Are foreigners really ditching Kospi — or doubling down?

Foreign investors may be selling South Korea hard, but they are sitting on a bigger slice of the market than before.

While the benchmark Kospi has been on a dizzying rally in recent sessions, hitting a fresh intraday high of 8,457.09 Wednesday as of press time, overseas investors appear to be pulling back from local equities.

Offshore investors have dumped shares worth more than 96 trillion won ($63.8 billion) on the Kospi this year, sparking concerns over a sustained foreign exodus from Korean ...