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KOSPI outlook: when will flows normalise, U.S. inflation in focus

South Korean stocks this week are expected to test whether market flows are normalising after a sharp selloff, with U.S. inflation data seen as the key variable. Concentration in semiconductor heavyweights and pressure from leveraged trades have eased, while margin lending has fallen. Investors are watching whether U.S. CPI, PPI and retail sales reinforce or ease rate worries. Analysts also track whether funds shift back to Kosdaq as individual investors reduce leveraged ETF positions.