Snowshagal Weekly · 2026.09.27 · The Index Rose. Breadth Didn't.
2026.09.27Korea Stock Market Weekly
Snowshagal Weekly

The Index Rose.
Breadth
Didn't.

THIS WEEK IN ONE LINE

The KOSPI rose in all three sessions, up 2.71%Advancers stayed below 50% every day

Previous reports · Daily notes · Market page · All on our website snowshagal.com
KOREA · U.S. CLOSES CONFIRMEDKorea through the Sep 23 close · KRX closed Sep 24–25 for Chuseok · U.S. regular sessions through the Sep 25 close · Weekly U.S. comparison uses Sep 18→22 to match Korea's trading window · Next KRX session: Sep 28
00NEXT WEEK'S FOCUS

+2.71% in three sessions ·
advancers never reached half the market

Window: Sep 21–23 · KRX closed Sep 24–25 for Chuseok · The three questions below will be scored in next week's Weekly

THIS WEEK'S READ
The index rose in all three sessions ·
yet the share of advancers moved only
from 33.9% to 34.0%
  • KOSPI for the week +2.71% · 6,894.23 → 7,080.92 · first close above 7,000 in 7 trading days · KOSDAQ +2.10%
  • After five sessions last week, advancers stayed below 50% for an eighth straight session · Sep 22 was the only day above 40%
  • Within the same memory complex, the two names diverged by more than 9 percentage points · Samsung Electronics for the week +9.39% · SK hynix +0.27%
  • On Sep 22 and Sep 23, the KOSPI closed below its open on both days · open-to-close −143.70 pts · −73.07 pts
  • During the holiday, the U.S. 10-year yield reached 5.17%, its highest since 2007 · the U.S. and China extended their tariff truce by two months
  1. Semiconductors · Memory

    Near the top of weekly performance · Micron earnings arrive early Oct 1 KST

  2. Energy · LNG

    WTI is back below $100 · the supply-chain reshuffle created by Qatar's withdrawal remains

  3. Construction · Power · Nuclear

    Construction still finished near the bottom, even in the week the first U.S.-investment project was formally confirmed

THIS WEEK'S MARKET
Samsung Electronics vs. SK hynix

+9.39% vs. +0.27% for the week · a gap of more than 9 percentage points within the same memory complex

NEXT WEEK'S PIVOT
The Sep 28 opening print

It will absorb three U.S. sessions from Sep 23–25 and the summit outcome in one opening print

WHILE KOREA WAS CLOSED
U.S. 10-year: 5.17%

U.S. Treasury rate for Sep 25 · 30-year at 5.49% · WTI below $100 at the same point

01WHAT THIS WEEK LEFT BEHIND

Two sessions opened higher
and closed lower

Only what changed in price · flows · breadth · See each day's Daily note for the full intraday path

Weekly returns · 2026.09.21~09.23Top 10 stocks by market cap and benchmark indices · versus the Sep 18 close

Stocks use regular-session closes on Sep 18 and Sep 23 · stock returns and index returns use different calculation bases, so they are not ranked together

01

Two names diverged
within the same memory complex

  • Samsung Electronics +9.39% (KRW 261,000 → 285,500) · SK hynix +0.27% (KRW 1,857,000 → 1,862,000)
  • Foreign investors spent two of the three sessions with Samsung Electronics as their No. 1 net buy and SK hynix as their No. 1 net sell · the same split appeared on Sep 21 and Sep 23
  • Samsung Electronics Preferred rose +12.19% more than the common shares · with the Sep 30 dividend record date approaching
02

Two days that gave back
the opening gap

  • On Sep 22, only about 7% of the opening gap remained by the close · on Sep 23, about 46%
  • Both sessions opened near their intraday highs · on Sep 23, the 7,153.99 open was also the day's high
  • Sep 21 was the opposite · the opening gap accounted for only about 39% of the day's gain and the rest was built after the open
03

Breadth stayed below half
for an eighth straight session

  • Share of advancing stocks is the number of advancers divided by all KOSPI constituents for the day · the dashed line marks 50%
  • Light bars are last week's five sessions · dark bars are this week's three · all eight sessions stayed below 50%
  • The high was 49.7% on Sep 17 last week · this week, Sep 22 was the only day above 40%
  • KOSDAQ breadth reached 49.4% on Sep 23, wider than the KOSPI's 34.0% · the two markets behaved differently on the same day
Opening gap vs. intraday move · 2026.09.21~09.23Top bar = opening gap · lower bar = intraday move
Previous close → open (gap)Open → close gainOpen → close declinePrevious closeOpenClose

Gap = previous close to open · intraday = open to close · together they equal the day's net move

DATE
KOSPI
WHAT DROVE THE DAY
09.21
+1.65%
Friday's U.S. semiconductor strength was reinforced by Sep 1–20 semiconductor exports of $34.1bn (+259.4%) · Samsung Electronics +4.98% · the open was also the day's low
09.22
+0.15%
U.S. semiconductors surged on Meta's AI-agent traction · the KOSPI opened +2.20%, but 09:05 marked the high · an intraday rebound in oil was cited as a factor that trimmed the gain
09.23
+0.90%
U.S. semiconductors rose for a second day with Micron strong · the open was also the day's high · construction −5.66% · Other Corporations net bought KRW 1.6323tn against selling by individuals and foreigners
LAST WEEK'S QUESTION · Did foreign net buying continue into the holiday?
NOT MET.
  • Foreigners were net sellers on two of three sessions · Sep 22 was the only net-buy day
  • At the stock level, the pattern persisted: buying Samsung Electronics and selling SK hynix
  • The accompanying risk line—USD/KRW above 1,390—never appeared · the rate instead fell from 1,383.3 to 1,358.4
LAST WEEK'S QUESTION · Did KOSPI breadth catch up with the index?
NOT MET.
  • No day above 50% · only one day above 40%
  • Of 24 KOSPI industry groups, 11 rose on Sep 21 · on Sep 23 the bottom included construction −5.66% and machinery & equipment −3.22%
LAST WEEK'S QUESTION · Did construction regain relative strength after the first U.S.-investment announcement?
NOT MET.
  • On Sep 22, the Ministry of Trade, Industry and Energy told the National Assembly that the first project had been confirmed as the Encinal gas-fired combined-cycle plant in Texas · $22.3bn investment · 20-year recovery of $43.29bn–$45.43bn
  • On Sep 23, the first session after the announcement, KOSPI construction -5.66% · versus the KOSPI at +0.90%
  • Project No. 2—eight nuclear reactors—and No. 3—Alaska LNG—remain under discussion
CROSS-MARKET CHECK
SOX · Sep 22 local12,689.82
U.S. 10Y · Sep 22 local4.968%
WTI · Sep 2390.29
DXY · Sep 23100.76
USD/KRW · Sep 23 weekly close1,358.4

The overseas window absorbed by Korea's three sessions runs from the Sep 18 U.S. close through Sep 22 · the Philadelphia Semiconductor Index rose 6.4%, from 11,921.69 to 12,689.82 · the U.S. 10-year was nearly flat, 4.998% → 4.968% · over the same window USD/KRW fell from 1,383.3 to 1,358.4, down KRW 24.9 per dollar

The Sep 23–25 U.S. sessions while Korea was closed will be priced into Korea next week · versus the Sep 22 close, the Philadelphia Semiconductor Index was -0.16% over those three sessions, finishing at 12,668.90 · the U.S. 10-year reached 5.17%, its highest since 2007 · the 30-year reached 5.49% · over the same period WTI fell to $92.41 and Brent to $104.32

02THREE QUESTIONS FOR NEXT WEEK

The count starts again
with Monday's opening print

Korea trades five sessions, Sep 28–Oct 2 · Q1 is scored on reopening day only · Q2 and Q3 across all five sessions

09.2809.2909.3010.0110.02Q.01Sep 28 opening printScore Sep 28 onlyQ.02KOSPI breadthFive sessionsQ.03U.S. 10-yearFive sessions
Q1 uses the Sep 28 open and close only · Q2 and Q3 use all five closes from Sep 28 through Oct 2
Q.01

Can the reopening session
hold its open?

  • Both Sep 22 and Sep 23 closed below their opens · intraday trading gave back 93% and 54% of the opening gaps
  • The Sep 28 open will absorb three U.S. sessions from Sep 23–25 and the U.S.–China summit outcome in one print
  • During the three-day holiday, semiconductors and rates moved in different directions · versus the Sep 22 close, the Philadelphia Semiconductor Index was -0.16% over the three sessions, essentially flat · the U.S. 10-year reached 5.17%, its highest since 2007
  • The same day is the last trading day to secure Samsung Electronics' dividend entitlement · ex-dividend Sep 29 · record date Sep 30

SCORE · MET if the Sep 28 close is above the open ·
PARTIAL if below the open but above the Sep 23 close (7,080.92) · NOT MET below 7,080.92

WHAT WOULD COUNT AS HOLDINGClose above open · advancers above 40% · foreign net buying in cash equities
REPEAT CONDITIONGap up, then close below the open · give back at least half the gap intraday
WATCH SEPARATELYBuying demand one day before ex-dividend · check only the signs of flows and price; do not infer causality
Q.02

Can the share of advancers
get back above 40%?

  • The KOSPI advancer share has been below 50% for eight straight sessions · this week, only one day cleared 40% · all eight are shown in 01 Market Breadth
  • The weekly leaders were concentrated in several large-cap names · Samsung Electronics Preferred +12.19% · SK Square +10.29% · Samsung Electronics +9.39%
  • Large-cap laggards were there too · Hyundai Motor −3.15% · LG Energy Solution −3.43%
  • KOSDAQ breadth reached 49.4% on Sep 23, widening ahead of the KOSPI · track breadth in the two markets separately

SCORE · MET if the KOSPI advancer share exceeds 40% on
three or more of the five sessions · PARTIAL for one or two · NOT MET for zero

WHAT WOULD COUNT AS BROADERThree days above 40% · at least 12 of 24 KOSPI industries up · performance leaders broaden beyond the largest market-cap names
NARROWING CONDITIONIndex rises with advancers below 35% · the same handful of stocks keep dominating the leaders
HOW TO READ THE NUMBERScore all five sessions, including the Sep 29 ex-dividend date · breadth is the up/down share of all KOSPI stocks, while the dividend event affects only some names
Q.03

Can the U.S. 10-year
get back below 5%?

  • The U.S. 10-year moved back above 5% during Korea's holiday · on Sep 25 local, 5.17% on the U.S. Treasury's published rate · distance from the 5% score line: 17 bp · background in 04 Rates
  • Kiwoom Securities argues Fed Chair Warsh's five policy task forces are lifting the floor under the term premium, making repeated long-end yield increases more likely
  • There is a counter-case · Hana Securities says sustained post-summit oil declines could allow a mild curve flattening · but expects a smaller move than in May–June
  • Sep 30 U.S. August PCE is the first release using the new methodology · Hanwha Investment & Securities estimates the change would lower monthly core PCE readings by an average 0.12 percentage point

SCORE · Across Sep 28–Oct 2, the U.S. Treasury's published daily 10-year rate must be below 5% on
at least two days for MET · one day = PARTIAL · zero = NOT MET

WHAT WOULD SIGNAL A MOVE LOWERPCE below expectations · WTI stays below $90 · implied October hike odds fall below 50%
WHAT WOULD PUSH IT HIGHERPCE re-accelerates · Middle East supply risks resurface · U.S. Treasury 10-year published rate at 5.20% or higher
HOW THE SCORE WORKSScore only the U.S. Treasury's daily published rate · intraday moves below 5% do not count if the published rate remains above 5% · assess yields and Korean flows separately, without imposing a causal link
03SECTOR PRIORITIES

What to watch first
next week

The No. 1 semiconductor trade gets the full pathway · the other three are distilled to why now · what to watch · risk in three lines each

Semiconductors · Memory · Components · near the top of weekly performance · earnings and the dividend calendar land in the same week
FIRST LOOK
Energy · LNG · WTI is below $100, while the supply-chain reshuffle remains intact
STRUCTURAL SHIFT
Construction · Power · Nuclear · the paperwork landed; prices moved the other way
NEEDS CONFIRMATION
Defense · contract stages are moving forward one notch at a time
TRACK THE STAGE
FIRST LOOK

Semiconductors · Memory · Components

WHAT TO WATCH FIRST IN THIS SECTOR

The first checkpoint is Micron, early Oct 1 KST
The same earnings print lands on two stocks now separated by 9 percentage points

Samsung Electronics and Samsung Electronics Preferred both finished near the top of this week's gainers · within the same memory complex, SK hynix was nearly flat at +0.27% · the new PCE methodology arrives Sep 30 and Micron reports Oct 1 KST · Samsung Electronics' dividend record date falls in the same week
Why it matters WHY NOW
  • Sep 1–20 semiconductor exports $34.1bn · +259.4% y/y · a record for the first 20 days of a month and 47.8% of total exports (Korea Customs Service)
  • Dispersion within the same industry widened sharply · Samsung Electronics +9.39% · Samsung Electronics Preferred +12.19% · Samsung Electro-Mechanics +8.57% · SK hynix +0.27%
  • Foreign investors repeated the same mix twice, on Sep 21 and Sep 23: buying Samsung Electronics and selling SK hynix
  • Component lead times are stretching again · iM Securities puts the average lead time for high-capacitance MLCCs at 22 weeks up six weeks from 16 weeks at the start of the year · pricing power is shifting from distributors toward direct OEM supply
Order of arrival MONEY PATH
01
Exports

Sep 1–20 semiconductors $34.1bn · +259.4%

02
Component lead times

High-capacitance MLCC average: 22 weeks

03
Inflation

Sep 30 U.S. August PCE · first release under the new methodology

04
Earnings

Micron fiscal Q4 · early Oct 1 KST

05
Korea exports

Oct 1 final September export/import data

The first two are already in the price; the last three arrive as fresh numbers next week · Daishin Securities' compilation puts Micron revenue at $50.4–51.0bn, versus market expectations around $52.0bn

+259.4%Sep 1–20 semiconductor exports · y/y · Korea Customs Service

Exports hit a record ·
the two stocks diverged by 9 percentage points.

Street views WHAT THE STREET SAYS
  • Daishin Securities says the key in Micron's results is next-quarter guidance · whether the $56.9bn consensus and an 86% gross margin hold
  • iM Securities says MLCC shortages have spread beyond servers into general-purpose and automotive demand · it cites Samsung Electro-Mechanics' plan to raise prices for OEM customers in Q4
  • Eugene Investment & Securities interprets the spread of Meta's personal AI agent as a CPU-demand story · cumulative downloads reached 1.8m within 12 days of launch, exceeding ChatGPT over the same period
WHERE VIEWS DIVERGE

Even within this week's research, the conclusions point in opposite directions · Hana Securities' quant view leans toward renewed risk appetite in high-beta and leveraged exposures as the term premium compresses · Kiwoom Securities' bond research argues Fed Chair Warsh's five task forces are raising the floor under long-term yields and expects repeated long-end increases · the dividing line is whether the term premium stays suppressed

Catalysts and failure tests NEXT CATALYST
  • Sep 28 Reopening · last trading day to secure Samsung Electronics' dividend entitlement · schedule in 04 Dividend
  • Sep 30 · 21:30 KST U.S. August PCE · Q2 GDP third estimate at the same time
  • Early Oct 1 KST Micron fiscal Q4 earnings · reflected in Korea's Oct 1 session
  • FAILURE CONDITION · Micron guidance comes in below consensus and Samsung Electronics and SK hynix both underperform the KOSPI the same day · final September export data show semiconductor growth materially below the first-20-days pace

The week's leaders were concentrated in a few stocks ·
outside them, direction was mixed.

STRUCTURAL SHIFT

Energy · LNG

WHY NOW

WTI lost the $100 level over the week · at $95.78 on Sep 21, it fell below $100 for the first time since Sep 9 · by Korea's Sep 23 close it was $90.29 · during Korea's holiday, the Sep 25 local close was $92.41 · Brent was $104.32

WHAT TO WATCH

The bigger change is in supply chains, not spot price · Hana Securities counts Qatar LNG export cargoes at just 18 from March through August, versus 509 a year earlier · 12.8mt of damaged production capacity could take 3–5 years to restore · the U.S. is filling the gap · in Korea, direct-import power generators and LNG import/export operators are cited as beneficiaries (SK Innovation target KRW 200,000 · KOGAS KRW 55,000)

RISK

The oil decline is not a settled story · a possible U.S.–Iran leaders' meeting and increased Saudi exports through Hormuz are being cited as background, but neither is a locked-in catalyst · if those drivers reverse, oil and yields could reverse together, so do not read it as a one-way trade

NEEDS CONFIRMATION

Construction · Power · Nuclear

WHY NOW

Paperwork and price moved in opposite directions · on Sep 22 the Texas Encinal gas-fired combined-cycle plant was confirmed as the first U.S.-investment project ($22.3bn investment · 20-year recovery of $43.29bn–$45.43bn), yet in the next session KOSPI construction -5.66% · Project No. 2—eight nuclear reactors—and No. 3—Alaska LNG—remain under discussion

WHAT TO WATCH

Korean data centers are moving on a separate track · Hyundai E&C won a 40MW Pohang project worth KRW 426.6bn (more than KRW 10bn per MW) · GS is investing KRW 200bn in a subsidiary for a 1.2GW Donghae project, with roughly 100MW scheduled to break ground in November · Hana Securities maintains an Overweight view on construction, with targets of KRW 46,000 for GS E&C and KRW 100,000 for DL E&C

RISK

KEPCO is discussing a 5–10% stake in Westinghouse after a joint-control concept was floated · the Ministry of Trade, Industry and Energy says no specific terms have been finalized · do not treat pre-FID amounts as earnings · data centers also carry tenant risk because occupants have not yet been finalized

TRACK THE STAGE

Defense

WHY NOW

The contract ladder moved up one notch · after Hanwha Systems and UAE EDGE agreed on integrated air-defense cooperation on Sep 16, the next milestone came on Sep 22: the first production KF-21 was delivered to the Republic of Korea Air Force · roughly 11 years after system development began in 2015

WHAT TO WATCH

DS Investment & Securities breaks the Korea–UAE $35bn framework agreement into item-level estimates: K9 KRW 2.5tn · Chunmoo KRW 2tn · M-SAM KRW 2tn · L-SAM KRW 5tn (all house estimates) · Eugene Investment & Securities expects eight KF-21 deliveries this year to be concentrated in Q4 and cites an initial 40 aircraft through 2028 (Korea Aerospace Industries target KRW 159,000)

RISK

Defense news and price moved in opposite directions this week · K-AI defense theme −1.92% on Sep 21 · Hanwha Aerospace −3.41% on Sep 23 · a framework agreement is not a definitive contract, and delivery is not the same as a new order

04ACROSS THE HOLIDAY

What was repriced
while Korea was closed

U.S.–China summit outcome · U.S. long yields at their highest since 2007 · WTI below $100 · and a dividend calendar landing in reopening week

SEP 23–24 · U.S.–CHINA

Tariff truce extended by two months · AI statements differed in emphasis

  • At the Sep 23 U.S.–China economic talks, the two sides agreed to extend the tariff truce by two months, from Nov 10 to Jan 10, 2027 · the leaders met in Washington the next day, Sep 24
  • On AI, the two sides' statements differed in emphasis · President Xi stressed that AI development should remain under human control · the White House said the two sides agreed to establish a bilateral communication channel for incidents affecting national security · China's public summary focused on continuing the AI dialogue
  • On Taiwan, China called for maintaining opposition to independence · on the Korean Peninsula, the public readout disclosed only that views were exchanged
  • Before the summit, Daishin Securities said the KOSPI could break above the top of its post-holiday range near 7,200 if a combination of truce extension, tariff cuts and unchanged semiconductor controls was confirmed · what was actually confirmed was the two-month extension only
SEP 23–25 · RATES

U.S. 10-year at 5.17% · three sessions the Korean market had not yet absorbed

  • On Sep 25 local, the U.S. Treasury's published 10-year rate was 5.17%, its highest since 2007 · the 30-year was 5.49%, its highest since 2004
  • Drivers cited were strong PMI data and hawkish remarks · fed-funds-futures-implied odds of an October hike rose over the week from 49% to above 75%
  • Semiconductors—the Korean market's main driver—finished the three U.S. sessions almost unchanged · the Philadelphia Semiconductor Index fell to 12,534.27 on the first day before recovering to 12,668.90 on Sep 25 · versus the Sep 22 close, the three-session move was -0.16% · over the same three sessions, both the Nasdaq and Dow rose
  • WTI closed Sep 25 local at $92.41 and Brent at $104.32 · WTI remained below $100 after Korea's last session · oil did not rise with yields
SEP 28–OCT 02 · DIVIDEND

Dividend calendar lands in reopening week

  • Sep 28 is the last trading day to secure Samsung Electronics' dividend entitlement · ex-dividend Sep 29 · record date Sep 30
  • The Q3 cash-dividend plan, including the regular dividend, has been disclosed at roughly KRW 30tn · the amount will be finalized by the board at the end of October
  • The timing points in the same direction as Samsung Electronics Preferred outperforming the common shares · but there are no data that split dividend demand from semiconductor buying by amount
05DATES TO WATCH

From the reopening
through Friday

Next week's calendar · the same three questions will be scored unchanged in next week's Weekly

KRX reopens · last trading day for Samsung Electronics' dividend entitlement

Three U.S. sessions from Sep 23–25 and the U.S.–China summit outcome hit the opening price at once · Q1 scoring day

Samsung Electronics ex-dividend

Dividend effects enter both index and stock returns · record date is Sep 30

08:00 KST Korea's August Industrial Activity report · 21:30 U.S. August PCE · Q2 GDP third estimate

PCE is the first release using the new methodology · published by the U.S. Bureau of Economic Analysis

Korea September exports/imports · Micron fiscal Q4 earnings early KST

Watch how the +259.4% Sep 1–20 semiconductor gain carries into the final export data · Micron reports after the Sep 30 U.S. close · China is closed for the National Day holiday

21:30 KST U.S. September jobs report

Last labor report before the October meeting · listed in Daishin Securities' calendar for next week

Q1
Did the reopening session hold its opening price?

MET if the Sep 28 close is above the open · PARTIAL if below the open but above 7,080.92 · NOT MET below 7,080.92

Q2
Did the share of advancers get back above 40%?

MET if above 40% on at least three of five sessions · PARTIAL for one or two · NOT MET for zero · the ex-dividend day stays in the sample

Q3
Did the U.S. 10-year get back below 5%?

Using the U.S. Treasury's daily published rate: MET if below 5% on at least two of five days · PARTIAL for one · NOT MET for zero

CLOSING READ

The index rose in all three sessions ·
the market entered the holiday with only about one stock in three advancing.

Data

DATA · SOURCES
Weekly indices · Sep 21–23
IndexBase closeSep 23 closeWeek
KOSPI6,894.237,080.92+2.71%
KOSDAQ827.12844.48+2.10%

Base is the Sep 18 close, the previous trading day · KOSPI weekly net change +186.69 pts · KRX closed Sep 24–25 for Chuseok

DateOpenCloseChangeAdvancer share
09/216,938.347,007.72+1.65%33.9%
09/227,161.617,017.91+0.15%41.9%
09/237,153.997,080.92+0.90%34.0%

Advancer share is KOSPI-based · numerator = advancers plus limit-up stocks · denominator = all stocks including unchanged issues · KOSDAQ advancer share was 36.4% on Sep 21 and 49.4% on Sep 23

Last week's five KOSPI advancer shares · Sep 14 33.8% · Sep 15 27.8% · Sep 16 33.1% · Sep 17 49.7% · Sep 18 44.8% · same figures as last week's Weekly

Weekly stocks · Top 10 by market cap
StockSep 18 closeSep 23 closeWeek
Samsung Electronics Preferred196,100220,000+12.19%
SK Square1,079,0001,190,000+10.29%
Samsung Electronics261,000285,500+9.39%
Samsung Electro-Mechanics1,388,0001,507,000+8.57%
Samsung C&T351,000367,000+4.56%
SK hynix1,857,0001,862,000+0.27%
KB Financial Group174,900173,200-0.97%
Samsung Biologics1,398,0001,366,000-2.29%
Hyundai Motor365,000353,500-3.15%
LG Energy Solution364,000351,500-3.43%

Unit: KRW · regular-session closes on Sep 18 and Sep 23 · market-cap rank as of Sep 23

Investor flows · KOSPI net buying
DateForeignInstitutionsIndividuals
9/21−KRW 172.0bn+KRW 1.492tn−KRW 2.979tn
9/22+KRW 75.6bn−KRW 119.1bn−KRW 1.6089tn
9/23−KRW 504.7bn+KRW 316.9bn−KRW 1.4396tn

Sep 21 uses the KRX 15:38 tally · Sep 22 and Sep 23 use reported figures at the regular-session close · because the tally bases differ by date, no three-day total is constructed; read each day separately

Other Corporations were reported at about +KRW 1.65tn on Sep 22 and +KRW 1.6323tn on Sep 23 · these are not added to the three investor groups above because the tally bases differ · “Other Foreigners” is also a separate category, so the four figures should not be treated as a market-wide total

Sources · data conventions

Indices · market breadth · turnover · confirmed KRX regular-session closing data · base close is Sep 18

Individual-stock weekly returns · regular-session closes on Sep 18 and Sep 23 · top 10 stocks by market cap

Investor flows · Sep 21 uses the KRX 15:38 tally · Sep 22–23 use reported figures at the regular-session close · because the bases differ, read by date only and do not aggregate

Industry returns · daily figures cited from each day's closing reports · 24 KOSPI industry groups

Overseas · U.S. Treasury yields use the U.S. Treasury's published daily rate only for Korea's holiday window (Sep 25 local) · the window absorbed by Korea (Sep 18→22 local) uses collected market closes · the methodologies differ, so the two are not spliced into one series

Philadelphia Semiconductor Index and oil · local closes from Sep 18 through Sep 25 · the three Sep 23–25 sessions are Korea's holiday window

U.S.–China · tariff-truce extension announced after the Sep 23 economic-team talks · summit held in Washington on Sep 24 local · the AI section cites White House material and China's public summary separately

U.S.-investment projects · Sep 22 Ministry of Trade, Industry and Energy briefing to the National Assembly and reported project-feasibility figures

Exports · Korea Customs Service Sep 1–20 trade data · semiconductors $34.1bn (+259.4%, 47.8% share)

USD/KRW · 15:30 daytime-trading close · Sep 18 1,383.3 · Sep 23 1,358.4

Broker research · Hana Securities (LNG · construction · quant · global fixed income) · Daishin Securities (weekly outlook · summit) · Kiwoom Securities (Fed policy task forces) · iM Securities (MLCC · oil) · DS Investment & Securities (defense) · Eugene Investment & Securities (KF-21 · global tech) · Hanwha Investment & Securities (PCE methodology · banks)

Previous reports · www.snowshagal.com