The Night Lifted It, the Day Gave It Back · The high came five minutes after the open; the giveback came in the afternoon · KOSPI 7,017.91 +0.15% · KOSDAQ 834.38 -0.23%
2026.09.22
Snowshagal Daily

The Night Lifted It,
the Day Gave It Back

TODAY IN ONE LINE The high came five minutes after the open; the giveback came in the afternoon
KOSPI7,017.91 +0.15%
KOSDAQ834.38 -0.23%
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SNOWSHAGAL · DAILY
MARKET RESEARCH
2026.09.22 · TUE
KRX CLOSE 15:30
DAILY MARKET NOTE / 22 SEP 2026

Opened +2.2%,
Closed +0.15%

KOSPI +0.15%at 7,017.91 · KOSDAQ -0.23%After the overnight surge in U.S. AI and semiconductor stocks, the market opened +2.20%higher, but gave back 143.70 points from the open to the close · at one point in the afternoon, it fell below the previous closeRetail selling was absorbed largely by Other corporations at around KRW 1.65tn · institutions started the day buying, but finished as net sellersSubstrate makers, airlines and home appliances were strong, while SK hynix went from up more than 3% intraday to a lower close

Opening high and finishing strong are two different things.
MARKET PATH / 01

The high came five minutes after the open · the gap was almost entirely erased in the afternoon

When did direction change, and what was working at the time?
KOSPI · 09:00~15:30Opened at 7,161.61 → 09:05 high 7,171.44 → 14:30 low 6,986.27 → closed at 7,017.91
09:00 12:00 15:30
OPEN7,161.61+2.20%
LOW6,986.27-0.31%
HIGH7,171.44+2.34%
CLOSE7,017.91+0.15%
THE READ

The market opened 153.89 points above the previous close · that difference is the · only about 7% of that gap remained by the closeWith the high set just five minutes after the open, almost no additional upside was added intraday · the market drifted lower through the morning, then the decline accelerated after 13:00Around 14:30, the index fell as much as 21.45 points below the previous close · a stretch where the entire opening gap had been erased and the market moved lower stillThe index rebounded 31.64 points from the low in the final hour · more a halt in the decline than a true change in direction

OPEN · MORNING

09:05 high · a steady fade through the morning

Opened at 7,161.61 · the day's high of 7,171.44 came on the 09:05 barThat same morning, SK hynix was up more than 3% and Samsung Electronics more than 2%, with semiconductors leading the opening moveAfter 10:00, the index slipped into the 7,100–7,130 range and moved narrowly around that band through midday

AFTERNOON

Decline accelerated after 13:00 · 14:30 low

After one rebound around 12:30, successive bars turned lower from 13:00The index traded below 7,000 around 14:20–14:40 · the intraday low was 6,986.27 at 14:30The high-to-low move was 185.17 points · most of the day's range was made in roughly 90 minutes from around 13:00 to the low

CLOSE

Rebound from the low, close back above 7,000

After 14:45, the index recovered toward 7,020 and then closed in a narrow rangeClose 7,017.91 · 153.53 points below the high · a third straight gain and a second straight close above 7,000 were still preservedKOSDAQ 834.38 · first decline in six sessions

Intraday path read from the KRX regular-session KOSPI 5-minute chart · horizontal position reflects actual time · line vertices are readings from 5-minute bars, while only the official open, high, low and close are final values · the day's high came on the 09:05 bar and the low on the 14:30 bar · morning stock moves are cited from intraday reporting.
WHY / 02

The opening came from the U.S. AI rally · the oil rebound was cited as one factor behind the afternoon giveback

Confirmed factors behind the opening move and the afternoon reversal
01

U.S. semiconductors surged on Meta's AI-agent momentum, and Korea opened with a gap of more than 2%

On September 21 U.S. time, the +4.29% · Nasdaq +2.26%to an all-time closing highMeta's new AI agent “Muse” rose to No. 1 on the U.S. App Store, lifting Meta +11.43% · expectations for stronger CPU demand from AI servers lifted Intel +12.14% · AMD +9.95%In the same session, WTI -4.51% · expectations of possible U.S.-Iran talks ahead of the UN General Assembly were cited as a factorIn Korea, expectations for stronger demand for high-end CPU and AI-server substrates carried into substrate-related shares

+4.29%Philadelphia Semiconductor Index · Sep. 21 U.S. session
Show evidence
U.S. session, Sep. 21 · Nasdaq 27,122.09 +2.26% · S&P 500 7,764.70 +1.49% · Dow 52,048.83 +0.71%
AMD topped a $1tn market cap for the first time · Arm +17.16%
WTI $95.78 · U.S. 10-year yield fell to 4.955%
Rationale for Korean substrate strength · broker commentary cited expanding demand for high-end AI-server substrates
02

Afternoon rebound in oil futures was cited as a factor behind the shrinking gain

WTI futures, which had fallen sharply overnight, rebounded during the Korean session · repeatedly cited in market commentary as one reason for “morning strength, afternoon weakness”Profit-taking ahead of the Chuseok holiday closure (Sep. 24–25) was also citedHowever, there is no minute-by-minute dataset aligning the oil rebound with the index decline · the size of the afternoon drop cannot be explained by oil alone

MONEY / 03

Other corporations absorbed around KRW 1.65tn · institutions flipped to net selling

Who moved today's index
OTHER CORP · KOSPI CASH
~KRW 1.65tn

In the investor classification, domestic corporations outside retail, foreign and institutional categories were · they absorbed almost the entire combined net selling by the three investor groups · they had also net bought around KRW 1.65tn in the previous sessionSamsung Electronics and SK hynix are conducting share buybacks, which are recorded under Other corporations · however, the portion of the Other corporations total attributable to buybacks is not separately disclosedIntraday, foreign buying weakened and institutions turned to net selling · by the close, Other corporations were the only large-scale buying pillar left

09:27Foreigners +KRW 376.6bn · Institutions +KRW 257.0bn
CloseForeigners +KRW 75.6bn · Institutions -KRW 119.1bn
Detailed flows
Buying strength from the two groups supporting the high open faded intraday · the change in flows and the price decline were observed in the same time window; this data does not establish which came first
Foreigners +KRW 75.6bn · returned to net buying after one session · top net buy: Samsung Electro-Mechanics · No. 2: Samsung Electronics
Stock-level flows are shown only by rank and direction · SK hynix ranked among the top net sells for retail, foreign and institutional investors alike · it went from up more than 3% intraday to a lower close
Samsung Electro-Mechanics, LG Electronics and Korean Air were bought by both foreigners and institutions and sold by retail · retail's largest net buy was Samsung Electronics Pref.
total net buying +KRW 206.1bn
KOSDAQ by investor · retail net buying · foreigners and institutions net selling
SECTOR / 04

Strong · weak

Today's distribution of strength, not just a ranking

Strength was in substrates, airlines and home appliances; weakness was in SK hynix and some large financial and biotech names.383 stocks rose versus 463 that fell · the index was slightly higher, but decliners still outnumbered advancersEven within the same semiconductor theme, directions diverged · substrate names surged while SK hynix slipped

STRONG

Korea CircuitSubstrates+25.43%
Daeduck ElectronicsSubstrates+10.21%
Korean AirAirlines+8.84%
LG ElectronicsHome appliances+6.91%

WEAK

SK hynixMemory-1.50%
KB FinancialFinancials-1.01%
Samsung BiologicsBiotech-0.78%
LG Energy SolutionSecondary batteries-0.43%

This section shows regular-session closing moves of representative stocks, not industry-index returns · labels beside each stock are editorial classifications

Sector evidence
Substrates · Samsung Electro-Mechanics +3.99% · LG Innotek +4.43% · Daeduck Electronics +10.21% · Korea Circuit +25.43%
Airlines · Korean Air +8.84%, a 52-week high · Asiana Airlines +8.70%
Top market-cap names · Samsung Electronics +0.91% · SK Square +0.53% · Hyundai Motor +0.42% · Samsung C&T -0.14%
Advancers and decliners · KOSPI 383 up · 68 unchanged · 463 down
· KOSPI 41.9% (383/914)
CHANGE / 05

Answers to yesterday's questions

Scoring the conditions set in the previous session
LAST SESSION → TODAY

All three questions were answered yes · the advancing-stock ratio moved above 40%, foreigners returned to net buying, and the U.S. 10-year yield remained below 5%Yet the index gave back almost all of an opening gain of more than 2% · improved conditions and intraday selling moved independentlyThe advancing-stock ratio rebounded after declining for two straight sessions · it still remained below half

01
KOSPI advancing-stock ratio
33.9%
→
41.9%
02
Foreign KOSPI net buying/selling
Net sell KRW 172.0bn
→
+KRW 75.6bn
03
U.S. 10-year yield, close
4.998%
→
Stayed below 5%
NEXT / 06

What to watch next session

Conditions that can actually be scored, not probabilities
Does the KOSPI close above its open?

Today the close was 143.70 points below the open · on the final trading day before the holiday, score whether intraday selling continues using only the open and close

Do institutions return to net buying?

From +KRW 257.0bn early in the session to -KRW 119.1bn by the close · score the sign at the close on the final trading day before the holiday

Does the advancing-stock ratio stay above 40% for a second day?

Today 41.9% · a move back below 40% would leave today's rebound as a one-day event

The overnight gains were already fully priced at the open; most of them were given back intraday.

Full index, FX, rates and commodity data are in MARKETThe Daily keeps only the numbers needed to explain today's session.
MARKET ↗
Sources · data basis
Reference date: 2026.09.22 · index and individual-stock closes use the KRX regular session, 09:00–15:30
Overseas news and indicator cutoff · 20:00 KST on Sep. 22
Domestic KRX closing flows · includes closing totals confirmed after 20:00
Indices · KOSPI open 7,161.61 · high 7,171.44 · low 6,986.27 · close 7,017.91 · KOSDAQ close 834.38 · cited from closing-market reports
Intraday chart · path read from the KRX regular-session KOSPI 5-minute chart; horizontal positions reflect actual times · morning moves in SK hynix and Samsung Electronics cited from intraday reporting
Investor totals · cited from KRX regular-session closing-flow reports · KOSPI retail -KRW 1.6089tn · foreigners +KRW 75.6bn · institutions -KRW 119.1bn · Other corporations around KRW 1.65tn is based on closing reports (+KRW 1.6523tn or +KRW 1.6677tn depending on outlet), so the exact KRW 100mn figure is not fixed · 09:27 foreigners +KRW 376.6bn and institutions +KRW 257.0bn from intraday reporting · prior-session Other corporations around KRW 1.65tn also from reported totals
Stock-level flows · KRX investor trading by stock · rank and direction only
Program trading · KOSPI total +KRW 206.1bn from closing-market reports
Market breadth · KOSPI 383 up · 68 unchanged · 463 down from closing-market reports · advancing-stock ratio denominator is the sum of those three counts
Stock moves · each stock's regular-session closing change from closing-market reports
Previous Korean session · Sep. 21 advancing-stock ratio 33.9% · foreigners -KRW 172.0bn · retail -KRW 2.979tn, based on the Sep. 21 published edition
Overseas · Nasdaq 27,122.09 · S&P 500 7,764.70 · Dow 52,048.83 · Philadelphia Semiconductor Index +4.29%, all Sep. 21 U.S. closes · Meta, Intel, AMD and Arm moves and WTI $95.78 cited from reporting
Rates · U.S. 10-year yield 4.955% from Sep. 21 U.S. closing reports · prior-session comparison 4.998% from Snowshagal's own collection (^TNX)
Oil · the intraday rebound in WTI futures during the Korean session is an interpretation cited from closing market commentary
Schedule · Korean market closed Sep. 24–25 for Chuseok · UN General Assembly and U.S.–China summit schedules cited from reporting · U.S. Q2 international transactions schedule based on the U.S. Bureau of Economic Analysis release calendar
www.snowshagal.com · Previous issues are available here.