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KOSPI drops 5 percent a day after record rebound, raising questions over August outlook

South Korea\'s KOSPI fell more than 5 percent on the first trading day of August, a day after posting a record rebound, as foreign and retail trading flows flipped. Analysts said it was too early to view the bounce as a trend reversal. The won-dollar exchange rate, semiconductor earnings confidence, U.S. rate direction and global risk appetite were cited as key variables. Brokers largely expect gradual recovery rather than a V-shaped rebound.