Is semiconductor stock rally shifting from Korea to China?

Korean stocks led the global semiconductor rally over the past year, but the momentum is shifting toward China as shares of the country's two biggest chipmakers pull back, analysts said Monday.

The TIGER China Semiconductor FACTSET ETF (exchange-traded fund), which tracks large-cap Chinese semiconductor companies, gained 49 percent in the three months through Thursday, making it the best performer among three Korea-listed semiconductor ETFs managed by Mirae Asset Global Investments, according to the Korea Exchange.

That compared with a 33.6 percent gain for the TIGER U.S.

Philadelphia Semiconductor ETF and 19.9 percent for the Korea-focused TIGER Semiconductor ETF.

The Korean fund remained the top performer over the past year, surging 253.3 percent.

The China-focused fund rose 154.8 percent, while its U.S. counterpart gained 132.4 percent.

Analysts said the shift toward China reflects fresh inflows as Korean semiconductor shares pause after a sharp rally.

Funds have sharply flowed out of Samsung Electronics and SK hynix this month even as both companies continue to post record earnings.

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