DAILY MARKET NOTE / 21 SEP 2026

Back Above 7,000,
Only One in Three Stocks Up

KOSPI +1.65% to 7,007.72 · first close above 7,000 in seven trading sessions · KOSDAQ +1.11%Samsung Electronics was at the center of the index gain +4.98% · a day when Friday's U.S. semiconductor strength was joined by a record-high semiconductor export reading310 advancers versus 552 decliners · narrowed further from the previous session to 33.9%Foreigners returned to net selling across the market · by stock, they sold SK hynix and bought Samsung Electronics

7,000 was not a broadly shared number.

MARKET PATH / 01

Above 7,000 by mid-morning, lost it in the afternoon, regained it on the final print

Where did direction change, and what was working at the time?

KOSPI · 09:00~15:30Opened at 6,938.34 (the day's low) → 13:25 high 7,027.58 → closed 7,007.72

OPEN6,938.34+0.64%

LOW6,938.34+0.64%

HIGH7,027.58+1.93%

CLOSE7,007.72+1.65%

THE READ

The previous session's gain was almost entirely a gap; today was the opposite · accounted for about 39% of the day's gain, with the rest built after the openThe open was also the day's low · even the first pullback never reached the opening priceStill, 7,000 did not hold all day · the index spent more than an hour below it after 14:00, and the close above the line was set in the printThe price path favored buyers, yet only one in three stocks rose · the index's strength came from a small group of large caps

OPEN · MORNING

Surged in the first 10 minutes, then pulled back · recovered in the 10 o'clock hour

Opened at 6,938.34, 44.11 points above the previous close · that was also the day's lowReached 7,007.10 on the 09:05 bar, then pulled back toward the open around 09:15Held around 6,950–6,960 through 09:50 · climbed step by step after 10:00 and recovered 7,000 around 10:10

AFTERNOON

13:25 high, below 7,000 again after 14:00

From the 11 o'clock hour through the 13 o'clock hour, traded between 7,000 and 7,020 · 7,018.85 (+1.81%) at 13:07The day's high was 7,027.58 at 13:25 · 89.24 points above the lowFell back to around 6,990 after 14:00, then to roughly 6,980–6,990 around 14:25 · gave back several dozen points from the afternoon highKOSDAQ slipped below the previous close intraday (low 822.41), then turned positive to +1.04% as of 13:07

Closed by climbing again on the final print

Still in the 6,990s through the 15:20 bar · rose to 7,007.72 in the closing auctionThe close was 19.86 points below the high · first close above 7,000 in seven trading sessions, since 7,033.92 on September 10KOSPI trading value KRW 19.6935tn · 0.99× the five-session average, a normal level

Intraday path read from the KRX regular-session KOSPI 5-minute chart · horizontal positions reflect actual times · vertices are values read from the 5-minute bars, while only the open, high, low and close are official closing values · the day's low was the 09:00 open and the high the 13:25 bar · the 13:07 value is from an intraday news report · the previous close of 6,894.23 is 44.11 points below the day's low and therefore outside this chart's vertical range.

WHY / 02

Semiconductors were the main driver · Samsung Electronics also had the approaching dividend record date in play

Only the catalysts that actually explain the day's direction

Friday night's U.S. semiconductor strength, followed by a record semiconductor-export reading, lifted Korean semiconductor large caps and the index

September 18 U.S. session +2.78% · Micron+3.92% · Broadcom+2.97% · Nvidia+1.34%September 21 Korea Customs Service release · semiconductor exports for September 1–20 reached $34.1bn, up +259.4% year on year · a record for the first 20 days of any month and 47.8% of total exportsIn Korea, KRX AI Semiconductor +3.93% · KOSPI Electrical & Electronics +2.39%

+259.4%Semiconductor exports · Sep 1–20

Show evidence

September 18 U.S. session · Nasdaq 26,522.54 +0.39% · S&P 500 7,650.50 +0.17% · Dow 51,682.64 -0.18% · a mixed index session with semiconductors standing out

September 1–20 total exports $71.4bn +78.3% · imports $48.4bn +26.7% · trade balance +$23.0bn · China +113.8% · U.S. +118.0%

Countervailing variable · in the same session, the U.S. 10-year yield closed at 4.998%, just below 5% · the 2-year yield was 4.741%, the highest since July 2024 · reports put the probability of another FOMC rate hike in October above 50%

Samsung Electronics preferred rose more · the dividend record date is also approaching

Samsung Electronics +4.98% KRW 274,000 · Samsung Electronics Pref +6.07% · the preferred shares outperformed the common sharesSamsung Electronics disclosed on August 21 a plan for roughly KRW 30tn in third-quarter cash dividends, including the regular dividend · the is September 30 · the exact amount will be decided by the board at the end of OctoberBecause of the Chuseok market holiday, only three trading days remain to buy shares in time for the dividend: September 22, 23 and 28(Interpretation) For the same dividend, the lower-priced preferred shares offer a higher dividend yield · the preferred-share strength is directionally consistent with dividend demand · however, there is no data that can split the buying into dividend demand versus semiconductor buying by amount

+6.07%Samsung Electronics Pref · KOSPI Preferred Stock Index +2.03%

Show evidence

Third-quarter cash-dividend plan of roughly KRW 30tn · includes the regular dividend · final amount to be set by the board at the end of October

Yuanta Securities estimate of dividend per share · regular plus special dividend combined, around KRW 4,500

September 28 last buy date · September 29 ex-dividend · September 30 record date

MONEY / 03

Foreigners sold SK hynix and bought Samsung Electronics

Who moved today's index

FOREIGN · KOSPI CASH

-KRW 172.0bn

Back to net selling across the market after one day · by stock, their direction was exactly opposite between the two semiconductor mega-capsSamsung Electronics ranked No. 1 in foreign net buying, SK hynix No. 1 in net selling · on the same day and in the same sector, foreigners bought one and sold the otherThis also lines up with SK hynix gaining only +0.59% despite the strength in U.S. semiconductors

No. 1 net buySamsung Electronics+KRW 1.0844tn

No. 1 net sellSK hynix-KRW 719.8bn

Detailed flows

KOSPI 200 · foreign+KRW 1.182tn

KOSPI 200 futures · institution-KRW 1.100tn

Program -KRW 588.8bn

Program arbitrage+KRW 127.4bn

· Of the KRW 1.8591tn gross value of stocks foreigners net bought, Samsung Electronics accounted for 58.3% · of the KRW 2.0196tn gross value of stocks foreigners net sold, SK hynix accounted for 35.6% · of the KRW 4.4137tn gross value of stocks retail net sold, Samsung Electronics accounted for 61.7%
Foreign net-buy ranks 2–3: Samsung Electronics Pref +KRW 127.1bn · SK Square +KRW 123.1bn · net-sell ranks 2–3: Hyundai Motor -KRW 51.2bn · Taihan Fiberoptics -KRW 45.3bn
Institutional net-buy ranks 2–3: SK hynix +KRW 172.0bn · Samsung Electro-Mechanics +KRW 128.9bn · institutions net bought the SK hynix shares foreigners sold
Foreign five-session cumulative (Sep 15–21) · KOSPI cash -KRW 5.279tn · KOSPI 200 futures +KRW 1.835tn
A day when foreigners sold cash equities but bought futures · cash and futures are separate markets, so one is not used as evidence for the other
Program trading overall -KRW 461.5bn · non-arbitrage remained net selling even on an up day for the index
KOSDAQ by investor · retail +KRW 143.0bn net buying · foreign -KRW 99.0bn · institution -KRW 31.0bn net selling

SECTOR / 04

Strong · weak

The day's distribution of strength, not just a ranking

Strength was in semiconductors and preferred shares; weakness was in secondary batteries, defense and AI power infrastructure.Of 24 KOSPI industry indices, 11 rose and 13 fell, yet the index gained +1.65%KRX-Akros AI Power Infrastructure, the previous session's top theme, fell to last place among themes in a single dayFinancials, weak in the previous session, saw the KOSPI industry index rise +1.95% and reverse direction

STRONG

Medical & Precision InstrumentsKOSPI industry+5.47%

KRX AI SemiconductorTheme+3.93%

Electrical & ElectronicsKOSPI industry+2.39%

KOSPI Preferred SharesTheme+2.03%

WEAK

KRX-Akros AI Power InfrastructureTheme-2.76%

ConstructionKOSDAQ industry-2.55%

KRX Secondary Battery TOP 10Theme-1.98%

KRX K-AI Defense TOP5+Theme-1.92%

Industries and are separate index families · shown here only as a distribution of strength and weakness, not a direct ranking of returns

Industry evidence

Of 46 KRX industry indices, 25 rose and 21 fell · KOSPI: 11 up, 13 down across 24 industries · KOSDAQ: 14 up, 8 down across 22 industries
Medical & Precision Instruments +5.47% · a small industry with eight constituents (6 up · 2 down), so moves in a few constituents can have an outsized effect
Of 39 theme indices, 27 rose and 12 fell · KRX Semiconductor Top 15 +2.84% · KRX K-AI Semiconductor TOP2+ +2.79%
Eight of the top 10 stocks by market cap rose · Samsung Electronics Pref +6.07% · Samsung Electronics +4.98% · Samsung C&T +4.70% · SK Square +4.45% · Samsung Electro-Mechanics +2.95% · KB Financial +1.49% · SK hynix +0.59% · Samsung Biologics +0.29%
The two decliners in that group · LG Energy Solution -3.30% · Hyundai Motor -1.64%
Advancers and decliners · KOSPI: 0 limit-up · 310 up · 52 unchanged · 552 down · 0 limit-down · KOSDAQ: 5 limit-up · 628 up · 82 unchanged · 1,023 down · 0 limit-down
Advancing-stock ratio · KOSPI 33.9% (310/914) · KOSDAQ 36.4% (633/1,738) · numerator = advancers + limit-up stocks; denominator = limit-up + up + unchanged + down + limit-down
Industry returns are market-cap-weighted index moves, not net inflow amounts by industry

CHANGE / 05

Answers to the previous session's questions

Scoring yesterday's conditions today

LAST SESSION → TODAY

Two of the three answers were no; one remained on the boundary · the index rose, but the conditions set in the previous session actually weakenedForeign net buying lasted only one day · over five sessions, cumulative net selling is still above KRW 5tnThe advancing-stock ratio narrowed for a second straight session: 49.7% → 44.8% → 33.9%U.S. 10-year 4.998% · just below 5% for a second session

Foreign KOSPI net buy/sell

Net buy KRW 421.2bn

→

-KRW 172.0bn

KOSPI advancing-stock ratio

44.8%

→

33.9%

U.S. 10-year close

4.947%

→

4.998%

NEXT / 06

What to watch next session

Conditions that can actually be scored, not probabilities

Does the KOSPI advancing-stock ratio move above 40%?

Today 33.9% · narrowed for a second straight session · staying below 40% would mean the narrow Samsung Electronics-led rally is continuing; moving above it would mean the advance is beginning to spread

Do foreigners return to net buying KOSPI cash equities?

Today -KRW 172.0bn · score it from the sign alone next session · do not tie it to rates

Does the U.S. 10-year yield close below 5% on September 21 local time?

Previous U.S. close 4.998% · score it using the same closing-yield basis · a close above 5% would mean the boundary failed to hold

TONIGHT · 9/21

9/21
22:30

U.S. market opens

Check together whether Friday's semiconductor strength continues and whether the 10-year yield stays below 5%

NEXT SESSION · 9/22

9/22
09:00

Korean market opens

First of the two trading days before the Chuseok market holiday · watch both the advancing-stock ratio and the sign of foreign flows

Schedule · 9/22–9/28

9/22

UN General Debate opens

President Trump speaks on the first day · local schedule

9/24

U.S.–China summit

President Xi Jinping visits Washington · extending the trade truce due to expire in November, artificial intelligence and Taiwan are cited as key agenda items · takes place while the Korean market is closed

9/24
21:30

U.S. Q2 international transactions · international investment position

U.S. Bureau of Economic Analysis release · September 24 at 08:30 local time

9/24~9/25

Korean stock market closed for Chuseok

Reopens September 28

9/28

Last trading day to secure Samsung Electronics dividend rights

Ex-dividend September 29 · record date September 30

The number returned to 7,000; breadth did not.

Sources · data basis

Reference date September 21, 2026 · index, industry, theme and individual-stock prices use the KRX regular session, 09:00–15:30
Information cutoff · 20:00 KST on September 21 · indicator releases and overseas intraday values published after that time are not included
Indices · KOSPI open 6,938.34 · low 6,938.34 · high 7,027.58 · close 7,007.72 are official regular-session closing values · KOSDAQ closed at 836.27, with open 830.71 · high 838.32 · low 822.41 · KOSPI's September 10 close of 7,033.92 is quoted from closing coverage
Intraday chart · path read from the KRX regular-session KOSPI 5-minute chart, with horizontal positions reflecting actual times · the day's low was the 09:00 open · the day's high was the 13:25 bar · KOSPI 7,018.85 and KOSDAQ 835.70 at 13:07 are quoted from intraday coverage
Investor totals · KRX regular-session closing tally · 15:38 · KOSPI institution +KRW 1.492tn · foreign -KRW 172.0bn · retail -KRW 2.979tn · this tally excludes other corporations and no residual is back-solved from the three values · KOSDAQ retail +KRW 143.0bn · foreign -KRW 99.0bn · institution -KRW 31.0bn
Five-session cumulative · sum of KRX investor tallies from September 15–21
Stock-level flows · KRX investor-by-stock trading tally · collected after the regular close and before 20:00 · the denominator for concentration is the gross value of stocks each investor group traded in the same direction, not the market-wide net amount
Futures · KOSPI 200 futures by investor, final tally at 16:49
Program trading · KRX final tally at 15:34 · arbitrage +KRW 127.4bn · non-arbitrage -KRW 588.8bn · total -KRW 461.5bn
Trading value · KOSPI KRW 19.6935tn · 0.99× the recent five-session average of KRW 19.8773tn · KRX tally at 15:38
Market breadth · KRX counts of stocks by price direction · limit-up stocks are counted separately from ordinary advancers · numerator of the advancing-stock ratio = advancers + limit-up stocks; denominator = limit-up + up + unchanged + down + limit-down
Industry · theme · KRX Index closing values for 46 industry indices and 39 theme indices
Previous domestic session · September 18 foreign +KRW 421.2bn · advancing-stock ratio 44.8% · September 17 figure of 49.7% follows the respective published editions
Overseas · Nasdaq 26,522.54 · S&P 500 7,650.50 · Dow 51,682.64 · Philadelphia Semiconductor Index 11,921.69 are September 18 local closes · Micron +3.92% · Broadcom +2.97% · Nvidia +1.34%, the 2-year yield at 4.741%, and the probability of an October hike are quoted from news reports
Rates · U.S. 10-year close 4.998% is Snowshagal's collected value (^TNX, September 18 local close), on the same basis as the prior session's 4.947%
Exports · Korea Customs Service September 1–20 trade release · published September 21
Company · Samsung Electronics' roughly KRW 30tn third-quarter cash-dividend plan was disclosed August 21 · special-dividend composition and record date are quoted from news coverage · dividend-per-share estimate of around KRW 4,500 is from Yuanta Securities
Schedule · U.S. markets open September 21 at 22:30 KST · Korean markets are closed September 24–25 for Chuseok · UN General Assembly and U.S.–China summit schedules are quoted from news reports · U.S. Q2 international transactions follow the U.S. Bureau of Economic Analysis release calendar