An Afternoon Wiped Away · Today in One Line · The index recovered, but fewer than half the stocks rose · KOSPI 6,579.48 +0.26% · KOSDAQ 790.21 -1.71%
2026.09.03
Snowshagal Daily
snowshagal.com

An Afternoon
Wiped Away

TODAY IN ONE LINE

The index recovered,but fewer than half the stocks rose

KOSPI6,579.48 +0.26%
KOSDAQ790.21 -1.71%
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SNOWSHAGAL · DAILY
MARKET RESEARCH
2026.09.03 · THU
KRX CLOSE 15:30
DAILY MARKET NOTE / 03 SEP 2026

The Close Came Back,
Risk Appetite Didn't

KOSPI +0.26% · In the morning +1.83%it climbed as high as -1.88%then fell as far as in the afternoon before recoveringThe opening advance broadened across semiconductors, financials and secondary batteries · By the close, only financials and industrials were still positiveThe afternoon drop came as foreign futures net buying collapsed amid reports of renewed Middle East escalation and a stronger yenRetail, foreign and institutional investors all net sold cash equities · KOSDAQ -1.71% · KOSPI 46.6%

The market's leaders in the morning were different from those at the close
MARKET PATH / 01

Everything rose together in the morning; by the close, only financials remained

When did the direction change, and what was driving it?
KOSPI · 09:00~15:30Opened higher at 6,650.33 → intraday high 6,682.97 around 09:40 → intraday low 6,439.49 around 14:28 → closed at 6,579.48
09:00 12:00 15:30
OPEN6,650.33+1.34%
HIGH6,682.97+1.83%
LOW6,439.49-1.88%
CLOSE6,579.48+0.26%
THE READ

The session opened on a rebound from the previous day's plunge and a recovery in U.S. AI chip stocks · A stronger won also lifted the opening levelEarly trading was broad, with semiconductors, financials and secondary batteries rising together · The two largest stocks by market cap were part of the moveWhat changed the afternoon direction was not a domestic catalyst but risk aversion · Futures weakened first, and cash equities followedEven after the index recovered into the close, the two major chipmakers gave back their gains · The leaders at the open and at the close were differentThe opposite signs of KOSPI and KOSDAQ defined the session · The close recovered, but risk appetite did not

OPEN · MORNING

Opened 1.3% higher, with semiconductors rising too

Opened at 6,650.33, 87.61 points above the previous close · Reached 6,682.97 around 09:40At 09:17 Samsung Electronics +1.20% · SK hynix +1.43% · At 10:32 they were still +1.40% and +1.36%, respectivelyBy 13:28 KOSPI was at 6,658.57 · KB Financial +6.03% · LG Energy Solution +4.60%, with the advance broadening

AFTERNOON

Futures weakened first; the index hit its low around 14:28

Foreign investors' net buying, which stood at KRW 703.5bn at 13:15, collapsed to KRW 40.3bn by 14:37Institutional cash-equity selling expanded over the same interval · The index hit 6,439.49 around 14:28 · 243.48 points below the highThis was the interval when reports emerged of another Iranian attack on a U.S. military base in Kuwait

CLOSE

Futures recovered into the close; semiconductors gave back their gains

Foreign futures net buying, which had fallen to KRW 40.3bn by 14:37, expanded again · The index rebounded 139.99 points from its lowSamsung Electronics -0.20% · SK hynix -1.05%, giving back their early gains · The positives left at the close were financials and industrialsKOSDAQ closed at 790.21 after a high of 815.79 · 424 stocks rose · 433 fell

Directional line traced from Naver Finance's intraday KOSPI chart. Open, low, high and close are confirmed values; the path between them is an approximation following the intraday chart.
WHY / 02

Financials lifted it; risk aversion erased the afternoon

Only the factors that actually explained the day's direction
01

The main driver of the index advance was Korea's rate-hike cycle and a rerating of financial stocks

The Bank of Korea raised the base rate from 2.75% to 3.00% on Aug. 27, its second consecutive hike · Expectations for further tightening remainedFor banks, higher rates support net interest margins; for insurers, the benefits come through long-bond reinvestment yields and — channels through which higher rates can translate into earningsInsurance +4.44%, the best of 46 industries · Financials +1.91% · KB Financial +5.20% · Samsung Life +3.06%

+4.44%KOSPI insurance industry · All 13 constituents rose
View evidence
Bank of Korea base rate at 3.00% on Aug. 27 · Second consecutive hike · Forecasts also cited a terminal rate of 3.25% or higher
Korean Treasury yields rose across the curve in the previous session · 3Y 3.930% · 10Y 4.418% · 30Y 4.657% (Sep. 2 close)
As of 13:28, KB Financial +6.03% · Shinhan Financial +3.71% · Samsung Fire & Marine, Hanwha Life and DB Insurance were all up more than 6% intraday
Property & casualty insurers also benefited from expectations of improvements to auto-insurance claims procedures · The valuation uplift to affiliated shareholdings from Samsung Electronics' expanded shareholder returns was also cited as a factor behind insurer strength
A one-day reversal after KOSPI insurance -3.70% and financials -3.44% in the previous session
U.S. session Sep. 2: Dow +0.56% · S&P 500 +0.46% · Nasdaq +0.45% · U.S. 10Y yield touched 4.821% intraday before returning to the 4.79% range · USD/KRW fell 9.4 won to 1,359.3
Theme family · KOSPI 200 Financial High Dividend TOP 10 +3.28% · KRX-Akros Financial & Holding High Dividend +1.97% · A separate series from industry indices
02

The afternoon decline was where futures positioning weakened first, amid renewed Middle East escalation and a stronger yen

Reports said Iran launched another missile-and-drone attack on a U.S. military base in Kuwait · Safe-haven demand moved toward the yen, gold and U.S. TreasuriesForeign net buying of KOSPI 200 futures fell from KRW 703.5bn at 13:15 to KRW 40.3bn at 14:37, while institutional cash-equity selling expandedRather than the headline directly pushing down the index, futures positioning weakened first and cash equities followed (interpretation)

-1.88%Change from the previous close at the intraday low of 6,439.49
View evidence
Kuwaiti military post on X · Said air defenses were responding to hostile missile and drone attacks · The scale of damage was not confirmed
Iran's Revolutionary Guard also claimed it targeted U.S. facilities in the UAE and Bahrain · Iranian state media described the attacks as retaliation against the United States
A renewed escalation after U.S. strikes on Iran's Revolutionary Guard on Aug. 30 and Iran's retaliation against a U.S. base in Jordan · The confrontation centered on control of the Strait of Hormuz
A stronger yen and concerns over an unwind of the were also cited as factors amplifying risk aversion
Foreign KOSPI 200 futures net buying · KRW 703.5bn at 13:15 → KRW 40.3bn at 14:37 → expanded again afterward · Intraday values compiled from closing-market reports
No additional surge in crude oil was confirmed at the time · WTI $90.07 · Gold $4,468.30, with the reaction concentrated in safe havens
KOSPI 200 1,032.82, +0.13% · Closed with a smaller gain than KOSPI · Large-cap names fell more during the selloff
03

The U.S. AI rebound put semiconductors back on their feet in the morning

Previous U.S. session: Nvidia +3.21% · Micron +2.43% · Philadelphia Semiconductor Index +0.45%Broadcom FY3Q AI semiconductor revenue $16.7bn · Q4 guidance $21.7bn, reaffirming the strength of AI demandSamsung Electronics and SK hynix also rose more than 1% early · After the previous day's plunge, semiconductors re-entered the morning rebound leadershipBut they gave back all gains during the afternoon risk-off phase · Samsung Electronics -0.20% · SK hynix -1.05%

+3.21%Nvidia in the Sep. 2 U.S. session · Philadelphia Semiconductor Index +0.45% the same day
View evidence
Broadcom FY3Q · Market consensus on the left, reported result on the right
01
Revenue
$29.36bn
→
$29.59bn
02
Adjusted EPS
$3.22
→
$3.32
03
Q4 revenue guidance
$35.03bn
→
$34.80bn
04
Q4 AI semiconductor guidance
$21.3bn
→
$21.7bn
FY3Q AI semiconductor revenue $16.7bn · Roughly triple year on year · Only total-revenue guidance came in below market expectations
In the Sep. 2 U.S. session, Dell jumped 15.81% after raising its AI-server guidance · Qualcomm +2.01% · SK hynix ADR +2.61%
At 09:17 Samsung Electronics +1.20% · SK hynix +1.43% · At 10:32 they were still +1.40% and +1.36%
Theme family at the close · KRX Semiconductor Top 15 -1.01% · KRX AI Semiconductor -1.26% · K-AI Semiconductor TOP2+ -1.64%
Semiconductors split internally · EO Technics +3.98% · Wonik IPS -4.28% · Simmtech -4.78% · Samsung Electro-Mechanics -3.71%
MONEY / 03

All three investor groups sold; the residual was concentrated in the two chipmakers

Who moved the index today
Residual outside the three groups · KOSPI cash equities
+KRW 1.5937tn

Retail -KRW 955.2bn · Foreign -KRW 423.2bn · Institutional -KRW 215.3bn · All three groups were net sellersThe opposite side of the three groups' combined net flow was KRW 1.5937tn · a back-calculated figure that can include other foreigners, government and local-government accounts in addition to other corporationsCombined net flow of the three groups in Samsung Electronics and SK hynix was -KRW 1.5403tn, 97% of the residual · Share-buyback demand from the two companies likely explains most of that residual (interpretation)Closing-market reports directly tallied other-corporation net buying at +KRW 1.6099tn · KRW 16.2bn above the back-calculated figure

Three-group total · SK hynix-KRW 1.0401tn
Three-group total · Samsung Electronics-KRW 500.2bn
Futures · program trading · detailed flows
Foreign KOSPI 200 futures · KRX final at 15:45+KRW 808.0bn
KOSPI program-KRW 400.0bn
-KRW 405.1bn
Arbitrage program+KRW 5.2bn
Foreign KOSPI 200 futures intraday · KRW 703.5bn at 13:15 → KRW 40.3bn at 14:37 → expanded again afterward · Intraday values compiled from closing-market reports
Closing-market reports tallied KRW 586.9bn versus KRX's final 15:45 figure of KRW 808.0bn · The KRX final figure is used
KOSDAQ program -KRW 136.3bn · KOSPI program selling narrowed from -KRW 1.5140tn in the previous session to -KRW 400.0bn · The structure remained almost entirely non-arbitrage
Cross-check · Retail -KRW 955.2bn - foreign KRW 423.2bn - institutional KRW 215.3bn = -KRW 1.5937tn · The opposite side is the residual net buying outside the three groups
Opposite side in the two stocks · SK hynix KRW 1.0401tn · Samsung Electronics KRW 500.2bn · Total KRW 1.5403tn · 97% of the residual · Previous session KRW 1.5623tn
Flow concentration · Foreign selling: TOP1 27.3% · TOP5 49.5% · Buying: TOP1 3.5% · TOP5 15.9% / Institutional selling: TOP1 22.4% · TOP5 51.1% · Buying: TOP1 7.0% · TOP5 23.2%
Denominator is the absolute sum of stock-level net selling (or net buying) by that investor group · Foreign selling KRW 1.3843tn · Institutional selling KRW 1.3437tn
Retail stock-level net buying · Samsung Electro-Mechanics +KRW 246.0bn · Alteogen +KRW 129.1bn · Hyosung Heavy Industries +KRW 32.5bn · SK Telecom +KRW 31.1bn · NAVER +KRW 29.7bn / Net selling · SK hynix -KRW 361.5bn · Samsung Electronics -KRW 314.7bn · Samsung Heavy Industries -KRW 57.2bn · KB Financial -KRW 40.6bn
Foreign stock-level net buying · Hyundai Motor +KRW 30.0bn · Hyundai Mobis +KRW 28.8bn · OCI Holdings +KRW 26.5bn · Samsung Heavy Industries +KRW 25.7bn · Kia +KRW 25.3bn · Samsung Electronics +KRW 23.2bn / Net selling · SK hynix -KRW 378.2bn · Samsung Electro-Mechanics -KRW 154.1bn · Alteogen -KRW 70.9bn · Samsung Electronics Pref. -KRW 48.5bn
Institutional stock-level net buying · KB Financial +KRW 66.0bn · Shinhan Financial +KRW 51.0bn · Woori Financial +KRW 35.1bn · Samsung Fire & Marine +KRW 34.9bn · Samsung Heavy Industries +KRW 32.0bn · LG Energy Solution +KRW 28.2bn / Net selling · SK hynix -KRW 300.4bn · Samsung Electronics -KRW 208.7bn · Samsung Electro-Mechanics -KRW 99.7bn · Alteogen -KRW 52.4bn
KOSDAQ · Retail +KRW 295.1bn · Foreign -KRW 107.5bn · Institutional -KRW 184.6bn · Retail was the only group with the opposite sign from KOSPI
5-session cumulative (Aug. 28-Sep. 3), KOSPI · Foreign -KRW 4.32tn · Institutional -KRW 4.87tn · Retail +KRW 1.08tn
Trading value · KOSPI KRW 18.89tn (88.5% of 5-day average) · KOSDAQ KRW 4.90tn (95.1% of 5-day average) · KOSPI turnover edged up from KRW 18.57tn in the previous session
· KOSPI short selling KRW 1.73tn, 6.39% of trading value (9.1% previous session) · KOSDAQ KRW 0.37tn, 6.30% · By stock: SK hynix KRW 536.5bn (9.68% share) · Samsung Electronics KRW 307.0bn (6.74%) · Alteogen KRW 68.9bn (10.41%) · Doosan Enerbility KRW 41.0bn (9.85%)
Cash-futures closing basis -2.38 → -2.82 · Cash 1,032.82 (15:30 close) · Futures 1,030.00 (15:45 close · Sep-2026 contract · expiry 2026-09) · Different timestamps, so excluded from directional interpretation
USD/KRW · Domestic FX market 15:30 close 1,359.3 · Down 9.4 won · The currency moved lower even as foreign investors remained net sellers of cash equities
SECTOR / 04

Where it was strong · where it was weak

Today's distribution of strength and weakness, not a ranking table

Industries tied to higher rates filled the top of the table.Of 46 industries, 16 rose · On KOSPI, 13 of 24 rose; on KOSDAQ, 3 of 22 roseElectrical & electronic equipment, the largest industry by market cap, fell 0.53% · The biggest industry did not participate in an up day for the indexInsurance and financials, down more than 3% in the previous session, moved to the top in one day · One day's move is not enough to declare a change in market leadershipWeakness was concentrated on KOSDAQ · 19 of 22 KOSDAQ industries fell · Biotech and pharmaceuticals were among the biggest decliners

STRONG

Insurance · KOSPI+4.44%
Construction · KOSPI+3.45%
Electricity & gas · KOSPI+3.22%
Transportation equipment & parts · KOSPI+2.69%

WEAK

General services · KOSDAQ-3.87%
Pharmaceuticals · KOSDAQ-2.32%
IT services · KOSDAQ-1.60%
Telecommunications · KOSPI-1.38%
Sector evidence
46 KRX industry indices (KOSPI 24 · KOSDAQ 22) · 16 up · 30 down · KOSPI: 13 of 24 up · KOSDAQ: 3 of 22 up
KOSPI insurance +4.44% · All 13 constituents rose · Construction +3.45% · Of 37 stocks, 19 rose and 9 fell
KOSPI electricity & gas +3.22% · 6 of 10 stocks rose · Transportation equipment & parts +2.69% · Of 65 stocks, 32 rose and 26 fell
KOSPI electrical & electronic equipment -0.53% · Of 84 stocks, 22 rose and 57 fell · KOSPI manufacturing -0.09% · Of 557 stocks, 242 rose and 278 fell
KOSDAQ general services -3.87% · Of 144 stocks, 39 rose and 88 fell · KOSDAQ pharmaceuticals -2.32% · Of 130 stocks, 33 rose and 83 fell
KRX official 39 indices · 21 up · 18 down · A separate series from industry indices
Theme strength · Shipbuilding TOP10 +4.83% (all 10 constituents rose) · KOSPI 200 Financial High Dividend TOP 10 +3.28% · Secondary Battery TOP 10 +2.50% · EV Top 15 +1.99%
Theme weakness · K-AI Biotech KOSDAQ -4.90% · Technology Transfer Biotech -3.72% · KOSDAQ 150 Governance -2.92% · Biotech TOP 10 -2.21% · KOSDAQ TOP 15 -1.93%
Top 10 by market cap · KB Financial +5.20% · LG Energy Solution +5.18% · Samsung Life +3.06% · Hyundai Motor +1.46% / SK Square -0.10% · Samsung Electronics -0.20% · Samsung Electronics Pref. -0.75% · SK hynix -1.05% · Samsung Biologics -1.60% · Samsung Electro-Mechanics -3.71%
Largest KOSDAQ decliners · Alteogen -5.19% · Simmtech -4.78% · Wonik IPS -4.28% · 7 of the top 10 KOSDAQ stocks by market cap fell
Advancing-stock ratio · KOSPI 46.6% (424/909) · KOSDAQ 30.7% (533/1,735) · Numerator is advancers plus limit-up stocks; denominator includes unchanged stocks
KOSPI detail · Limit up 0 · Up 424 · Unchanged 52 · Down 433 · Limit down 0 / KOSDAQ detail · Limit up 3 · Up 530 · Unchanged 93 · Down 1,108 · Limit down 1
Industry returns are market-cap-weighted index moves, not net inflow amounts by industry
CHANGE / 05

Answers to yesterday's questions

Closing out yesterday's checkpoints with today's data
YESTERDAY → TODAY

All three questions from the previous session now have today's answer · Joint foreign and institutional selling continued, but shrank from KRW 3.9534tn to KRW 638.5bn · Foreign net selling of SK hynix also fell from KRW 1.0685tn to KRW 378.2bnThe advancing-stock ratio recovered from 15.4% to 46.6% but remained below 50% · The market returned to a structure where the index rose while fewer than half the stocks advancedCrude oil and U.S. yields did not reverse · The rebound in U.S. equities and a stronger won were what reduced the opening burden (interpretation)

01
Combined KOSPI net selling by foreign and institutional investors
KRW 3.9534tn
→
KRW 638.5bn
02
KOSPI
15.4%
→
46.6%
03
WTI · U.S. 10Y
$90.22 · 4.792%
→
$90.07 · 4.796%
CATALYST / 06

The U.S. Adds Conditions to Semiconductors Again

A policy variable not yet priced into today's market
U.S. Commerce Secretary · Local remarks Sep. 2
U.S. production = exemption

U.S. Commerce Secretary Howard Lutnick linked production in the United States to tariff exemptions

WHAT · What the U.S. said

The direction outlined was: produce in the United States and receive an exemption; otherwise, pay the tariffHe said the administration is preparing targeted and carefully calibrated semiconductor tariffsLocal CNBC interview Sep. 2 · On the sidelines of the G20 Innovation Ministers' Meeting

STATUS · What is still undecided

Tariff rate not yet setCovered products not yet set · Reports have only raised the possibility of extending coverage to finished goods such as laptops, game consoles and data-center serversCountry-specific exemptions and quotas not yet setImplementation date not yet set

KOREA · Why it matters for Korean companies

Samsung Electronics Taylor foundry $17bn · More than $37bn invested cumulatively in Texas · Operations scheduled to begin by end-2026SK hynix Indiana advanced-packaging investment of more than $4bn · Mass production targeted for end-2029However, a substantial share of core memory production capacity remains in KoreaIf exemption conditions are tied to U.S. production volumes or investment size, they could create pressure for additional local investment (interpretation)The Korean government and industry plan to respond after reviewing the detailed rules

MARKET · Separate from today's share-price move

Samsung Electronics -0.20% · SK hynix -1.05%There is insufficient basis to attribute today's afternoon decline to the tariff remarks alone (interpretation)More than today's share price, this is a variable for future valuation and production-location strategy · The key question is how much must be made in the U.S. to qualify for an exemption (interpretation)

CATALYST / 07

Alteogen Fell More Than 5% After Landing a KRW 4.4tn Deal

A single event that was already priced by today's market
Alteogen · Sep. 3 close
-5.19%

Alteogen signed an ALT-B4 option and license agreement with Novartis

WHAT · Deal structure

Announced Sep. 2 · Novartis will use Alteogen's ALT-B4 under the agreementNovartis receives exclusive options to develop and commercialize subcutaneous formulations for multiple productsThe target products were not disclosed

TERMS · Transaction terms

The deal consists of an upfront payment, development and commercialization milestones, and royalties on net sales after commercializationUp to $3.223bn, or about KRW 4.4tn, if all options are exercised and all milestones are achievedThe upfront-payment amount was not disclosed · Alteogen's fourth ALT-B4 agreement this year

SHAREHOLDER · Shareholder impact (interpretation)

The maximum total value is a ceiling that assumes every option is exercised and every milestone is achievedThe timing and size of actual cash inflows depend on whether Novartis exercises the options

MARKET · Market reaction

Closed at KRW 298,500 on the announcement day · Fell 5.19% to KRW 283,000 in today's next trading sessionRose early, then turned down to -2.68% by 13:28 before extending lossesThe same day, KOSDAQ pharmaceuticals -2.32% · KRX Technology Transfer Biotech -3.72% · Because industry weakness and the market's assessment of the deal overlapped, the entire decline is not attributed to the contract terms (interpretation)

NEXT / 08

What to watch next session

Conditions that can actually be scored, not probabilities
Does residual buying continue to absorb what the three investor groups sell?

A test of whether the structure that produced today's close was only a one-day event · Score it next session using the size of residual net buying outside the three groups and the sign of KOSPI · The key observation is the index direction on a day when the residual drops below the KRW 1tn range

Does foreign net buying of KOSPI 200 futures hold?

Because the afternoon decline began in futures, the same point needs to be checked again · Score it next session using the sign of foreign KOSPI 200 futures net buying and the sign of KOSPI

Does KOSPI's advancing-stock ratio move above 50%?

Check whether today's 46.6% moves above half · If the index rises while the ratio remains low, residual buying is again the dominant structure

The afternoon shock started in futures · Underneath the close, share-buyback demand from the two companies was still present.

Full index · FX · yield · commodity data are on MARKETThe Daily keeps only the numbers needed to explain today's session.
MARKET ↗
Sources · data basis
Reference date Sep. 3, 2026 · KOSPI and KOSDAQ official close
Index open/high/low/close · market breadth · trading value · investor totals (retail/foreign/institutional) · program trading · cash/futures close · short selling · Korea Exchange (KRX) official close and Naver Finance
Intraday path · Naver Finance KOSPI/KOSDAQ intraday charts
Intraday stock returns and time-stamped futures flows · Compiled from Sep. 3 intraday and closing-market reports
Final KOSPI 200 futures investor flows · Korea Exchange derivatives market final figures at 15:45 · KRX final figures used because they differ from closing-market report tallies
Stock-level flows · Korea Exchange closing investor trading data · Collected Sep. 3 · Whole equity-market basis
Residual net buying outside the three groups · Back-calculated from the sum of retail, foreign and institutional net flows · Direct other-corporation tally based on closing-market reports
Industries · 46 Korea Exchange KRX Index industry indices (KOSPI 24 · KOSDAQ 22) · Sep. 3 close
Themes · 39 Korea Exchange official KRX theme indices · Sep. 3 close · Separate series from industry indices
Bank of Korea base rate · Monetary Policy Board set the rate at 3.00% on Aug. 27, 2026 · Bank of Korea announcement
Korean Treasury yields · Sep. 2 close · Closing table based on Yonhap Infomax data
Iran's attack on a U.S. military base in Kuwait · Media reports citing a Kuwaiti military post on X and Iranian state media · Damage and interception results unconfirmed
Stronger yen and concerns over a yen-carry unwind · Market commentary cited in Korean and overseas market reports on Sep. 3
Broadcom FY3Q results · Company release and media reports · Released after the U.S. close on Sep. 2 ET · Market estimates compiled from media citations
U.S. targeted semiconductor tariffs · Media reports citing Commerce Secretary Lutnick's local CNBC interview on Sep. 2 and Politico · Tariff rate, scope, country exemptions and implementation date all unconfirmed
Samsung Electronics and SK hynix U.S. investment amounts and schedules · Company releases and media reports · Government and industry response plans based on Sep. 3 reporting
Alteogen-Novartis ALT-B4 agreement · Company release and media reports · Announced Sep. 2 · Upfront payment and target products undisclosed
Overseas indices and yields · Sep. 2 U.S. market close · Commodities and gold checked on the afternoon of Sep. 3 KST
Drivers of strength in insurers and banks, and expectations for improved auto-insurance claims procedures · Media reports citing Korean brokerage commentary on Sep. 3
USD/KRW · Domestic FX market 15:30 close · Closing-market reports
Stock returns · Korea Exchange regular-session close
Schedule · U.S. data and Fed-speaker times converted from U.S. Eastern Time to Korea Standard Time · Expected ECB hike based on reports
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