7,000 Again, After 48 Days · Breadth widened as the No. 1 stock stood still · KOSPI 7,051.64 +1.40% · KOSDAQ 830.37 +2.28%
2026.09.09
Snowshagal Daily
snowshagal.com

7,000 Again,
After 48 Days

TODAY IN ONE LINE Breadth widened as the No. 1 stock stood still
KOSPI7,051.64 +1.40%
KOSDAQ830.37 +2.28%
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SNOWSHAGAL · DAILY
MARKET RESEARCH
2026.09.09 · WED
KRX CLOSE 15:30
DAILY MARKET NOTE / 09 SEP 2026

A Rally With
More Than Half Advancing

KOSPI +1.40% · back above 7,000 at 7,051.64 for the first time since July 23 · Samsung Electronics, the largest stock by market cap, finished 0.00% flatThree catalysts drove the advance: U.S. semiconductors confirming AI investment demand · U.S. pressure to exclude Chinese batteries · KEPCO's KRW 55tn five-year power-grid investment planThe advancing-stock ratio doubled from 25.4% to 50.7% · support for the index broadened beyond the very top of the market-cap ranking

The index was lifted not by Samsung Electronics alone but by a broader growth-stock complex spanning semiconductors, batteries and power equipment · among retail, foreign and institutional investors, institutions were the only net buyers

KOSPI
7,051.64
+1.40%
KOSDAQ
830.37
+2.28%
MARKET PATH / 01

Two pullbacks, two rebounds

When did direction change, and what was working at the time?
KOSPI · 09:00~15:30Opened at 6,972.87 → 6,968.06 → 7,112.48 → closed at 7,051.64 · gave back 60.84 points from the high
OPEN6,972.87+0.26%
HIGH7,112.48+2.27%
LOW6,968.06+0.19%
CLOSE7,051.64+1.40%
THE READ

The low came just after the open and was never revisited · both pullbacks stopped above the opening level, defining the character of the day's advanceThe index gained 1.40% even with the largest stock by market cap flat · unlike recent sessions when one mega-cap did most of the liftingThe KOSPI 200 rose less than the KOSPI · the lift extended beyond the largest-cap namesThe close gave back 60 points from the high, yet more than half the market finished higher · the index and internal breadth moved in the same direction

OPEN · MORNING

A low just after the open, then direction was set

Following strength in U.S. semiconductors, the market opened +0.26% · the intraday low of 6,968.06 came just after the openNear 09:50, the index approached 7,050 · after recovering 80 points from the low, it climbed in steps through 11:40The KOSDAQ opened at 815.06 and marked a low of 814.79 · the same shape as the KOSPI

AFTERNOON

The 11:40 high was followed by two afternoon pullbacks

The index reached the day's high of 7,112.48 at 11:40 · versus the prior close, +2.27%Pullbacks near 12:50 and 14:20 brought the index back toward 7,020Both times it reclaimed 7,050 within 30 minutes · the lower bound held above the opening level

CLOSE

A close 60 points below the high, but breadth held

Close 7,051.64 · 83.58 points above the day's low · 60.84 points below the highKOSPI 200 1,114.61 · +1.32% · 0.08 percentage point less than the KOSPIAdvancing-stock ratio: KOSPI 50.7% · KOSDAQ 55.7% · both markets above 50%

Intraday path connects KOSPI 5-minute closes · the first two markers are the official KRX open and low · because the low came immediately after the open, it overlaps the opening marker and is not shown separately · dashed line marks the prior close of 6,954.52.
WHY / 02

Battery and power catalysts layered onto the AI-demand signal

Only the catalysts that actually explain the day's direction
01

The No. 1 catalyst was an overnight confirmation of AI investment demand

Prior U.S. session: Dow -1.18% · S&P500 -0.58% · Philadelphia Semiconductor Index +1.30%It was a night when only AI-demand-linked names rose, not the broader market · Korean memory stocks and KOSDAQ equipment names picked up the signal directlyIntel +9.1%· Qualcomm up over 3% were individual contributors to that signal, not the whole explanation for Korea's advance

+3.51%SK hynix KRW 1,856,000 · semiconductor leader of the day
View evidence
Intel closed at $104.47 · reports that it is considering a 10% price increase for PC CPUs in October (Taiwan's DigiTimes) coincided with a Northland Securities rating upgrade
The upgrade cited pricing power from tight server-CPU supply · AI data-center expansion sits in the background
Qualcomm is collaborating with Amazon on AI data-center chips · warrants for up to 25 million shares vest in stages based on commercial agreements, binding orders and actual purchases · the purchase-performance cap is $60bn; this is not a committed $60bn contract
At Citi's Global TMT conference the same week, executives again said AI infrastructure investment would continue over multiple years
KOSDAQ Electrical & Electronics +4.69% · No. 1 among 46 industry indices · KOSPI Electrical & Electronics +2.01% · KRX Semiconductor Top 15 +2.98%
Company-level confirmation · SK hynix presented its full-stack AI memory strategy at its Future Forum · Samsung Electronics announced a partnership with Mistral AI to jointly develop semiconductor-specialized AI models · difficult to call these the main cause of the day's share-price move, but they show the AI narrative reaching corporate strategy
U.S. 10-year yield 4.806% · VIX 15.72 · neither changed enough to reverse the direction of the Korean market
02

The day's catalyst for the secondary-battery surge was U.S. pressure to exclude Chinese batteries

A letter released locally on Sept. 8 by the U.S. Transportation Secretary criticized Ford's ties with CATL, Geely and BYDCATL and BYD shares fell in China the next day, while Korea priced in hopes that Korean batteries could become alternative suppliersThe breadth of gains from cells to materials showed the nature of the move · Samsung SDI +8.30% · L&F +11.70% · POSCO Future M +6.37% · LG Energy Solution +6.46%

+8.22%KRX K-AI Secondary Battery · No. 1 among 39 themes
View evidence
The letter flagged security concerns over Ford's Marshall, Michigan plant licensing CATL's LFP technology and the China-built Lincoln Nautilus
Ford responded that it owns and operates the plant, while CATL holds no equity stake and receives technology-licensing fees
The move in Korean materials stocks reflected the possibility that restrictions could extend beyond licensing fees to Chinese production equipment and cathode/anode materials
Secondary catalyst · a Sept. 7 report said Chinese authorities were reviewing new ESS projects not yet under construction and had paused some approvals and progress · this was not a confirmed blanket ban on capacity expansion, but it modestly supported supply-side expectations
LG Energy Solution reversed in one day from -3.86% in the previous session; EcoPro BM +9.64%
SK Innovation +11.23% was excluded as a representative secondary-battery datapoint because oil prices and refining margins also supported the stock
KRX Secondary Battery TOP 10 +6.46% · EV Top 15 +4.44% · every constituent advanced · KOSPI Chemicals +3.56%
03

The day's catalyst for power equipment and cables was KEPCO's KRW 55tn five-year grid investment plan

KEPCO's 2026–2030 medium-term financial management plan allocates KRW 32.9576tn to transmission and KRW 22.3661tn to distribution, totaling KRW 55.3237tnThe backdrop is rising power demand from AI data centers and semiconductor clusters · a catalyst for power-equipment and cable stocks rather than the market as a wholeElectricity & Gas, the sector spending the money: -0.36% · the receiving side—power equipment and cables—sat near the top of the gainers

+6.38%KRX-Akros AI Power Infrastructure · all 15 constituents advanced
View evidence
The total investment plan, including ICT, operating facilities and investment assets, is KRW 60.9839tn · KRW 55.3237tn is the five-year total and does not represent individual purchase orders or allocations by company
Foreign net buying: LS ELECTRIC KRW 46.2bn · Gaon Cable KRW 31.1bn · HD Hyundai Electric KRW 19.6bn · prices and flows moved in the same direction
LS ELECTRIC about +5% · Gaon Cable +16.70% · Gaon Cable also had a company-specific catalyst: its first export of medium-voltage cable to a public utility in western Canada
KOSPI Machinery & Equipment +2.73% · KOSDAQ Machinery & Equipment +3.52% · KOSDAQ Metals +3.11%
Even though 6 of 10 Electricity & Gas stocks rose, the sector index fell · large-cap constituents weighed on the index
MONEY / 03

Institutions bought Samsung Electronics; retail sold SK hynix

Who moved today's index
INSTITUTION · KOSPI CASH
+KRW 942.0bn

Net buyers for five consecutive sessions · cumulative KRW 5.689tn over the periodSamsung Electronics alone accounted for 29.1% of the KRW 1.6284tn gross value of institutionally net-bought names · SK hynix and large secondary-battery cell and refining names followed · institutional buying was concentrated in semiconductors, secondary batteries and refinersSamsung Electronics saw institutional buying directly offset by foreign selling, finishing 0.00% flat · while the index moved above 7,000, the largest stock by market cap stayed in place

Samsung Electronics+KRW 474.6bn
SK hynix+KRW 139.2bn
Samsung SDI+KRW 86.6bn
SK Innovation+KRW 47.9bn
INDIVIDUAL
-KRW 2.288tnTop retail net sale: SK hynix at KRW 1.3988tn · foreigners and institutions together net bought KRW 224.9bn of the same stock, which rose +3.51% · down from KRW 3.033tn the previous session
FOREIGN
-KRW 435.0bnSamsung Electronics accounted for 47.4% of the KRW 1.6444tn gross value of foreign-net-sold names · in the KOSDAQ, foreign net buying was +KRW 225.0bn—the opposite sign from the KOSPI
RESIDUAL · OTHER INVESTORS
+KRW 1.781tn

Calculated residual · of this, the combined residual for SK hynix and Samsung Electronics was KRW 1.7334tn · because treasury-share purchases may be included, this is not treated as directional evidence

Futures · program trading · trading value · stock-level flows
Foreign KOSPI 200 futures+KRW 604.0bn
Institutional KOSPI 200 futures-KRW 340.0bn
KOSPI program trading-KRW 322.1bn
Non-arbitrage program trading-KRW 348.6bn
Program trading split between arbitrage +KRW 26.5bn and non-arbitrage -KRW 348.6bn · the combined balance swung from +KRW 78.9bn in the prior session to net selling
The difference between spot KOSPI 200 at 1,114.61 (15:30 close) and futures at 1,117.20 (15:45 close) was 2.59 points · because the closing times differ, this is not used as directional evidence
The denominator for buy/sell concentration is the gross value of stocks that each investor group net bought (or net sold), not the market's overall net balance · foreign gross net-buys totaled KRW 1.4434tn · institutional gross net-sells totaled KRW 707.7bn
Top foreign net buys: Samsung Electro-Mechanics KRW 136.6bn · SK hynix KRW 85.7bn · SK Innovation KRW 80.0bn · LS ELECTRIC KRW 46.2bn · Daeduck Electronics KRW 41.1bn
Samsung Electro-Mechanics was a stock that retail had absorbed with KRW 435.4bn of net buying in the previous session when it fell -5.78% · on this day it rebounded +2.48% as foreigners became the top net buyer at KRW 136.6bn
Foreign net sells: Samsung Electronics KRW 779.3bn · Samsung Electronics Pref. KRW 82.0bn · NAVER KRW 48.5bn · SK Square KRW 31.3bn
Retail net buys: NAVER KRW 76.0bn · Samsung Electronics Pref. KRW 59.1bn · APR KRW 33.2bn · Samyang Foods KRW 28.4bn · LG Electronics KRW 22.3bn
SK hynix: retail -KRW 1.3988tn · foreign +KRW 85.7bn · institutions +KRW 139.2bn · the remainder is the calculated residual outside the three groups
Institutional net buying in large secondary-battery and refining names: Samsung SDI KRW 86.6bn · SK Innovation KRW 47.9bn · LG Energy Solution KRW 43.3bn · L&F KRW 24.7bn · foreigners also net bought SK Innovation by KRW 80.0bn
KOSDAQ foreigners +KRW 225.0bn · retail -KRW 215.0bn · institutions -KRW 20.0bn · retail had the same sign as in the KOSPI, while foreigners had the opposite sign
KOSPI trading value was KRW 22.276tn, 108.2% of the 5-day average · down from KRW 25.959tn in the prior session · KOSDAQ KRW 7.572tn, 120.8% of its 5-day average
The KOSPI short-selling ratio rose from 3.49% to 4.69%, totaling KRW 1.4294tn · KOSDAQ short selling was KRW 317.1bn, or 3.63% · because these figures cover regular-market KRX+NXT trading, the denominator differs from KOSPI trading value
SK hynix ranked No. 1 in short-selling value at KRW 476.2bn, yet its shares rose +3.51% · short selling was 5.29% of the stock's trading value · price gains and higher short selling occurred together, and because short sales include hedging and market-making demand, they are not treated as outright directional selling
SECTOR / 04

Strong · weak

Today's distribution of strength, not just a ranking

STRONG

KOSDAQ Electrical & Electronics+4.69%
KOSDAQ Financials+4.40%
KOSPI Chemicals+3.56%
KOSDAQ Machinery & Equipment+3.52%

WEAK

KOSPI Entertainment & Culture-2.66%
KOSPI IT Services-1.36%
KOSPI Insurance-1.35%
KOSPI Telecommunications-1.31%
The top of the market split across three groups—semiconductors, batteries and power equipment · no single industry monopolized the leadersAt the weak end, Entertainment & Culture—containing gaming and entertainment names—ranked near the bottom in both markets · dividend-oriented sectors such as insurance and telecom followedKOSDAQ Financials +4.40% was the exception, with narrower stock participation than its index gain suggested · 43 of 105 constituents advanced · a few large names pulled up the sector indexOne day's move is not enough to declare a change in market leadership
Industry evidence
Of 46 KRX industry indices, 24 rose and 22 fell · among 24 KOSPI industries, 10 rose · among 22 KOSDAQ industries, 14 rose
Strength detail · 208 of 316 KOSDAQ Electrical & Electronics stocks rose · 75 of 123 KOSPI Chemicals stocks rose · because the indices are market-cap weighted, a handful of large names can amplify the sector return
Weakness detail · 6 of 13 KOSPI Entertainment & Culture stocks fell · KOSDAQ Entertainment & Culture also moved -1.79% in the same direction · in KOSPI Insurance, 12 of 13 stocks fell, making the weakness broad across the sector
KOSPI Electricity & Gas, the prior session's top-gaining industry, reversed to -0.36% · KOSPI Construction still rose +0.62% but with a smaller gain
Of 39 themes, 27 rose and 12 fell · leaders included KRX K-AI Secondary Battery +8.22% · Secondary Battery TOP 10 +6.46% · AI Power Infrastructure +6.38% · EV Top 15 +4.44%
Theme laggards were KRX Gaming TOP 10 -1.11% · KOSPI 200 Financial High Dividend TOP 10 -1.06% · Financials & Holding Companies High Dividend -0.96%
Seven of the 10 largest stocks by market cap advanced · LG Energy Solution +6.46% · SK hynix +3.51% · Samsung Electro-Mechanics +2.48% · Samsung Electronics was 0.00% flat · decliners were Samsung C&T -1.57% · KB Financial -0.98% · Samsung Electronics Pref. -0.45%
Company-specific event · Hanwha Ocean was named preferred bidder for a Thai Navy frigate project and moved +2.32% · the Shipbuilding TOP 10 index rose +2.95%
Industry and theme indices are not mixed in the same ranking · industry returns are market-cap weighted indices, not net inflow amounts by industry
CHANGE / 05

Answers to yesterday's questions

Checking yesterday's conditions against today's results
YESTERDAY → TODAY

The first question—market breadth—was answered: the KOSPI advancing-stock ratio doubled from 25.4% to 50.7%, and the KOSDAQ moved the same way from 29.4% to 55.7% · trading value actually fell even as breadth doubled · the rally did not come with higher turnoverThe second question—crude oil—also moved: WTI continued higher to $94.32 · unlike the prior session, it did not weigh on the whole index and instead supported refiners and petrochemicals · Lotte Chemical +18.12% · SK Innovation +11.23% · S-Oil +4.08%The third question, the scheduled semiconductor-index rebalancing, is set for Sept. 10 and is not yet resolved · carried forward to NEXT

01
Advancing-stock ratio
25.4%
→
50.7%
02
KOSPI close vs. 7,000
45.48 points below
→
51.64 points above
03
KOSPI trading value
KRW 25.959tn
→
KRW 22.276tn
NEXT / 06

What to watch next session

Conditions that can actually be scored, not probabilities
Does the 50.7% advancing-stock ratio stay above half?

Today's rally was rooted in broader breadth · even if the index holds 7,000, a drop back below 50% would mean a return to a market where a few large-cap names carry the index · check alongside the KOSDAQ's 55.7%

How do flows in the two stocks behave on Sept. 10, with futures/options expiry and the semiconductor-index rebalancing on the same day?

Futures and options expire on the same day as the KRX Semiconductor Index rebalancing · score the close by flows in the two names as their index weights are cut to the 20% cap, and by the signs in Hanmi Semiconductor, Jusung Engineering and Wonik IPS, which are expected to benefit from weight redistribution

Do the power-infrastructure and secondary-battery rallies last beyond one day?

For batteries, the next step is whether U.S. pressure turns into actual regulatory or procurement changes; for the grid, whether the five-year plan turns into real orders · check whether KRX-Akros AI Power Infrastructure and K-AI Secondary Battery remain near the top of the theme rankings next session, and whether the three cell makers stay among institutional net buys

NEXT SESSION · 9/10
Korean market open

First session opening above the 7,000 line

Futures/options expiry · KRX Semiconductor Index rebalancing

Expiry and index changes on the same day · watch program flows into the close

U.S. August PPI · weekly initial jobless claims

Released at 08:30 local time · final check before CPI the next day

Macro calendar · 9/10–9/17
ECB monetary-policy meeting

European rate decision

U.S. August CPI

Released at 08:30 local time · final inflation reading before the September Fed decision

Federal Reserve rate decision

Sept. 16, 14:00 local time · Sept. 17, 03:00 Korea time

Back above 7,000 with the No. 1 stock standing still · this time, the movement beneath the index was broader than the level of the index itself.

Full index, FX, rates and commodity data are in MARKETThe Daily keeps only the numbers needed to explain today's session.
MARKET ↗
Sources · data conventions
Reference date: 2026.09.09 · Korean market close confirmed at 15:30
Indices · market breadth · trading value · investor-group totals · Naver Finance daily index data and official KRX close
Intraday path · KOSPI 5-minute closes · open, low, high and close are the four official KRX close-confirmed values
Stock-level flows · KRX end-of-day trading by investor type · concentration denominators are aggregated from raw KRX data
Industries · themes · KRX Index industry and theme indices at the close
Program trading · futures · short selling · official KRX data · short selling combines regular-market KRX and NXT
Overseas · U.S. equities and the Philadelphia Semiconductor Index use Sept. 8 closes · U.S. 10-year yield 4.806%
Reporting · Sept. 8 local-time letter from the U.S. Transportation Secretary to Ford criticizing ties with CATL, Geely and BYD; reports that Intel is considering a 10% PC-CPU price increase in October (Taiwan's DigiTimes) and Northland Securities' rating upgrade; Qualcomm–Amazon AI data-center chip collaboration (warrant structure tied to actual purchase performance); KEPCO's 2026–2030 medium-term financial-management grid investment plan; Gaon Cable's medium-voltage cable export to a Canadian public utility; Hanwha Ocean selected as preferred bidder for a Thai Navy frigate project
Secondary catalyst · a Sept. 7 report said China paused approvals/progress on some new ESS projects before construction; this was not a confirmed blanket ban on capacity expansion
Company announcements · SK hynix Future Forum full-stack AI memory strategy; Samsung Electronics–Mistral AI partnership · not treated as the primary cause of the day's share-price moves
Individual stock returns · Samsung Electronics, SK hynix, LG Energy Solution and Samsung Electro-Mechanics use official KRX closing returns for top-market-cap stocks · other names use same-day market reports
Calendar · U.S. PPI Sept. 10 08:30 local time · CPI Sept. 11 08:30 local time · ECB monetary-policy meeting Sept. 10 local time · Fed rate decision Sept. 16 14:00 local time
Residual flows outside the three main investor groups are calculated as total investor-group flows minus retail, foreign and institutional flows
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