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Seohak ants, individual investors in South Korea who heavily bought 3x exchange-traded funds (ETFs) throughout July, reportedly net sold nearly 1 trillion won worth of them on the first trading day of August.
According to SEIBRO, the securities information portal of the Korea Securities Depository, on the 5th, Seohak ants net sold 664.39 million dollars (948.6 billion won) worth of the Direxion Daily Semiconductors Bull 3X Shares ETF, commonly known as SOXL, which tracks 3 times the daily return of the Philadelphia Semiconductor Index, on the 3rd (inquiry basis).
Seohak ants had purchased 3.78586 billion dollars (5.4111 trillion won) worth of SOXL during the month of July, meaning they dumped 17.5% of July's net purchase amount in just a single day.
Although they turned back to net buying (57.04 million dollars) on the 4th, the net selling amount over the two days from the 3rd to the 4th reached 607.35 million dollars (867.9 billion won).
It is estimated that they moved to net sell as the price of SOXL, which had surged past 200 dollars in early July before dropping below 100 dollars, rebounded sharply once again.
The Direxion Shares ETF Trust Daily MSCI South Korea Bull, which tracks 3 times the performance of the South Korean stock market, was also net sold by 45.63 million dollars (6.5 billion won) over the two days.
While they sold off SOXL the most on August 3 to 4, Seohak ants net purchased Micron and SanDisk the most at 140.83 million dollars and 145.47 million dollars, respectively.
During this period, SK Hynix ADRs were also purchased in the amount of 93.23 million dollars (133 billion won), placing them third in net purchases.
Seohak ants continued to net buy 278.31 million dollars worth of US stocks in August, extending their buying streak for three consecutive months following June and July.
They recorded net purchases of 632.96 million dollars in June and 4.66862 billion dollars in July.
(Photo: Getty Images)
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