Full Circle, Back Where It Started · KOSPI ended Sep 30 at 6,838.04 versus 6,835.80 on Sep 1, just 2.24 points apart · foreign investors net sold KRW 21.5108tn in September · KOSPI 6,838.04 -0.48% · KOSDAQ 855.91 +0.72%
2026.09.30
Snowshagal Daily

Full Circle,
Back Where It Started

KOSPI6,838.04 -0.48%
KOSDAQ855.91 +0.72%
ONE-LINE READ Index +2.24 pts · Foreign net selling KRW 21.5tn
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SNOWSHAGAL · DAILY
MARKET RESEARCH
2026.09.30 · WED
KRX CLOSE 15:30
DAILY MARKET NOTE / 30 SEP 2026

Opened +1.06%,
Closed Lower for a Third Straight Day

KOSPI -0.48% at 6,838.04 · third straight decline · KOSDAQ +0.72% at 855.91Opened +1.06% on U.S. chip strength · reached 6,965.64 around 09:30, then turned lower in the 11:00 hour · 127.60 pts from the high to the closeForeign KOSPI cash -KRW 2.0520tn · more than KRW 2tn of net selling for a third day · Institutions also -KRW 768.0bn · Samsung Electronics -1.47%also weighed on the indexFinal trading day of September · KOSPI finished just 2.24 pts from its Sep 1 close of 6,835.80 · foreign investors net sold KRW 21.5108tn over the monthAdvancer share 38.6% · up from 25.4% in the previous session, but still below half · KOSDAQ 46.2%

The open followed U.S. chips. The close followed foreign selling.
MARKET PATH / 01

Peak in 30 Minutes, Turned Lower by Late Morning

Where the direction changed, and where it stopped

IN PLAIN ENGLISHThe market opened more than 1% higher, gave back the entire gain before lunch, and reached its low after 14:00

KOSPI · 09:00~15:30Open 6,943.47 → high 6,965.64 around 09:30 → low 6,818.39 around 14:15 → close 6,838.04
09:00 12:00 15:30
OPEN6,943.47+1.06%
LOW6,818.39-0.76%
HIGH6,965.64+1.38%
CLOSE6,838.04-0.48%
THE READ

The upside was over within the first 30 minutes · KOSPI held around 6,920-6,940 through 10:30, then stepped lowerThe turn came in the 11:00 hour · after slipping below the previous close of 6,870.81, that area became afternoon resistanceThe intraday range was 147.25 pts, with 127.60 pts lost from the high to the close · KOSPI finished 105.43 pts below its open · Sep 29 was the only one of the past three sessions to close above the openThe index fell, but breadth improved from roughly one in four advancers to nearly four in ten · the weight was concentrated in Samsung Electronics

OPEN · MORNING

Opened +1.06%, hit the high within 30 minutes

Opened at 6,943.47, 72.66 pts above the previous closeDipped once to around 6,910 near 09:20, then reached the day high of 6,965.64 around 09:30Moved down to the low 6,900s after 10:30 and fell below the previous close in the 11:00 hour

MIDDAY · AFTERNOON

Held around 6,850-6,875 from noon through the 13:00 hour

After sliding to around 6,840 near 11:40, KOSPI traded in a narrow 6,850-6,875 range from 12:00 to 13:45Sold off again after 14:00 to 6,818.39 around 14:15 · 52.42 pts below the previous close

CLOSE

Rebounded to around 6,860 at 14:30, then weakened again into the close

Recovered to around 6,860 within 15 minutes of the low, but slipped back to the 6,850 area in the 15:00 hourClose 6,838.04 · 19.65 pts above the low · 127.60 pts below the highKOSPI turnover KRW 18.8195tn · 0.98x the five-session average

The line traces the KOSPI five-minute chart · horizontal positions reflect actual times · only the four OHLC values are treated as exact · high around 09:30, low around 14:15.
WHY / 02

U.S. Chips Drove the Open; 5%-Plus Yields and Event Risk Stayed

What drove the higher open, and what remained a burden all day

IN PLAIN ENGLISHU.S. chip strength pulled KOSPI higher at the open, but elevated U.S. yields and caution ahead of inflation data stayed in place all session · the actual intraday reversal came from foreign and institutional selling

01

The higher open came from U.S. chip strength

Sep 29 local · PHLX Semiconductor Sector Index (SOX) +1.32% · Micron +1.1% · broader indexes: Nasdaq -0.09% · S&P 500 -0.17% · both slightly lowerAnother overnight AI-infrastructure catalyst · Reuters reviewed Anthropic's private IPO investor presentation, which showed at least USD 518bn of cloud and compute-infrastructure commitments over the next decade · roughly 80% are non-cancellable or take-or-pay contracts (reported Sep 28-29 local)Right after the open, SK hynix +1.64% · Samsung Electronics +0.46% (reported 09:05) · Samsung Electronics reached KRW 276,000 intraday (+1.28%) before turning lower

+1.32%SOX · Sep 29 local
SHOW EVIDENCE
Sep 29 local · Nasdaq 26,797.54 · S&P 500 7,670.84 · Dow 51,349.92 -0.26% · SOX 12,629.16
Opening report · 09:05 KOSPI 6,926.26 (+0.81%) · Foreign investors +KRW 59.3bn NET BUY
02

What remained: 5%-plus U.S. yields and caution ahead of inflation data

Sep 29 local · U.S. 10-year closed at 5.255%, above the prior 5.24% · intraday high 5.29%, the highest since 2007 · the 30-year was reported as reaching 5.62% intraday, the highest since 2002August job openings came in below expectations at 7.079 million · September consumer confidence was reported at a 12.5-year low · long-end yields did not fall despite the softer-growth signalsClosing reports cited caution ahead of major events including the U.S. PCE inflation release, and described the market as testing its tolerance for 5%-plus yieldsBut yields were already a known headwind before Korea opened · during Asian hours the U.S. 10-year traded in the 5.2% area, slightly below the prior close · the morning reversal is difficult to attribute to a fresh rise in yields

5.255%U.S. 10-year · Sep 29 local
SHOW EVIDENCE
5.255% is the close of the CBOE 10-Year Treasury Note Yield Index · intraday high 5.293%
After Fed official John Williams said there was time to judge when another hike might be needed, the reported probability of an October hike fell from about 70% to 51.5% · Fed Governor Michael Barr also said another hike could still be necessary
USD/KRW 1,352.8 · down KRW 3.9
Sources · Lee Kyung-min, Daishin Securities · Eugene Investment & Securities analyst
MONEY / 03

Foreign Investors Sold More Than KRW 2tn for a Third Day; Today They Also Sold Futures

Who moved the index today

IN PLAIN ENGLISHForeign investors started the morning as buyers, then turned sellers before noon; institutions sold as well · the selling amount shrank for a second straight day, but the direction did not change

FOREIGN · KOSPI CASH
-KRW 2.0520tn

included in the Foreign total · fourth straight net-selling session since Sep 23 · net selling above KRW 2tn for a third day: -KRW 3.2260tn → -KRW 2.9030tn → -KRW 2.0520tn · three-day total above KRW 8tn09:05 +KRW 59.3bn net buying → 11:45 -KRW 599.9bn net selling (reported figures) · foreign investors flipped from buyers to sellers during the morningInstitutions -KRW 768.0bn · Individuals +KRW 1.1667tn · by arithmetic, bought roughly KRW 1.6tn Foreigners -KRW 1.3080tn · from net buying the previous day to net selling · today both cash and futures were on the sell sideForeigners and institutions had the same top four net-sold stocks · Samsung Electronics · SK hynix · Samsung Electronics Pref. · Samsung Electro-Mechanics · the top three individual net buys among these were Samsung Electronics · Samsung Electronics Pref. · Samsung Electro-MechanicsSK hynix ranked among the top net sells for all three investor groups, including individuals +0.62% · the buyback period overlaps, so Other Corporations buying is possible, but the stock-level data do not directly confirm it

TOP FOREIGN NET SELLSSamsung Electronics · SK hynix · Samsung Electronics Pref. · Samsung Electro-Mechanics
TOP FOREIGN NET BUYSSK Square · Jusung Engineering · HD Hyundai Heavy Industries
DETAILED FLOWS
Three groups · Foreigners -KRW 2.0520tn · Individuals +KRW 1.1667tn · Institutions -KRW 768.0bn · based on the KRX 15:38 tally and closing reports reproducing it · Foreigners include Other Foreigners
Other Corporations by arithmetic: about +KRW 1.6530tn · not a directly reported figure; calculated as zero minus the sum of the three groups (-KRW 1.6533tn) · includes rounding differences at the KRW 100m unit
Program total-KRW 1.2305tn
Program trading -KRW 1.2581tn
KOSPI 200 futures · Foreigners-KRW 1.3080tn
KOSPI 200 futures · Institutions+KRW 1.0990tn
Program arbitrage +KRW 27.6bn · non-arbitrage net selling for a third day: -KRW 2.1060tn → -KRW 2.1457tn → -KRW 1.2581tn · KOSPI 200 futures · Individuals +KRW 173.0bn · futures use the KRX 15:49 tally (KRW 1bn units)
Intraday foreign flow · 09:05 +KRW 59.3bn · 11:45 -KRW 599.9bn (at the same time Institutions -KRW 545.0bn · Individuals +KRW 374.8bn) · opening/morning market reports cited
Stock rankings · KRX investor-by-stock flows collected at 19:17 · because the table includes after-hours trades, only rankings are used, not amounts or ratios
Foreign net sells Nos. 5-8: Samwha Capacitor · Daeduck Electronics · Hyundai Motor · Shinhan Financial Group / Institutional net sells Nos. 5-8: Duksan Navcours · Hana Financial Group · NAVER · PharmaResearch / Top institutional net buys: Hanmi Semiconductor · Hyundai Mobis · Daeduck Electronics · Jusung Engineering · Sanil Electric
Previous-session comparison · Foreign total -KRW 2.9030tn → -KRW 2.0520tn · Institutions +KRW 121.0bn → -KRW 768.0bn · Individuals +KRW 1.1430tn → +KRW 1.1670tn · all based on the KRX 15:38 tally (KRW 1bn units)
Short-selling turnover No. 1 SK hynix KRW 336.0bn · No. 2 Samsung Electronics KRW 233.4bn
KOSDAQ by investor · Institutions +KRW 49.0bn · Individuals +KRW 12.0bn net buying · Foreigners -KRW 68.0bn net selling (KRX 15:38 tally · KRW 1bn units)
SECTOR / 04

What Was Strong · What Was Weak

Today's distribution matters more than a ranking

IN PLAIN ENGLISHKOSDAQ equipment/components and secondary batteries rose, while insurance/financials, high-dividend names and preferred shares fell sharply

Strength: KOSDAQ equipment/components and secondary batteries · weakness: insurance/financials and high-dividend/preferred shares.Best KOSPI industry: Machinery & Equipment +1.98% · worst: Insurance -3.27% · Financials -1.40% · Electrical & Electronics -0.46%High-dividend and preferred-share theme indexes also fell · financials and insurance weakened without a reported stock-specific catalyst · Hana Financial Group, Samsung Life, KB Financial Group and Woori Financial Group were all among the top 20 institutional net sells

STRONG

Machinery & EquipmentKOSPI INDUSTRY+1.98%
KOSDAQ Top 10THEME INDEX+1.77%
Secondary Battery Top 10KRX THEME+1.21%
EO TechnicsSTOCK+4.94%

WEAK

InsuranceKOSPI INDUSTRY-3.27%
KOSPI 200 Financial High Dividend Top 10THEME INDEX-2.90%
KOSPI Preferred StockTHEME INDEX-1.89%
Samsung Electronics Pref.STOCK-4.31%

Industry returns are KOSPI/KOSDAQ industry-index moves · themes are KRX theme indexes · stocks are individual closing returns · the methodologies differ, so they are not ranked on one scale

SECTOR EVIDENCE
Versus the previous session · Secondary Battery Top 10 -4.08% → +1.21% · Semiconductor Top 15 +2.65% → +0.41% · Construction -4.95% → +0.22% · Electrical & Electronics +0.29% → -0.46%
KOSDAQ · Metals +1.89% · Machinery & Equipment +1.50% · Jusung Engineering +4.73% · EO Technics +4.94% · EcoPro +2.28%
Dividend/financial themes · KRX-Akros Financial & Holding High Dividend -2.23% · KRX-Akros High Dividend 20 -2.17% · KOSPI Dividend Growth 50 -1.88% · KOSPI High Dividend 50 -1.42%
Top 10 by market cap · Samsung Electronics -1.47% (KRW 268,500) · SK hynix +0.62% (KRW 1,776,000) · Samsung Electronics Pref. -4.31% · SK Square +1.88% · Samsung Electro-Mechanics -0.98% · LG Energy Solution +1.28% · Hyundai Motor -1.43% · Samsung Biologics +0.43% · KB Financial Group -2.71% · Samsung Life -2.93%
One-day market-cap change · Samsung Electronics about -KRW 23.4tn · Samsung Electronics Pref. about -KRW 7tn · SK hynix about +KRW 8tn · calculated from KRX closing market caps and returns
Advance/decline counts · KOSPI limit-up 1 · up 352 · unchanged 49 · down 513 · limit-down 0 · KOSDAQ limit-up 3 · up 804 · unchanged 94 · down 845 · limit-down 2
Advancer share · KOSPI 38.6% (353/915) · KOSDAQ 46.2% (807/1,748) · numerator = advancers + limit-up stocks; denominator = limit-up + up + unchanged + down + limit-down
Industry returns are market-cap-weighted index moves, not sector net inflows · one-day returns do not by themselves establish capital rotation
CHANGE / 05

Answers to Last Session's Questions

Checking the conditions set in the previous session

IN PLAIN ENGLISHAll three conditions set yesterday were again a no · however, breadth and the size of foreign selling both improved from the previous session

LAST SESSION → TODAY

All three were below the thresholds · advancer share fell 1.4pp short of 40% · foreign net selling remained above KRW 2tn · the U.S. 10-year closed above 5.24%None cleared the threshold, but two measures improved · advancer share +13.2pp · foreign net selling shrank by KRW 851.0bn

01
KOSPI advancer share
25.4%
→
38.6%
02
Foreign KOSPI cash net flow
-KRW 2.9030tn
→
-KRW 2.0520tn
03
U.S. 10-year yield
5.24%
→
5.255%
NEXT / 06

What to Check Next Session

Does the morning chip strength last through the close this time?
After Micron results, do Samsung Electronics and SK hynix both close higher?

Today's closes: Samsung Electronics -1.47% · SK hynix +0.62% · score it using the two closing returns

Does KOSPI close above its open?

Sep 29 was the only one of the past three sessions to close above the open · today KOSPI closed 105.43 pts below its open · one-line test of whether morning strength can hold

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

Third straight day: -KRW 3.2260tn → -KRW 2.9030tn → -KRW 2.0520tn · score using only the KRX 15:38 tally, including Other Foreigners

Sep 1 close 6,835.80, Sep 30 close 6,838.04 · just 2.24 pts apart for the month · in between, foreign investors sold KRW 21.5108tn and Other Corporations bought KRW 31.3992tn in September.

Full index, FX, rates and commodities data are in MARKETThe Daily keeps only the numbers needed to explain today's session.
MARKET ↗
SOURCES · DATA BASIS
As of 2026.09.30 · indexes, industries and individual closing prices use the KRX regular session, 09:00-15:30 KST
Overseas news/data checked through 02:30 KST on Oct 1 · incorporates the U.S. August PCE and Q2 GDP releases
Domestic flows · KRX 15:38 tally · final same-day trading records are provided after 20:00
Indexes · KOSPI open 6,943.47 · high 6,965.64 · low 6,818.39 · close 6,838.04 · KOSDAQ open 854.78 · high 862.50 · low 852.10 · close 855.91 · confirmed regular-session values (collected in-house)
Intraday chart · path read from the KOSPI regular-session five-minute chart; horizontal positions reflect actual times · only the four OHLC values are treated as exact, while intermediate segments are described by broad levels · the 09:05 and 11:45 index/flow figures are from NewsPim opening-market report · Asia Economy 12:00 report source
Investor totals · KOSPI Foreigners -KRW 2.0520tn (including Other Foreigners) · Individuals +KRW 1.1667tn · Institutions -KRW 768.0bn · based on the KRX 15:38 tally and closing reports reproducing it · Global Economic · Asia Economy
Futures / program · KOSPI 200 futures by investor use the KRX 15:49 tally · program trading uses the regular-session close tally
Turnover · KOSPI KRW 18.8195tn · 0.98x the five-session average of KRW 19.1771tn · 15:38 tally
FX · USD/KRW regular daytime-session close at 15:30 · MTN closing report source
Short selling · stock-level short-selling turnover, regular session, 15:38 tally (KRX + NXT combined)
Market breadth · KRX advance/decline counts collected at 16:10 · limit-up names are counted separately from ordinary advancers
Industries/themes · KRX industry-index and theme-index closing returns · KOSDAQ individual-stock moves from closing reports · stock-level flow rankings collected from KRX investor-by-stock data at 19:17
Previous domestic session · Sep 29 KOSPI close 6,870.81 · advancer share 25.4% · Foreign total -KRW 2.9030tn · Institutions +KRW 121.0bn · Individuals +KRW 1.1430tn (KRX 15:38 tally)
Overseas · Nasdaq, S&P 500, Dow, SOX, and the U.S. 10-year at 5.255% (CBOE 10-Year Treasury Note Yield Index) use Sep 29 local closes · the 30-year, job openings, consumer confidence and Fed comments are from NewsPim U.S. market-close report · early-session stock moves from Korea Economic Daily · Samsung Electronics intraday high from SBS Biz source
Schedule · Micron earnings-call timing and company guidance from Micron IR release (Sep 30, 14:30 MT) · consensus from TipRanks (revenue approx. USD 51.3bn · adjusted EPS approx. USD 31.73) · prior quarter from Micron official Q3 results · Korea September trade-data release date and median forecast from Reuters poll (Sep 28)
Released data · U.S. BEA August Personal Income and Outlays (annual update reflected) · Q2 GDP third estimate · estimates and the October hold probability from MoneyToday · post-release 10-year move from CNBC source
September · Sep 1 KOSPI close 6,835.80 (in-house) · September Foreigners -KRW 21.5108tn · Other Corporations +KRW 31.3992tn from article citing KRX September aggregates (Sep 30, 17:57) source
Anthropic · Reuters report source
Buyback · expected end date for the Samsung Electronics buyback from Aju Business Daily, Sep 29 report cited
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