Snowshagal Weekly · October 31, 2026 · The Tide Turns. The Election Comes Next.
2026.10.31Korea Stock Market Weekly
Snowshagal Weekly

The Tide Turns.
The Election Comes Next.

THE WEEK IN ONE LINE

SK hynix earnings lifted the KOSPI back above 6,000. The gain unraveled in two days.Next: the U.S. chip selloff, the midterm elections and the jobs report.

Past reports, Daily editions and market data are available on our website. snowshagal.com
KOREAN AND U.S. MARKET CLOSES CONFIRMEDKorea: through the October 30 close · U.S. regular session: through the October 30 close, local time · Weekend news: through October 31 · Next Korean trading day: November 2
00THE WEEK AHEAD

The earners delivered.
Now the spenders face the questions.

Review period: five sessions, October 26–30 · Next week: five Korean trading sessions, November 2–6 · We will score the three questions below in next week's Weekly.

OUR READ ON THE WEEK
Semiconductor heavyweights drove the KOSPI above 6,000.
The KOSDAQ and 15 of the KOSPI's 24 sectors fell for the week.

Net resultKOSPI +3.25% · KOSDAQ -3.63% · Performance gap: 6.9 percentage points

The driversSK hynix +11.04% · Samsung Electronics +4.41% · Estimated combined index contribution: +3.46%p— greater than the KOSPI's entire advance

The laggardsKOSPI construction -10.92% · Shipbuilding Top 10 -7.70% · Defense theme -7.36%

The catalystSK hynix's earnings and shareholder returns versus Big Tech's cash-flow concerns · More in 01 | What Defined This Week

  1. Friday's semiconductor rout

    Philadelphia Semiconductor Index, October 30 U.S. close: -7.20% · Intel: -28.58% · October export data on Nov. 1 · AMD results on the morning of Nov. 4 (KST)

  2. U.S. midterm elections

    Voting Nov. 3 U.S. time; vote counting during Korea's Nov. 4 session. Daishin and Hana Securities base cases favor Democratic control of both chambers, with the Senate closely contested.

  3. U.S. jobs and yields

    October employment report: Nov. 6, 22:30 KST · September nonfarm payrolls: +29,000 · U.S. 10-year yield: 4.94% on Oct. 30

01THE WEEK IN REVIEW

Above 6,000—
then back below in two sessions

Weekly intraday high: 6,100.11 on Oct. 29 · Low: 5,455.11 on Oct. 26 · See each day's Daily for the session-by-session story.

WEEKLY RETURNS · 2026.10.26~10.30Top 10 stocks by market capitalization and benchmark indices · Versus October 23 closes

Stock returns use October 23 and 30 regular-session closes. The two market indices and Semiconductor Top 15 are benchmarks; six of the 10 largest stocks outperformed the KOSPI.

HOW FAR THE MARKET TRAVELED
Oct. 23 close: 5,5506,000Oct. 23-1.46Oct. 26+3.09Oct. 27+6.63Oct. 28-1.24Oct. 29-3.48Oct. 30
KOSPI closing levels, connected by hand · Gray dashed line: Oct. 23 close · Orange dashed line: 6,000

Total absolute daily closing-point moves over five sessions: about

906p

Net change180.44 points above the October 23 close

High–low range645.00 points between the Oct. 29 intraday high and Oct. 26 intraday low

KOSDAQOver the same five days: -3.63% · Positive on just two days

01

Foreigners bought for three days—
then sold even more in one

Foreign investors−KRW 832bn · Net buyers Oct. 27–29; Oct. 30 alone: −KRW 1.617tn

Institutions+KRW 2.150tn · Net sellers only on Oct. 29; Oct. 28: +KRW 961bn

Retail investors−KRW 2.048tn · On Oct. 28, when the KOSPI cleared 6,000: −KRW 1.802tn

Approx. +KRW 730bn · Concentrated on Oct. 29–30 · SK hynix's new KRW 20tn on-market buyback began Oct. 29 · Oct. 30 net buying of SK hynix by this investor category: +KRW 335.3bn

FuturesForeign investors in KOSPI 200 futures: +KRW 1.901tn · Oct. 30 alone: +KRW 1.358tn

02

A majority of stocks rose on
just two days: Oct. 27 and 28

Share of KOSPI stocks advancing (%) · Dashed line: 50%

Weakest breadthOct. 26: just 11.0%, the first Monday after the previous share-buyback programs ended

Breadth vs. indexEven on Oct. 28, when the index cleared 6,000, only 63.6% of stocks advanced

KOSDAQ21.6 → 62.8 → 65.8 → 19.5 → 15.4%

03

Chips and insurers led—
construction, shipbuilding and defense sank

Leading sectorsKOSPI insurance +7.92% · Electrical & electronics +5.83% · Financials +4.65%

Leading stocksSK Square +15.74% · SK hynix +11.04% · Samsung Life +10.41%

Lagging sectorsKOSPI construction -10.92% · Shipbuilding Top 10 -7.70% · Transportation equipment & components -7.02%

KOSDAQBiotechnology theme -9.59% · KOSDAQ pharmaceuticals -7.03%

ConstructionFailed negotiations over construction of the Czech nuclear plant sent Daewoo E&C down -18.57% in one day on Oct. 29. The project itself was not canceled; a new contract is targeted for July 2027. This incident alone does not explain the entire sector decline.

Advancing sectorsNine of the KOSPI's 24

DATE
KOSPI
WHAT DROVE EACH SESSION
10.26
-1.46%
Weak U.S. close Friday · Brent around $116/bbl · First Monday after two chipmakers' earlier buybacks ended
10.27
+3.09%
AI revenue in Anthropic's IPO filing · U.S. semiconductor index +2.82% · Q3 Korean GDP growth of 1.0%
10.28
+6.63%
SK hynix operating profit of KRW 83tn · Approx. KRW 100tn shareholder-return plan · KOSPI closes above 6,000
10.29
-1.24%
No incremental shareholder-return figure from Samsung Electronics · Sale of LG Energy Solution shares · Breakdown of Czech nuclear construction talks
10.30
-3.48%
Alphabet, Amazon and Intel earnings raise doubts over AI investment payback · Disappointing Kia earnings · Sell-side program-trading curb (sidecar)
Already priced inSK hynix and Samsung Electronics earnings and capital-return announcements · Fed holds rates · Three Big Tech earnings releases · Korea's Q3 GDP growth
Still aheadFriday's U.S. semiconductor selloff · Samsung Electronics' remaining capital-return decision in late January · U.S. midterms · Whether the Fed hikes in December
PARTIALLY MET.Last week's question: Would semiconductors outperform the KOSPI during earnings week?

OutcomeSemiconductor Top 15: 7,838.88 → 8,035.84 (+2.51%); lagged the KOSPI's +3.25%by 0.74 percentage points

RuleAs defined last week, underperformance of no more than 1 percentage point counts as partially met.

The splitSK hynix +11.04% · K-AI Semiconductor TOP2+ +7.45% · Semiconductor Top 15 +2.51% · The more narrowly the basket is focused on the biggest names, the stronger its return.

MET.Last week's question: Would a majority of stocks advance on at least two days?

Outcome65.0% on Oct. 27 · 63.6% on Oct. 28

CaveatThe other three days: 11.0%, 29.6% and 25.8% · KOSDAQ weekly return: -3.63%

MET.Last week's question: Would the U.S. 10-year yield finish below 5% after the Fed meeting?

OutcomeU.S. Treasury's published yield for Oct. 30: 4.94%

The pathOct. 23: 5.00% → Oct. 28: 5.05% → Oct. 29: 4.98% → Oct. 30: 4.94%

MIXED.Last week's sector priorities: one week later

Priority 1Semiconductors & memory · SK hynix +11.04% · Semiconductor Top 15 +2.51%

Priority 2Defense and shipbuilding · Both themes finished near the bottom again

Priorities 3–5Secondary Battery Top 10 +0.20% · KOSPI chemicals -4.41% · KOSPI pharmaceuticals -0.05%

WHAT DEFINED THIS WEEK

The suppliers answered with earnings.
The customers were judged by their cash flow.

Those earning itSK hynix Q3 operating profit: KRW 83.3338tn · About 8% above consensus · Samsung Electronics: KRW 107.4405tn

Those spending it Alphabet Q3: −$9.07bn · Amazon, trailing 12 months: −$42.4bn · These figures cover different periods.

The common threadEarnings remain positive (Amazon Q3 net income: $20.69bn), but investment spending is growing faster than earnings.

Capital returnsSK hynix's roughly KRW 100tn refers to its entire FY2026 plan, including KRW 40tn in shares already repurchased. Of the new KRW 20tn buyback, about KRW 10tn is earmarked for employee compensation and excluded from the shareholder-return total.

Samsung ElectronicsThe board will decide on the remaining KRW 55tn–75tn in late January · The two stocks diverged.

Next testHow much of Friday's U.S. semiconductor -7.20%decline will Korean stocks absorb on Nov. 2? · 02 Q1

KOSPI +3.25% · Five stocks contributed more than the whole index gained

Five semiconductor and related heavyweights+4.04All other stocks-0.79KOSPI +3.25%Percentage points · Our estimates
The five semiconductor and related heavyweights are SK hynix, Samsung Electronics common and preferred shares, SK Square and Samsung Electro-Mechanics · Methodology: Data & methodology
02THREE QUESTIONS FOR NEXT WEEK

First, Friday's chip rout—
then elections and employment

Korean trading sessions: November 2–6 (five days) · The U.S. semiconductor index fell -7.20%after Korea closed on Oct. 30; that move reaches Korea on Nov. 2 · Q1 and Q2 cover the full five sessions; Q3 uses the U.S. Treasury's Nov. 6 yield publication.

Q.01

Can Korean chip stocks absorb
Friday's U.S. rout within a week?

STARTING POINT
-7.20%

Philadelphia Semiconductor Index on Oct. 30 U.S. time · Biggest one-day drop since June 23 · Not yet reflected in Korea's Oct. 30 close; next session Nov. 2

Unabsorbed shockSK hynix U.S. depositary receipts: about -7.9%(this does not imply an equivalent move in the Korean common shares) · Individual U.S. chip-stock declines: 04 | Friday Night

Potential supportSK hynix's new KRW 20tn open-market buyback, launched Oct. 29 (through Jan. 28 next year) · Semiconductor exports for Oct. 1–20: +222.5%

Next dataFull October trade figures on Nov. 1 · AMD earnings on the morning of Nov. 4 KST · Qualcomm and Arm earnings on the morning of Nov. 5 KST · Monitoring priorities: 03 | Semiconductors

SCORING RULE · Met if the KRX Semiconductor Top 15 returns at least 0% for the week ending Nov. 6 ·
Partially met if it falls no more than 5%; not met if it falls more than 5% · Reference: Oct. 30 close of 8,035.84 (5%-down threshold: 7,634.05)

Reversal signalsOctober semiconductor export growth stays above 200% · AMD rises after hours following earnings · Foreign investors turn net buyers of Korean chip stocks
Further downside risksSK hynix fails to recover above KRW 1,418,000 · Another leg down in U.S. chips · KOSPI breaks the week's 5,455.11 intraday low
Q.02

Will foreign investors return
to Korean cash equities?

STARTING POINT
−KRW 1.6tn

Foreign investors sold a net KRW 1.617tn of KOSPI cash stocks on Oct. 30, while buying KRW 1.358tn of KOSPI 200 futures that day.

This weekFive-session total: −KRW 832bn · Oct. 30 selling exceeded the combined net buying of Oct. 27–29.

Where it hitOn Oct. 30, net foreign selling in four semiconductor and related heavyweights totaled KRW 1.0012tn—about 62% of foreign net sales on the KOSPI.

Key variablesPost-election interest rates and USD/KRW (around KRW 1,334 per dollar) · KRX's first release of its low-P/B company list on Nov. 2

SCORING RULE · Met if cumulative foreign net buying of KOSPI cash equities is non-negative over Nov. 2–6 (final five-session KRX data) ·
Partially met if net selling is no more than KRW 1tn; not met if net selling exceeds KRW 1tn.

Return signalsFutures buying begins to translate into cash-equity buying · Foreign flows into chip stocks turn positive · The won strengthens
Further selling risksU.S. chip stocks fall again · Republican control of both chambers lifts U.S. yields · Repeated daily net foreign selling of KRW 1tn or more
Q.03

Will the U.S. 10-year yield fall
below 4.9% after the election and jobs data?

STARTING POINT
4.94%

U.S. Treasury's Oct. 30 10-year yield: 4.94% · Oct. 23: 5.00% · Weekly high: 5.05% on Oct. 28

ElectionVoting Nov. 3 U.S. time · All 435 House seats and 35 Senate seats contested · Both Daishin and Hana Securities use a Democratic sweep of both chambers as their base case; closely fought Senate states remain pivotal.

ProbabilitiesDaishin Securities' own estimates: Democrats win both chambers 63%; Democratic House/Republican Senate 28%; Republicans win both chambers 8%.

Yield implicationsA Democratic House could constrain further tax cuts and fiscal expansion, supporting long-term bond yields. Under full Republican control, Daishin sees a risk of a +15~30bp rise in the 10-year Treasury yield.

EmploymentOctober jobs report: Nov. 6 at 22:30 KST · September nonfarm payrolls: +29,000 (90,000 expected) · Unemployment rate: 4.2%

SCORING RULE · Met if the U.S. Treasury's published 10-year yield on Nov. 6 is below 4.90% ·
Partially met at 4.90%–5.00% inclusive; not met above 5.00%. The 4.9% level is our monitoring threshold, not an absolute market boundary. Falling yields could signal growth anxiety, so read them alongside the Nasdaq, Philadelphia Semiconductor Index and USD/KRW.

Signals of lower yieldsDemocrats secure both chambers · Further evidence of weak hiring · Brent below $110/bbl
Upside yield risksRepublicans secure both chambers · Jobs rebound · Brent approaches $120/bbl
03SECTOR PRIORITIES

Start with semiconductors—
then the sectors where earnings meet the election

Chips: Friday's plunge and Nov. 1 exports · Batteries: earnings Nov. 2 and 5 · Refiners: S-Oil on Nov. 2 · Defense, shipbuilding, autos and financials face different paths depending on the election outcome.

Semiconductors & memory Friday U.S. close: -7.20%
PRIORITY 1
Batteries & cathode materials Earnings Nov. 2 & 5
PRIORITY 2
Refining & energy S-Oil on Nov. 2
PRIORITY 3
Defense, shipbuilding & autos Among this week's laggards
PRIORITY 4
Banks, brokers & insurers Low-P/B list on Nov. 2
PRIORITY 5
FIRST ON THE RADAR

Semiconductors & memory

ORDER OF CHECKS NEXT WEEK

Earnings are now on the table.
Can share prices hold?

1,418,000SK hynix Oct. 30 close · Weekly gain: +11.04%

The test starts with the Nov. 2 opening price. ·
For the benchmark and signals, see 02 Q1.

WHY NOW WHY NOW

Friday nightDisappointing Intel Q4 guidance triggered a rout across U.S. chip stocks. Even Sandisk, a memory company that beat earnings expectations, fell—strong results offered little support to valuations. Details: 04 | Friday Night

In Korea this weekSK hynix operating profit: KRW 83.3338tn · Samsung Electronics: KRW 107.4405tn · Yet Semiconductor Top 15 fell -5.82%

Buyback supportEven after its on-market buyback began, SK hynix fell -7.08%on Oct. 30 · The company's purchases alone could not stop the selloff.

WHAT THE STREET SAYS WHAT THE STREET SAYS

Bull caseQ3 and Q4 DRAM prices may beat prior assumptions, prompting further earnings upgrades after results; given supply delays, demand fears may already be overdiscounted.

Bull caseMemory supply contracts are being negotiated for deliveries as far out as 2029–2030, potentially restarting earnings upgrades and making November a turning point.

Bear caseThe U.S. semiconductor index could fall another 10%–15% by mid-November, according to one forecast.

The debateBig Tech earnings are rising, yet cash flow is scarce · The divergence between chip share prices and earnings forecasts has widened for five straight weeks to its largest gap.

WHAT TO WATCH NEXT WEEK WHAT TO CHECK

November 1: exportsOctober semiconductor exports · Oct. 1–20: $27.5bn (+222.5%) · There were 13 working days this year versus 10.5 a year earlier; average daily growth for total exports was +65.9% · September semiconductor exports: $60.3bn

AMD, morning of Nov. 4Data-center revenue and Q4 outlook · Will AMD diverge from Intel's disappointment?

Morning of Nov. 5Qualcomm and Arm earnings · Demand for mobile and server chips

SK hynixOn Nov. 5, retirement of 23.69mn treasury shares authorized in August · Track the daily execution of its new KRW 20tn on-market buyback.

Beyond semiconductors—
start where earnings dates and the election collide.

EARNINGS IN FOCUS

Batteries & cathode materials

This weekSecondary Battery Top 10 +0.20% · Against a KOSDAQ decline of -3.63% , the basket was essentially flat · LG Energy Solution -6.14% (LG Chem sold shares on Oct. 29)

EarningsNov. 2: POSCO Future M 11:00; POSCO Holdings 15:00 · Nov. 5: EcoPro BM 10:00; LG Chem and EcoPro 14:00 (all KST)

ElectionAnalysts see little reason to assume a Democratic win would revive EV subsidies. U.S. demand for Korean-made energy-storage-system (ESS) batteries, driven by efforts to diversify away from China, may be less sensitive to party control.

WatchHow LG Chem uses the proceeds from its LG Energy Solution stake sale (a KRW 300bn share repurchase and retirement has already been announced) · Cathode margins · October lithium prices, month on month: -11.0%

RisksSeptember U.S. EV sales, year on year: -32.5% · Korean battery makers' combined European market share in August: 27%

OIL PRICES REBOUND

Refining & energy

Friday nightOil climbed again amid concerns over renewed U.S.–Iran tensions · Figures: 04 | Friday Night

EarningsChevron and Exxon Mobil beat expectations amid record refining margins · U.S. refiner Valero reported $8.8bn in Q3 refining operating profit.

Earnings calendarNov. 2 at 14:00 KST: S-Oil · Nov. 5 at 15:00: GS · SK Innovation reported on Oct. 29.

WatchSeven major oil producers' meeting on Nov. 1 and their December output target · Whether Saudi Arabia cuts December official selling prices to Asia · Continued disruptions at Russian refineries

RisksOil could retreat if Middle East tensions ease · KOSPI chemicals fell -4.41%

DEEPEST WEEKLY LOSSES

Defense, shipbuilding & autos

This weekDefense theme -7.36% · Shipbuilding Top 10 -7.70% · Transportation equipment & components -7.02% · Kia on Oct. 30: -11.73%

WhyHanwha Aerospace Q3 operating profit: KRW 452bn (year on year: -46.2%) · Kia operating profit missed consensus by 22.9% · Target-price cuts for HD Hyundai's three major shipbuilding subsidiaries

DrawdownAn index of five defense companies fell -34%from its August 13 peak through October 23 · Historically, similar declines were followed by rebounds within a month, though analysts also note that this year's rebounds subsequently failed.

ElectionAnalysts caution that a Democratic sweep does not automatically imply lower U.S. defense spending. Auto tariffs are largely an executive-branch matter, so the direct congressional effect may be limited; won appreciation presents another risk.

DefenseKorea Aerospace Industries earnings: Nov. 3, 16:00 KST · Hanwha earnings: Nov. 4, 14:00 · Major export contracts · Post-election defense-budget expectations

ShipbuildingFurther target-price revisions · Q4 outlooks for the three major shipbuilders

AutosKia's sales-incentive burden · U.S. tariffs and the won

THIS WEEK'S RELATIVE WINNERS

Banks, brokers & insurers

This weekKOSPI insurance +7.92% · Financials +4.65% · Securities +2.90% · Samsung Life +10.41%

November 2KRX's inaugural publication of low-P/B companies · Starting universe: bottom 25% of the KOSPI and bottom 10% of the KOSDAQ, assessed for persistent discounts to their sector P/B and disclosures of corporate value-up plans.

ElectionIn Daishin Securities' sector scenarios, brokerage stocks favor a Democratic sweep (higher turnover and renewed foreign buying); insurers favor a Republican sweep (higher U.S. yields could improve investment returns); banks show relatively limited election sensitivity.

EarningsKakaoPay: Nov. 3 at 16:00 KST · KakaoBank: Nov. 4 at 10:00

Watchhas approached cycle lows, according to a brokerage-sector note · Average daily KOSPI trading value this week: KRW 18.263tn

04FRIDAY AFTER THE KOREAN CLOSE

After Seoul closed—
the figures waiting for Monday's open

U.S. regular session, Oct. 30 local time · Korea's Oct. 30 close had already reflected after-hours weakness in Amazon and Intel · The additional regular-session selloff and higher oil prices will be reflected on Nov. 2.

OCT. 30 · U.S. SEMICONDUCTORS

Philadelphia Semiconductor Index: -7.20% · Intel: -28.58%

IndicesNasdaq: -2.86% · S&P 500 -1.82% · Dow: -1.09%

Chip stocksIntel's disappointing Q4 guidance drove its worst one-day drop since July 1974 · AMD: about -11% · Nvidia: about -4% · Sandisk: about -13.5%

OctoberNasdaq monthly return: -5.3% · Its weakest month since March 2025

OCT. 30 · OIL & MIDDLE EAST

WTI above $104/bbl · U.S.–Iran tensions

OilWTI: $104.12/bbl (+2.08%) · Brent December contract (expiry): $117.64/bbl · January contract: $113.43/bbl

RefinersChevron and Exxon Mobil shares rose following earnings · Details: 03 | Refiners

CryptoReports of a Binance hack · Bitcoin below $77,000 · Sharp declines in crypto-linked equities

OCT. 30 · YIELDS & ECONOMIC DATA

10-year Treasury: 4.94% · 2-year: 4.56%

Treasuries10-year: 4.98% on Oct. 29 → 4.94% on Oct. 30 · 2-year: 4.61% → 4.56%

Economic dataQ3 Employment Cost Index: +0.8% · In line with forecasts

Market hoursU.S. daylight saving time ends Nov. 1 local time · From Nov. 2, the U.S. cash-equity session runs 23:30–06:00 the following day, KST.

05KEY DATES

From exports on Nov. 1—
to U.S. jobs on Friday night

Next week's schedule · All times are Korea Standard Time (KST) · The three questions will be scored in next week's Weekly. · Full scoring rules in Section 02

October trade release · OPEC+ meeting

Oct. 1–20 semiconductor exports: +222.5% · September chips: $60.3bn, a monthly record · Seven major producing countries set December output targets · U.S. daylight saving time ends

Price in Friday's U.S. chip rout

KRX publishes its first low-P/B list · 11:00 POSCO Future M · 14:00 S-Oil · 15:00 POSCO Holdings · Nov. 3, 00:00: U.S. ISM Manufacturing · Morning of Nov. 3: Apple · Palantir earnings

U.S. midterm election day

Korean October CPI · 16:00 HYBE · KakaoPay · Korea Aerospace Industries · Nov. 4, 00:00: U.S. September JOLTS · Japanese markets closed

Vote counting · AMD

Morning: AMD earnings · U.S. midterm ballots counted during Korean trading hours · 14:00 Hanwha · LG Uplus · 16:00 SK Telecom · Evening: U.S. ADP private payrolls

LG Chem · EcoPro earnings

Morning: Qualcomm · Arm · SK hynix retires treasury shares · 09:00 Korea Zinc · Kakao · 10:00 EcoPro BM · 14:00 LG Chem · EcoPro · 15:00 GS · Evening: Bank of England rate decision

U.S. October jobs report

Release at 22:30 · 16:00 Lotte Chemical · Nov. 7, 00:00: University of Michigan Consumer Sentiment · Score Q3 against the U.S. Treasury's Nov. 6 10-year yield

Q1
Can Korean chip stocks absorb Friday's U.S. semiconductor rout within one week?

Met: Semiconductor Top 15 weekly return at least 0% · Partially met: decline no greater than 5% · Not met: decline greater than 5%

Q2
Will foreign investors return to Korean cash equities?

Met: non-negative KOSPI foreign net buying, Nov. 2–6 · Partially met: net selling no greater than KRW 1tn · Not met: net selling greater than KRW 1tn

Q3
Will the U.S. 10-year yield fall below 4.9%?

Met: U.S. Treasury Nov. 6 yield below 4.90% · Partially met: 4.90%–5.00% · Not met: above 5.00%

Wednesday, November 4 · U.S. earnings before dawn; election counting during the day

07:00AMD earnings call09:00Korean market openDaytimeMidterm vote countEveningU.S. ADP release

AMD reports before the Korean open · U.S. ballots are counted during Korean trading · U.S. private-payroll data arrive after Korea closes.

CLOSING THOUGHT

Semiconductor earnings propelled the KOSPI above 6,000, then could not keep it there.
Next week tests Korea's response to Friday's chip selloff, the return of foreign cash-equity demand and whether U.S. yields can fall below 4.9%.

Data & methodology

DATA · SOURCES
Weekly indices · October 26–30
IndexOct. 23 closeOct. 30 closeWeekly change
KOSPI5,550.305,730.74+3.25%
KOSDAQ751.69724.38-3.63%
DateOpenCloseChangeStocks advancing (%)
10/265,499.055,469.47-1.46%11.0%
10/275,658.655,638.34+3.09%65.0%
10/285,763.856,012.44+6.63%63.6%
10/296,017.225,937.66-1.24%29.6%
10/305,760.355,730.74-3.48%25.8%

KOSDAQ by session-3.26% · +2.29% · +3.69% · -2.34% · -3.83%

Trading valueKOSPI: KRW 12.0108tn · KRW 15.2917tn · KRW 19.8368tn · KRW 24.9071tn · KRW 19.2687tn

Trading sidecarsOct. 27 at 10:13 · Buy-side trigger on Oct. 28 at 09:54 · Sell-side trigger on Oct. 30 at 10:04 (KST)

Total distanceSum of the absolute daily changes in KOSPI closing levels: 905.50 points

Weekly stock returns · 10 largest by market capitalization
StockOct. 23 close (KRW)Oct. 30 close (KRW)Weekly change
SK Square775,000897,000+15.74%
SK hynix1,277,0001,418,000+11.04%
Samsung Life245,000270,500+10.41%
Samsung Electro-Mechanics1,122,0001,196,000+6.60%
Samsung Electronics215,500225,000+4.41%
Samsung Electronics (Pref.)167,900174,100+3.69%
KB Financial153,000155,500+1.63%
Samsung Biologics1,466,0001,487,000+1.43%
Hyundai Motor295,500282,000-4.57%
LG Energy Solution383,000359,500-6.14%

Estimated contributionSK hynix +2.25%p · Samsung Electronics +1.21%p · SK Square +0.35%p · Samsung Electro-Mechanics +0.12%p · Samsung Electronics (Pref.) +0.11%p

RemainderFive-stock total: +4.04%p · · KOSPI: +3.25% · Difference: -0.79%pattributable to the rest of the market

Weekly investor flows · Net purchases of KOSPI cash equities
DateForeignInstitutionsRetailOther corporations, etc.
10/26−KRW 696bn+KRW 611bn+KRW 47bn+KRW 38bn
10/27+KRW 593bn+KRW 280bn−KRW 948bn+KRW 75bn
10/28+KRW 816bn+KRW 961bn−KRW 1.802tn+KRW 25bn
10/29+KRW 72bn−KRW 445bn+KRW 34bn+KRW 339bn
10/30−KRW 1.617tn+KRW 743bn+KRW 621bn+KRW 253bn
Total−KRW 832bn+KRW 2.150tn−KRW 2.048tn+KRW 730bn

FuturesForeign investor flows in KOSPI 200 futures: +KRW 741bn · +KRW 149bn · −KRW 368bn · +KRW 21bn · +KRW 1.358tn

Non-arbitrageProgram trading: −KRW 656.2bn · +KRW 716.6bn · +KRW 537.6bn · +KRW 40.9bn · +KRW 195.8bn

Weekly sectors · Themes
CategoryNameWeekly change
KOSPI sectorInsurance+7.92%
KOSPI sectorElectrical & electronics+5.83%
KOSPI sectorFinancials+4.65%
KOSPI sectorSecurities+2.90%
KOSPI sectorChemicals-4.41%
KOSPI sectorTransportation equipment &components-7.02%
KOSPI sectorConstruction-10.92%
KRX thematic indexK-AI Semiconductor TOP2++7.45%
KRX thematic indexSemiconductor Top 15+2.51%
KRX thematic indexSecondary Battery Top 10+0.20%
KRX thematic indexBio Top 10-2.30%
KRX thematic indexAI power infrastructure-6.46%
KRX thematic indexK-AI Defense TOP5+-7.36%
KRX thematic indexShipbuilding Top 10-7.70%
KRX thematic indexK-AI KOSDAQ Biotechnology-9.59%

Nine of the KOSPI's 24 sectors rose during the week: insurance, electrical & electronics, financials, manufacturing, distribution, securities, transportation & storage, food/beverage & tobacco, and telecommunications. · KOSDAQ pharmaceuticals: -7.03% · · Construction: -7.29%

Next week's earnings calendar · Korea Standard Time

Mon. Nov. 211:00 POSCO Future M · 13:30 POSCO DX · 14:00 S-Oil · POSCO International · Pan Ocean · 15:00 POSCO Holdings

Tue. Nov. 310:00 Poongsan · 16:00 HYBE · KakaoPay · Korea Aerospace Industries · 16:30 LG Household & Health Care · Morning: Apple · Palantir (Nov. 2 U.S. time)

Wed. Nov. 409:00 Kakao Games · 10:00 KakaoBank · 14:00 Hanwha · LG Uplus · SM Entertainment · 15:00 Hugel · 16:00 SK Telecom · Hyundai Department Store · Morning: AMD

Thu. Nov. 509:00 Korea Zinc · Kakao · 10:00 EcoPro BM · 14:00 LG Chem · EcoPro · EcoPro Materials · 15:00 GS · 16:00 KT&G · SK Bioscience · Netmarble · Morning: Qualcomm · Arm

Fri. Nov. 609:30 Lotte Shopping · 10:30 Kolmar Korea · 15:00 Hankook Tire & Technology · Hyundai G.F. Holdings · 16:00 Lotte Chemical · 17:00 SK Networks

Sources · Data conventions

Indices · Market breadth · Trading value · Investor flows · Futures · Program trading · Final Korea Exchange (KRX) regular-session data, collected in-house · Investor flow totals captured at 15:38 KST and rounded to KRW 1bn units · Foreign investor flows include other foreign investors · Weekly totals sum the five daily figures and match KRX's five-session cumulative data.

Other corporations, etc. are calculated approximately as the negative of the combined foreign,institutional andretail investor total · Market breadth is advancing stocks (including limit-up stocks) divided by all stocks, including unchanged issues · The roughly 906-point figure is the sum of the absolute KOSPI daily close-to-close changes over five sessions (905.50 points) · The Oct. 30 net buying of SK hynix by the other-corporations category, +KRW 335.3bn,is our calculation from stock-level investor data, not the actual execution value of the company's buyback.

Individual weekly stock returns and estimated contributions · Regular-session closing prices and market capitalizations on Oct. 23 and 30, collected in-house · Estimated index contributions are computed as each stock's change in market capitalization divided by estimated Oct. 23 KOSPI market capitalization (approximately KRW 4,582tn). They may differ from official index-point contributions · Sectors andthematic indices use KRX sector and theme index data · Sector returns are market-cap-weighted index changes, not net capital inflows to each sector.

Daily catalysts · Snowshagal Daily editions of Oct. 26–30 and their underlying sources · SK hynix Q3 results · Shareholder-return plan · KRW 20tn open-market buyback · Nov. 5 share retirement: sources cited in the Oct. 28 Daily (company disclosures) · Samsung Electronics Q3 earnings and late-January board meeting: sources cited in the Oct. 29 Daily.

Scoring last week's questions · Semiconductor Top 15 and KOSPI figures are based on KRX closing data · U.S. Treasury yields: U.S. Treasury daily yield publications

U.S. markets · Oct. 30 U.S. index closes · Refiners · Cryptocurrencies · October performance: NewsPim · Philadelphia Semiconductor Index · Intel · AMD · Nvidia · Sandisk · Oil prices: MoneyToday · Intel's closing price and largest one-day decline since July 1974: Stock Mom · SK hynix's U.S. depositary receipts: MarketBeat(last traded price) · Employment Cost Index: Gokhshtein

Alphabet andAmazon cash-flow data: sources cited in the Oct. 30 Daily · Amazon Q3 net income: AP (republished by KPRC) · Breakdown of SK hynix's roughly KRW 100tn shareholder-return plan and LG Chem's buyback · Czech nuclear plant construction renegotiation schedule: sources cited in the Oct. 28 andOct. 29 Daily editions · Oct. 1–20 exports: Korea Customs Service figures (via SpecialTimes) · Working days and average daily export growth over the same period: Korea International Trade Association · September semiconductor exports: Ministry of Trade, Industry and Resources release (via MTN)

Next week's calendar · OPEC+ meeting of key producers (Nov. 1): TokenPost · Next week's economic calendar (Supple) · E-Today(low-P/B list · November calendar) · Jobs report date and September results: SimianX (Department of Labor calendar) · Low-P/B selection universe: The Fact · Korean corporate earnings dates: FactStock earnings calendar(based on corporate investor-relations disclosures) · End of U.S. daylight saving time: SBS Biz

Brokerage research (authors andreport dates) · Hana Securities, Kim Rok-ho (Oct. 26:memory exports · post-earnings estimate upgrades) · Lee Kyung-soo (Oct. 26:gap between chip share prices and earnings estimates) · Kim Hyun-soo (Oct. 26:midterms and batteries · China diversification in energy storage · U.S. EV sales · lithium prices) · Yoon Jae-sung (Oct. 26:Valero · Saudi official selling prices · Russian refining disruptions) · Hana Research Center (Oct. 26:midterm election playbook · Democratic sweep as base case · sector impacts)

Daishin Securities, Lee Kyung-min (Oct. 26:election scenarios and proprietary probabilities · 10-year yield risk under Republican control of both chambers: +15~30bp · sector impacts by outcome) · Eugene Investment & Securities, Yang Seung-yoon (Oct. 26:drawdown among five defense stocks · rebound statistics) · DS Investment & Securities (Oct. 26:Democratic victory and defense spending) · Hana Securities (Oct. 29:target-price reductions for three HD Hyundai shipbuilders) · Kiwoom Securities, Ahn Young-joon (Oct. 27:brokerage stock turnover)

Morgan Stanley's Mike Wilson (Oct. 27 U.S. time:potential further declines in the U.S. chip index) and Korea Investment & Securities' Ko Young-min (memory supply negotiations · potential November turning point): Korea Economic Daily · All dates refer to research publication dates.

Earlier reports · www.snowshagal.com