The most interesting aspect of financial markets is that they often don't follow "common sense logic" (i.e., where there's conflict, there's a fall), but rather "market capitalization logic" or "liquidity logic." We're used to understanding the world through news logic: Iran attacked → Middle East instability → increased global risk → stock market decline. But professional investors value structural logic more: • Profit-taking pressure: Where profits are highest, that's where the easiest "ATM" to withdraw from. • Leverage effect: The more crowded the long positions, the more severe the chain reaction when stop-loss orders are triggered. • Liquidity premium: The South Korean stock market has excellent liquidity among global emerging markets and has recently seen the most significant gains. When global institutions need to cash out and hedge, they prioritize selling what they can "sell," rather than what they "should sell."