DAILY MARKET NOTE / 28 SEP 2026

Two in Three Stocks Rose.
KOSPI Fell 2.70%

KOSPI -2.70% to 6,889.74 · back below 7,000 for the first time in four sessions · KOSDAQ +0.25%A surge in U.S. Treasury yields over the Chuseok holiday and concerns over power constraints at an Oracle data-center project weighed on Korea's chip heavyweights · Samsung Electronics -5.43% · SK hynix -5.05%612 advancers vs. 249 decliners · advancer share 66.9%Foreign investors net sold about KRW 3.2tn and institutions about KRW 1.0tn · individuals net bought about KRW 2.6tn and Other Corporations about KRW 1.6tn

Most stocks rose. KOSPI still fell with its two chip heavyweights.

MARKET PATH / 01

A Small Gap Down, Then Most of the Damage Came Intraday · The Close Was Essentially the Low

When did the direction turn, and what drove it?

KOSPI · 09:00~15:30Opened 7,057.86 → intraday high 7,065.90 around 09:20 → closed 6,889.74 near the day's low

OPEN7,057.86-0.33%

LOW6,889.68-2.70%

HIGH7,065.90-0.21%

CLOSE6,889.74-2.70%

THE READ

The holiday news was not fully priced at the open · the was -23.06 pts · roughly 88% of the 191.18-point decline happened intradayThe afternoon bounce stalled below the morning rebound level · both recovery attempts were briefThis was not a broad selloff · advancers more than doubled decliners even as the index lost 191.18 pts · the decline was concentrated in heavyweights

OPEN · MORNING

A Modest Gap Down Turned Into a Morning Slide

Opened at 7,057.86, 23.06 pts below the previous close · 7,065.90 around 09:20 was the session highSlid to around 6,920 shortly before 10:15, then rebounded once to around 6,960 by 10:30The bounce did not extend; the index was back near 6,900 around 11:30

AFTERNOON

The 13:00-Hour Bounce Stalled Near 6,940

Traded in a tight range just above 6,900 from noon to 13:00Rebounded toward 6,940 around 13:20, but did not reach the morning rebound near 6,960Returned to around 6,900 late in the 14:00 hour

The Last 10 Minutes Pushed It Back to the Lows

Held near 6,910 around 15:10, then shed another ~20 pts in the final barThe 6,889.74 close was only 0.06 pt above the day's 6,889.68 low · 168.12 pts below the openKOSPI turnover KRW 21.807tn · 1.18× the average of the previous five sessions

Path read from the KRX regular-session five-minute KOSPI chart · horizontal positions reflect actual times · line vertices are readings from five-minute bars; only open, high, low and close are final confirmed figures · the session high came in the bar around 09:20, and the session low in the final bar.

WHY / 02

Holiday Catch-Up: Surging U.S. Yields and AI Data-Center Power Concerns Hit Chip Heavyweights

Korea's first session back absorbed three U.S. trading days of news at once

Long-Term U.S. Treasury Yields Hit Their Highest Since 2004, Giving the Chip Selloff a Clear Catalyst

On Sep 24 local time, the U.S. 30-year Treasury yield traded above 5.5%, its highest since June 2004 · the 10-year also traded in the 5.2% area, around a 19-year highThe same day, Oracle issued a notice to the developer of a New Mexico AI data-center project over power-supply issues · another reason to question the pace of AI capexIn Korea, the selloff was concentrated in large chip names · Samsung Electronics -5.43% · SK hynix -5.05% · SK Square -7.56% · Electrical & Electronics -4.46%The counterpoint: on Sep 25 local time, the rebounded +1.41% and Nasdaq +0.48% · across Korea's three-day market holiday, the semiconductor index was down only -0.16%, while Korea's chip heavyweights fell about 5% · long yields and company-specific news appear to have mattered more than the U.S. chip index itself (interpretation)

5.5%U.S. 30-year · intraday high · highest since June 2004

Evidence

Sep 24 local · 30-year 5.472% (intraday 5.5016%) · 10-year 5.185% (intraday 5.2251%) · 2-year 4.914% · coverage cited hawkish Fed remarks and firm weekly jobless claims of 197,000 as background

Sep 25 local · 10-year 5.184% (CBOE 10-Year Treasury Note Yield Index) · Nasdaq 27,068.72 · S&P 500 7,743.41 +0.51% · Dow 51,828.62 +0.93%

Across Korea's three holiday sessions · SOX 12,689.82 on Sep 22 → 12,668.93 on Sep 25 · Nasdaq 27,244.28 on Sep 22 → 27,068.72 on Sep 25, -0.64% · SOX -1.23% on Sep 23 local

Oracle notice: Bloomberg report · New Mexico project scheduled to begin operating in 2028 · Oracle described the notice as a routine measure to protect its contractual rights

Korean government bonds also repriced the holiday move · 3-year 4.119% (+11.3 bp) · 10-year 4.539% (+14.7 bp) · 3-year highest since Nov 2022 · USD/KRW weekly close 1,365.1 (up 7.6 won)

The Sep 24 U.S.-China summit ended without a joint statement, leaving tariffs and other core issues to follow-up talks · market recaps cited it both as a sign of de-escalation and as a source of continued uncertainty

Renewed Talk of a U.S. Listing for Solidigm Added Another Overhang for SK hynix

Reuters again reported on Sep 25 local time that Solidigm was considering a U.S. listing next year · that revived a familiar Korean-market concern over a When earlier listing reports surfaced, SK hynix said in a disclosure that nothing had been decided

-5.05%SK hynix · KRW 1,768,000

MONEY / 03

Foreign Investors and Institutions Sold the Two Chip Heavyweights · Individuals and Other Corporations Bought

Who moved the index today

FOREIGN · KOSPI CASH

-KRW 3.2403tn

The largest seller among the four investor groups · most of the net selling was concentrated in SK hynix and Samsung ElectronicsThe top foreign net sells were SK hynix and Samsung Electronics · roughly KRW 1.7tn and KRW 1.3tn, respectively, at the regular-session closeInstitutions also sold Samsung Electronics and SK hynix most heavily · the net-buying side was led by individuals +KRW 2.6053tn and +KRW 1.6383tn · these categories are not necessarily the direct counterparties to one anotherProgram selling was -KRW 2.106tn · broad basket selling was also heavy

Top foreign net sellSK hynix

Top institutional net sellSamsung Electronics

Flow details

Four investor groups · foreign investors -KRW 3.2403tn · institutions -KRW 1.0174tn · individuals +KRW 2.6053tn · Other Corporations +KRW 1.6383tn · all four figures use the same MoneyToday regular-session close tally · “Other Foreigners” is a separate category, so these four figures are not summed into a market total
Cross-check against the 15:38 KRX tally · institutions -KRW 1.017tn and individuals +KRW 2.605tn match · foreign investors including Other Foreigners totaled -KRW 3.226tn, reported in KRW 1bn increments · the difference from the foreign figure above is the Other Foreigners component

PROGRAM TOTAL-KRW 2.139tn

PROGRAM NON-ARB-KRW 2.106tn

PROGRAM ARB-KRW 33.0bn

KOSPI 200 FUTURESForeign net selling

In KOSPI 200 futures, foreign investors and individuals were net sellers while institutions were net buyers · cash and futures are separate markets, so neither is used as proof of the other
Foreign stock-level net selling at the regular-session close · SK hynix KRW 1.7275tn · Samsung Electronics KRW 1.3757tn · Samsung Electronics Pref. KRW 421.3bn
Institutional top net sells: Samsung Electronics · SK hynix · SK Square / top net buys: LG Innotek · Samsung Electro-Mechanics · Daeduck Electronics (regular-session close)
Largest short-selling turnover: SK hynix KRW 444.1bn · 6.3% of the stock's trading turnover
KOSDAQ by investor · foreign investors +KRW 45.7bn · individuals +KRW 21.1bn net buying · institutions -KRW 74.1bn net selling (same media tally)

SECTOR / 04

What Was Strong · What Was Weak

Today's distribution matters more than a simple ranking

The weight of the selloff sat in Electrical & Electronics; strength was led by Chemicals, Construction and secondary batteries.Largest KOSPI industry decline: Electrical & Electronics -4.46% · largest gain: Chemicals +3.20%In KRX theme indices, 14 of 15 Semiconductor Top 15 constituents fell · all 10 Secondary Battery Top 10 constituents rose

STRONG

ChemicalsKOSPI INDUSTRY+3.20%

ConstructionKOSPI INDUSTRY+3.05%

Secondary Battery Top 10KRX THEME+2.94%

Hanwha SolutionsSTOCK+14.21%

WEAK

Electrical & ElectronicsKOSPI INDUSTRY-4.46%

DistributionKOSPI INDUSTRY-2.82%

Semiconductor Top 15KRX THEME-4.24%

Samsung C&TSTOCK-5.86%

Industries use the KOSPI · themes use KRX theme indices · stocks use individual closing-price returns · because the methodologies differ, they are not combined into one ranking

Sector evidence

Hanwha Solutions +14.21% · OCI Holdings +10.9% · coverage cited expectations for higher local pricing ahead of tighter U.S. solar-import restrictions
HLB +29.95% (limit-up) · group shares rallied after reports that the U.S. FDA approved a cholangiocarcinoma treatment · KOSDAQ Pharmaceuticals +2.76%
Top 10 by market cap · Samsung Electronics -5.43% (KRW 270,000) · SK hynix -5.05% (KRW 1,768,000) · Samsung Electronics Pref. -5.91% · SK Square -7.56% · Samsung Electro-Mechanics -0.53% · LG Energy Solution +3.56% · Hyundai Motor +0.28% · Samsung Biologics +2.49% · KB Financial Group +0.58% · Samsung Life Insurance +0.51%
Other KOSPI industries · Entertainment & Culture +2.09% · Insurance +1.53% · Transportation & Warehousing +1.46% / Securities -1.14% · Financials -0.80% · Machinery & Equipment -0.60% · Manufacturing -3.34%, a broader category that includes Electrical & Electronics
Advance/decline counts · KOSPI: 1 limit-up · 611 advancers · 54 unchanged · 249 decliners · 0 limit-down · KOSDAQ: 11 limit-up · 967 advancers · 88 unchanged · 681 decliners · 3 limit-down
· KOSPI 66.9% (612/915) · KOSDAQ 55.9% (978/1,750) · numerator = advancers plus limit-up stocks; denominator = limit-up + advancers + unchanged + decliners + limit-down
Industry returns are market-cap-weighted index moves, not net money inflows by industry

CHANGE / 05

Answers to Last Session's Questions

Checking the Sep 23 conditions on the first session back

LAST SESSION → TODAY

Price and flow: no · breadth: yes · the advancer share nearly doubled even as the index fell 2.70%This was the third consecutive trading day since Sep 22 in which the close finished below the open

Close vs. open

-73.07 pts

→

-168.12 pts

Foreign KOSPI cash

-KRW 504.7bn

→

-KRW 3.2403tn

KOSPI advancer share

34.0%

→

66.9%

NEXT / 06

What to Check Next Session

Observable conditions, not probabilities

Does the U.S. 10-year yield close below 5.184%?

5.184% on Sep 25 local time (CBOE 10-Year Treasury Note Yield Index) · score the condition using the Sep 28 local close of the same index · a direct test of whether the rate pressure that dominated today's market narrative is easing

Does SK hynix close higher?

Today -5.05% · Samsung Electronics goes ex-dividend on Sep 29, making a one-day price move harder to score cleanly · use the sign of SK hynix's return instead

Does foreign net selling in KOSPI cash shrink below KRW 1tn?

Today -KRW 3.2403tn · one number to distinguish a one-day catch-up to holiday news from a selling flow that continues

Two out of three stocks rose. KOSPI followed two chip heavyweights back below 7,000.

Sources · Data Basis

As of 2026.09.28 · index, industry and stock closes use the KRX regular session, 09:00–15:30 · first trading day after the Sep 24–25 Chuseok market holiday
Overseas news and indicators · checked through 19:30 KST on Sep 28
Domestic investor flows · media tally at the regular-session close · final KRX trading records are available after 20:00
Indices · KOSPI open 7,057.86 · high 7,065.90 · low 6,889.68 · close 6,889.74 · KOSDAQ open 845.48 · high 861.15 · low 841.23 · close 846.58 · final regular-session figures (in-house collection)
Intraday path · read from the KRX regular-session five-minute KOSPI chart; horizontal positions reflect actual times · only open, high, low and close are final confirmed figures; other segments are stated as approximate index levels
Investor totals · KOSPI foreign investors -KRW 3.2403tn · institutions -KRW 1.0174tn · individuals +KRW 2.6053tn · Other Corporations +KRW 1.6383tn · all four taken from the same MoneyToday regular-session close tally and not mixed with another outlet · cross-checked with the 15:38 KRX tally (institutions -KRW 1.017tn · foreign investors including Other Foreigners -KRW 3.226tn · individuals +KRW 2.605tn · KRW 1bn units) · KOSDAQ investor figures use the same media tally
Stock-level flows · top foreign stock amounts and institutional rankings use regular-session close data · the stock-level tally collected at 16:11 included after-market trades and was not used for amount or ratio calculations
Turnover · KOSPI KRW 21.807tn · 1.18× the recent five-session average of KRW 18.504tn · 15:38 tally
Futures and program trading · KOSPI 200 futures investor data are stated by direction only · program-trading regular-session close tally at 15:33
Market breadth · KRX advance/decline counts collected at 18:11 and cross-checked against regular-session close coverage · limit-up stocks are counted separately from ordinary advancers
Industries and themes · KRX industry-index and theme-index closing returns · collected at 16:09
Previous domestic session · Sep 23 open 7,153.99 · close 7,080.92 · foreign investors -KRW 504.7bn · advancer share 34.0%, based on the Sep 23 edition
Overseas · Nasdaq, S&P 500, Dow, the PHLX Semiconductor Sector Index (SOX) and the U.S. 10-year at 5.184% (CBOE 10-Year Treasury Note Yield Index) use Sep 25 local closes · because the CBOE series differs from official U.S. Treasury published yields, the next-session check also uses the same CBOE series · Sep 24 yield figures and the Sep 23 SOX move are cited from news coverage
Company-specific · Oracle force-majeure notice cited from Bloomberg · Solidigm listing review cited from Reuters · solar and HLB catalysts cited from same-day coverage · Samsung Electronics' planned Q3 cash dividend of approx. KRW 30tn and Sep 30 record date use company disclosures

Previous issues at www.snowshagal.com.