> why is everyone suddenly selling

1. Korean equities have been undervalued in comparison to Asian peers for a couple decades.

2. A couple Asia targeted funds began hedging ASEAN, China, and India equity risk by purchasing discounted Korean equities around 18-24 months ago.

3. This influx of capital along with South Korea's lack of regulation around retail investing led to the KOSPI rally.

4. Now that experienced funds are rebalancing, many retail investors that participated in the rally with limited knowledge got caught with their shirts off.

> what changed in the last week that did not change in the last 6 months

Larger emerging market and Asia funds that began the KOSPI arbitrage have hit internal metrics like IRR in the 20% range and are now rebalancing.

There's a reason South Korea is still classified as an "emerging market" in most risk indices despite being a developed economy.