(Bloomberg) — South Korean stocks slipped, as heavyweight chipmakers faced selloffs after Friday’s record gains while investors cut back leverage-backed trades.

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The Kospi Index dropped as much as 5.5% early Monday, with Samsung Electronics Co. and SK Hynix Inc. both down about 9%. Losses followed Friday’s surge, when Samsung jumped 27% and SK Hynix 30%, a daily record for both.

“This is likely a payback from Friday’s incredible rally, with some external headwinds motivating profit-taking and leverage reduction,” said Homin Lee, senior macro strategist at Lombard Odier Singapore. “A strong won and headlines around China’s advances in AI and semiconductors are likely adding a bit to the headwinds.”

South Korean stocks posted their record one-day gain Friday, rising 18% as foreign buying, widely seen as short covering, drove the rally. The surge capped a tumultuous week, after the Kospi had dropped 17% over the previous three days amid AI-driven swings.

Read: Crushed by Kospi Rout, Angry Koreans Rip Lee and Vow Not to Buy

Global investors, who bought record Kospi shares on Friday, drove Monday’s selloff, unloading more than 1 trillion won ($698 million) worth of the index’s stocks in early trading.

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