KOSPI Tanked Even as Foreigners Bought — KOSDAQ Rode the AI Wave Alone

KOSPI got knocked down hard today, off 3.96%. What's odd is that it fell this much even with foreigners net buying over 1.4 trillion won — reads to me like institutional selling of 283.8 billion won hit the big-cap names hard enough to drag the whole index down with it. KOSDAQ did the opposite trick: both foreigners and institutions were net sellers there, yet it still climbed 1.42%, likely on retail money chasing specific catalysts like Paros AI Bio getting picked for a state-backed AI drug development project, which fed straight into the AI/autonomous-driving theme. Sector-wise that lines up too — AI and autonomous driving names were strong, utilities and staples were weak, so today reads as money rotating hard into growth themes while defensives got left behind. Seeing officials out doing field checks on drought and heatwave response tells me there's some seasonal risk-management happening on the ground, but exports, employment, and the FX/commodity backdrop still look supportive, so I don't read this as the big picture cracking. My take is today's KOSPI drop is more lopsided large-cap flow noise than an actual trend shift, and I logged 042700 into the book against that backdrop.