EWY, tracking South Korean equities with heavy semiconductor exposure via Samsung Electronics and SK Hynix, traded near $170 on October 12 after a roughly 4% single-day drop, extending a pullback from the June peak above $220. The underlying KOSPI fell more than 3.6% to around 6,384 amid sustained foreign outflows exceeding $1.5 billion that session, profit-taking after blockbuster Q3 earnings, and concerns over AI spending sustainability. Elevated oil prices from Middle East tensions and expectations for U.S. CPI data this week added pressure on rate-sensitive exporters, while the won strengthened. Traders are watching global chip demand signals, FOMC-related Treasury yields, and any reversal in net foreign flows for directional cues through the remainder of the week.