According to Jin10, Cathie Wood said on the 16th that Korean semiconductor stocks had entered a suitable buying zone and that program trading, rather than deteriorating fundamentals, was a greater factor behind foreign investors’ withdrawals from Korean equities. She said program trading had surged mechanically as memory-chip shares retreated from their June peak and the won-dollar exchange rate hit a record high. Wood also said memory-chip prices had risen too quickly, sharply reducing retail sales of electronic devices, and that this factor was already reflected in stock prices. The KOSPI opened down more than 3% today before recovering to a slight decline at the time of the report.