The Korea Composite Stock Price Index (KOSPI) recently fell below its 100-day moving average, signaling a clear technical weakening and diverging from the Philadelphia Semiconductor Index (SOX), which continues to attract capital inflows. Furthermore, stock buyback demand, which previously supported the market, has weakened prematurely, and high oil prices are adding to the pressure on the South Korean economy. Goldman Sachs believes that the KOSPI's correction is more akin to a "positioning-driven washout" rather than a peak in the semiconductor cycle, given robust forward earnings expectations and low valuations for Korean tech stocks.