There was no bombshell from the National Pension Service. Contrary to concerns that up to 60 trillion won worth of properties would be poured in over a long period of time, the actual sale size was minimal. The analysis is that the KOSPI, which soared to the 9,100 level at the end of last month, fell to the 7,500 level, greatly reducing the pressure for rebalancing from the National Pension Service, which was a fear factor in the market. According to the Korea Exchange on the 12th, pension funds, including the National Pension Service, only net sold a total of 205.8 billion won worth of stocks in the KOSPI market over 8 trading days (July 1 to 10) this month. The daily average is about 25.7 billion won, which is less than a quarter of the average daily net selling amount last month (111.7 billion won). In a recent report, Meritz Securities researcher Yoon Yeo-sam estimated that the National Pension Service's proportion of domestic stocks was 31.1% on June 22 when the KOSPI peaked at 9,114 and 29.5% at the end of June when it was 8,476. Additionally, it was observed that on the 8th, KOSPI fell to the 7246 level and its proportion decreased to 26.3%. Researcher Yoon said, “26.3% is strategic asset allocation (SAA).