Individuals who sold 12 trillion won in April alone bought inverse ETFs

Despite the KOSPI rally, the scale of net selling by individual investors appears to have expanded significantly.
Securities analysts believe that while there is a possibility of increased short-term volatility in the stock market this month, the upward trend itself will not be undermined. 2547 trillion won in the KOSPI and KOSDAQ markets last month. 61%. This means that the rise in the index and the supply and demand of individual investors moved in opposite directions.
Specifically, in Exchange Traded Funds (ETFs), capital outflows were observed centered on leveraged products. 1032 trillion won of 'KODEX Leverage,' and ETFs such as 'KODEX KOSDAQ 150 Leverage,' 'KODEX Secondary Battery Industry Leverage,' and 'TIGER Semiconductor TOP 10 Leverage' were also among the top net sellers. Given that these products recorded high returns of around 50%, it appears that profit-taking was concentrated during the short-term rally. 8 billion won of retail funds flowing into it.
This product tracks the movement of the KOSPI 200 index in the opposite direction, generating profits when the index falls, and is utilized as a representative bearish betting tool. ETFs tracking overseas indices, such as 'TIGER US S&P 500' and 'TIGER NASDAQ 100', were also included in the top ranks of net purchases. ETF funds showed a trend of shifting away from domestic bullish betting toward downsides and overseas investments. While funds flowed out of the domestic stock market as a whole, a trend of funds flowing into certain AI-themed ETFs was also confirmed.
7 billion won in 'TIGER Semiconductor TOP 10 Covered Call Active,' placing them among the top performers. This indicates a shift in capital toward the AI ​​semiconductor theme rather than the overall market. The securities industry is noting that last month's market rebound was driven by improved corporate earnings. It is analyzed that continued earnings momentum, centered on semiconductors, drove the rise in the index.
Regarding this month's market, forecasts suggest that while a short-term consolidation phase may occur, the likelihood of the upward trend itself being undermined remains limited. The assessment is that while volatility may increase due to external variables such as high oil prices and interest rate burdens, a structure continues in which corporate earnings and liquidity partially offset these factors and support the market's bottom. Lee Eun-taek, an analyst at KB Securities, explained, "Despite the risk of high oil prices, strong earnings will overcome it all," adding, "Despite the controversy over the overheating of artificial intelligence (AI) investment, AI investment has now reached a point where it cannot be stopped.
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koreanbae@fnnews.com Bae Hangeul Reporter