转向美国股票。第三季度，个人投资者净卖出5.59万亿韩元的KOSPI股票，同时净买入76.3亿美元的美国股票。人工智能前景看好、发达市场表现强劲以及韩元升值均提升了美国股票的吸引力。

9月份韩国股票净卖出总额为14.2万亿韩元，超过了7月份的净买入额5.37万亿韩元和8月份的净买入额3.24万亿韩元。

韩国综合股价指数 (KOSPI) 在 6 月 22 日创下 9,114.55 的历史收盘新高，随后在 7 月 13 日跌破 7,000 点，最终收于 6,806.93 点。

今年上半年，韩国个人投资者净投资 99.17 万亿韩元于 KOSPI 股票，而投资美国股票的净额为 13.22 万亿韩元。

韩元兑美元汇率从上半年的 1500 以上升至 1300 左右，降低了购买美元股票所需的韩元金额。

三星证券高级研究员金钟民表示，全球资本正向人工智能价值链靠拢，因为快速增长能够抵御高昂的借贷成本。

发布于2026年10月12日下午3:12（韩国标准时间）

韩国综合股价指数暴跌，人工智能驱动的美国股市反弹，韩元走强加剧了投资者外流。

市场分析师周一表示，由于韩国和美国股市走势分化，韩国散户投资者在下半年已从国内股票转向美国股票。

尽管韩国综合股价指数 (KOSPI) 已从峰值下跌近 30%，并且难以恢复增长势头，但人们对人工智能 (AI) 的热情已推动华尔街创下一系列历史新高。

根据韩国交易所和韩国证券存管局的数据，7月至9月期间，个人投资者在韩国主要证券交易所净卖出价值5.59万亿韩元（约合42亿美元）的股票。7月份净买入5.37万亿韩元，8月份净买入3.24万亿韩元，但9月份的净卖出额高达14.2万亿韩元，远远超过净买入额。

与此同时，韩国散户投资者对美股的需求在整个第三季度依然强劲。他们在三个月内净买入美股76.3亿美元，约合10.15万亿韩元。9月份韩国股市的抛售潮恰逢韩国投资者净买入美股约10亿美元。

这一模式与他们上半年的投资活动形成了鲜明对比。

今年1月至6月，韩国个人投资者净投入99.17万亿韩元购买韩国综合股价指数（KOSPI）股票。这一数额约为同期韩国个人投资者净投资美国股票金额（98.7亿美元，约合13.22万亿韩元）的7.5倍。

尤其是在4月和5月，由于政府政策鼓励投资者重返国内市场，这些投资者纷纷从美国股市撤资。4月份他们净卖出4.6893亿美元（约合6283亿韩元），5月份净卖出9.3977亿美元（约合1.26万亿韩元）。

下半年散户投资者对美国股票重新燃起兴趣，似乎反映出韩国股市长期缺乏上涨动力。

韩国综合股价指数 (KOSPI) 自 6 月 22 日创下 9,114.55 的历史收盘高点以来持续下跌。7 月 13 日，该指数跌破 7,000 点大关，收于 6,806.93 点，此后一直处于区间震荡，缺乏上涨动能。

与此同时，围绕人工智能的乐观情绪推动美国三大股指持续上涨，并创下新纪录。

汇率波动提升了美国股票的吸引力。韩元兑美元汇率上半年一度超过1500，之后走强至1300左右。韩元升值意味着韩国投资者购买美元计价股票所需的本币数量减少。

三星证券高级研究员金钟民表示，持续高企的利率正引导全球资本流向更狭窄的资产范围。

金表示：“投资正涌向人工智能价值链，该领域的快速增长使其能够抵御高昂的借贷成本。发达市场相对于新兴市场的优势，加上台湾在新兴市场中优于韩国的表现，进一步引导资金流向美国的人工智能相关企业。”

他还补充说，韩国散户投资者也加入了这一转变，利用韩元走强的机会扩大对美国市场的投资。

三星创纪录的利润未能打动投资者

受海外获利回吐和三星盈利预期谨慎影响，首尔股市下跌，投资者情绪承压。

受芯片出口热潮提振，韩元兑日元汇率创18年新高