The AI Canary: Korea Is Screaming Buy... But The Buyers Have Disappeared

The missing buyer

Korean equities are starting to look extraordinarily cheap, but who is going to buy them? KOSPI has just suffered its third 15% five-day drawdown this year, pushing valuations to record lows. Earnings expectations remain surprisingly resilient, yet the flow picture continues to deteriorate.

JPMorgan highlights an increasingly uncomfortable disconnect: valuations and technicals are flashing opportunity, but the marginal buyers are disappearing. Is Korea setting up for a violent rebound, or is there more pain to come?