Woofun AI data shows the KOSPI index has declined nearly 25% from its June 22 peak, with the forward 12-month P/E ratio falling to 5.78 times, the lowest level since 2004. Goldman Sachs maintains a 12,000-point target price and recommends buying on dips, noting that current valuations imply a positively skewed risk-return profile even after a 41% earnings revision. UBS reports that excluding major chipmakers, the forward P/E is 8.79 times, while foreign investors shifted to net buying of 19 billion won in automotive and retail sectors. The South Korean government will increase cash collateral requirements for single-stock leveraged ETFs to 30 million won starting August 5, aiming to curb retail speculation as total ETF size has already contracted to 1.7 trillion won.