The Same Wind, Only One Sail Fills

DAILY MARKET NOTE / 04 NOV 2026

Down 4% as Votes Came In,
Back in the Black by the Close

KOSPI5,683.80 +0.62%KOSDAQ714.95 +1.50%

WHY

Early results pointing to a sweeping Democratic midterm victory raised fears of tighter AI data-center rules; battery and clean-energy shares later rallied on hopes of policy support.AMD's earnings helped lift the opening market +3.17% before election returns drove a selloff around 10 a.m.; WHY 02

HOW

+2.43% at the open; by 12:45 p.m. it had fallen as far as -4.02%, before finishing in positive territory

-4.02%Previous closeClose +0.62%

The 9:12 a.m. high was the day's peak; the high-to-low range was 406.41 points; PATH 01

Breadth

62.3% of stocks advanced. Batteries, clean energy and utilities led; the two chip heavyweights lagged.The 10 largest stocks contributed approximately -0.05 pp ; virtually all the index's gain came from outside that group; SECTOR 04

Flows

Foreigners sold a net KRW 2.507tn, while institutions and retail investors bought a combined KRW 2.158tn.Foreign net selling in SK hynix: −KRW 1.1632tn; Samsung Electronics: −KRW 808.3bn · MONEY 03

NEXT

Today's 5,421.72 intraday low and the scale of foreign sellingRemaining U.S. Senate races; Qualcomm and Arm earnings tonight; NEXT 06

As the vote count gathered pace around 10 a.m., semiconductor shares dropped and the KOSPI fell as much as -4.02% intraday. By afternoon, chip losses narrowed and battery and solar stocks pushed the index into positive territory. Foreign net selling exceeded KRW 1tn for a second straight session, while intraday VKOSPI hit a two-month high. The turbulence is not necessarily over.

MARKET PATH / 01

+2.43% at the open; down to -4.02% at 12:45 p.m.; then back up to +0.62% by the close

When did the selloff turn—and where did the recovery start?

IN PLAIN TERMSA rebound in U.S. chip stocks propelled the KOSPI to a +2.43% opening gain; 5,828.13 at 9:12 a.m. was the session high.The index turned lower as U.S. vote counting picked up around 10 a.m.; it slipped below the previous close at 10:07 a.m., under the Oct. 30 low at 10:15 a.m., and below 5,500 at 11:27 a.m.It bottomed at 5,421.72 at 12:45 p.m., began recovering at 1:39 p.m., returned to positive territory at 2:39 p.m. and closed at 5,683.80.

KOSPI · 09:00~15:30+2.43% Open → 9:12 a.m. high → 10:07 a.m. negative → 12:45 p.m. low → 1:39 p.m. rebound → 2:39 p.m. positive

Chart zoomed to the day's range; dashed line marks the previous close (5,648.79).

OPEN5,786.13+2.43%

HIGH5,828.13+3.17%

LOW5,421.72-4.02%

CLOSE5,683.80+0.62%

THE READ

Election timelineThe timing of the U.S. vote count overlapped with the plunge and rebound. Democratic gains had been projected before the 1:39 p.m. recovery began. Later, narrowing chip losses and buying in battery and solar shares helped lift the index. The election result alone cannot explain the rebound.

Basing actionThe index hovered near 5,420–5,480 from 11:41 a.m. to 1:38 p.m., nearly two hours, then recovered 137 points in just 18 minutes.

Close versus intraday recoveryNearly all of the net closing gain came from outside the top 10 by market cap. Chip heavyweights, however, made a sizable contribution to the recovery off the intraday low: Samsung Electronics rose from an intraday low of KRW 208,000 to close +4.81%; SK hynix rose from KRW 1,303,000 to close +7.14%

Trading rangeThe 406.41-point high-to-low swing equaled roughly 7.19% of the previous close. The fall from peak to trough was -6.97% ; trading value reached KRW 22.514tn, 1.21 times the five-day average.

Lingering stress stood at 57.83 at 1:39 p.m., up +6.93% ; the highest since Aug. 21. A positive close did not mean the market had stabilized.

OPEN · MORNING

+2.43% at the open; negative by 10:07 a.m.

After reaching 5,828.13 at 9:12 a.m., the KOSPI fell below 5,700 by 9:41 a.m.It briefly bounced to 5,737.61 at 9:53 a.m., then sold off sharply after 10:02 a.m., crossing below the previous close at 10:07 a.m.

MIDDAY

Below the Oct. 30 low at 10:15 a.m.; today's low at 12:45 p.m.

5,572.14 at 10:21 a.m.; rebound to 5,602.08 by 11:08 a.m.; below 5,500 at 11:27 a.m.Between 11:41 a.m. and 1:38 p.m., the index traded near 5,420–5,480, reaching its session low of 5,421.72 at 12:45 p.m.

AFTERNOON

Sharp rebound at 1:39 p.m.; positive by 2:39 p.m.

5,574.64 at 1:56 p.m.; 5,639.68 at 2:20 p.m.; 5,653.44 at 2:39 p.m., back above the previous close.After dipping to 5,642.23 at 3:14 p.m., the KOSPI rose 21.50 points from 5,662.30 just before the closing call auction to finish at 5,683.80. KOSDAQ recovered from a low of 683.66 to close at 714.95.

WHY / 02

The U.S. Midterm Result Cut Two Ways: AI Data-Center Regulation Risk for Chips, Policy Tailwinds for Batteries and Clean Energy

What drove the selloff—and what reversed it

IN PLAIN TERMSThe opening rally followed a U.S. semiconductor rebound: the PHLX Semiconductor Index rose +2.6%, while AMD gained in after-hours trading following its earnings release.From around 10 a.m., returns pointed to Democrats taking both chambers of Congress. In Texas, which had already suspended data-center permits, a Democratic candidate calling for a tougher moratorium won the governor's race. Fears that existing restrictions could be extended or tightened weighed on chip stocks.In the afternoon, chip stocks pared their losses, while battery and solar shares rallied on expectations that the same election outcome would favor their sectors. All 10 constituents of the Secondary Battery TOP 10 rose.

What caused the decline: fear of tighter AI data-center rules as Democrats appeared poised to take both chambers

Vote countAmericans voted Nov. 3 local time; counting began on the morning of Nov. 4 in Korea. By the 1 p.m. hour KST, U.S. broadcasters projected that Democrats would retake the House after four years and were likely to secure a Senate majority.

How regulation could take effectThe new Congress takes office Jan. 3, 2027. The nearer-term policy exposure is at the state and local levels.

TexasRepublican Gov. Greg Abbott had already ordered a halt to state permits related to data centers on Sept. 21. The election of a Democratic governor refocused attention on whether those restrictions could persist or intensify. No actual cancellations of server or memory-chip orders have been confirmed.

Market reactionNasdaq-100 futures weakened and foreign investors sold Korean semiconductor heavyweights. By 12:45 p.m., the KOSPI had fallen -4.02%; MONEY 03

CounterargumentBrokerages noted that a Democratic sweep had already been priced as a greater-than-60% probability before the election. Delayed construction starts are not the same as canceled server or memory orders.

What remains uncertainFederal legislation still faces the legislative process and possible presidential veto. State and local construction restrictions operate separately from a presidential veto. Whether AI investment actually falls remains unresolved.

-4.02%KOSPI intraday low at 12:45 p.m.; versus the previous close

SHOW SOURCE DETAILS

U.S. markets (Nov. 3 local time): Dow -0.38% · S&P 500 +0.36% ; Nasdaq +0.83% · PHLX Semiconductor Index +2.6% ; Nvidia +2.29% ; Broadcom +3.07%

AMD Q3: revenue USD 13.377bn (+45%); data-center revenue USD 8.546bn (+97%); Q4 revenue guidance of approximately USD 17bn; shares gained around 5% after hours following the release.

Election: NBC projected 248 House seats for Democrats and 187 for Republicans (projection during the 1 p.m. hour KST, not certified seats). CBS projected Democrat Gina Hinojosa as Texas governor. Democrats also won in traditionally Republican-leaning states including Kansas and Ohio.

Brokerage interpretation: the projected Democratic landslide weakened sentiment across the AI supply chain but lifted clean-energy and battery shares on policy hopes, widening sector divergence.

Samsung Electronics -0.68% ; SK hynix -0.14% ; Semiconductor Top 15 +1.17%, with 12 of 15 constituents higher; selling was concentrated in the two biggest chip stocks.

What drove the recovery: narrowing chip losses, policy hopes for batteries and solar, and local institutional and retail buying

Secondary BatteriesSecondary Battery TOP 10 +6.89%; all 10 constituents rose. The Nov. 3 -6.26% decline was reversed in a day, leaving the two-day move nearly flat. Policy hopes and a rebound from the previous day’s slide both played a role. Samsung SDI closed at KRW 545,000, up +11.57% from the prior close and up +17.97%

Solar and clean energyHanwha Solutions +18.64% (KRW 28,000). The rise also reflected a rebound after shares plunged when its Oct. 30 Q3 operating profit fell short of half the market consensus. KRX Climate Change Solutions rose +5.62% ; KOSPI electricity and gas utilities gained +4.03%

SemiconductorsSamsung Electronics and SK hynix pared intraday declines of roughly 5–6% to finish only modestly lower; PATH 01

Domestic buyingInstitutional +KRW 1.014tn; retail investors +KRW 1.144tn . Brokerages attributed part of the rebound to fading political uncertainty as the results took shape; MONEY 03

+6.89%Secondary Battery TOP 10: all 10 constituents higher

SHOW SOURCE DETAILS

Batteries: LG Energy Solution +5.03% ; on KOSDAQ, EcoPro BM +10.96%; EcoPro +9.54%

Tax credits: brokerages cautioned that restoring clean-energy tax incentives would still face a potential presidential veto.

Battery theme: K-AI Secondary Batteries +9.15%; all 10 constituents gained. The Secondary Battery TOP 10's two-day move was +0.20% ; Samsung SDI reversed its Nov. 3 -9.20%decline in a single session.

Hanwha Solutions: Q3 operating profit of KRW 90.5bn versus pre-release analyst consensus of roughly KRW 203.4bn.

Foreigners drove the selloff, while institutions and retail investors powered the rebound; MONEY 03 · SECTOR 04

MONEY / 03

Foreigners Sold KRW 2.507tn;
Institutions and Retail Bought KRW 2.158tn

Who Bought as Foreigners Sold

IN PLAIN TERMSForeign net selling exceeded KRW 1tn for the second straight day; SK hynix and Samsung Electronics accounted for KRW 1.9715tn of those sales.Retail investors and institutions took the other side. Samsung Electronics and SK hynix were retail investors' two largest net purchases, and SK hynix topped the institutional buying list.Battery flows ran in the opposite direction: foreigners and institutions bought Samsung SDI, while retail investors sold it.

FOREIGN INVESTORS · KOSPI CASH

−KRW 2.507tn

FocusSK hynix −KRW 1.1632tn; Samsung Electronics −KRW 808.3bn ; Samsung SDI was foreigners' top net purchase: +KRW 45bn

Programs −KRW 13.4bn · −KRW 1.5825tn ; combined: −KRW 1.5959tn

Trading valueKRW 22.514tn; 1.21 times the five-day average, roughly 60% above Nov. 3.

NET KOSPI BUYERSRetail, institutional and other corporate investors

Net KOSPI sellersForeign investors

Net buying by stock and investor type · KOSPI · KRW 100mn
Stock	Foreign investors	Institutional	Retail investors
SK hynix	-11,632	+2,429	+5,566
Samsung Electronics	-8,083	+1,301	+7,393
Samsung Electro-Mechanics	-1,199	+213	+961
SK Square	-1,042	+545	+474
Samsung SDI	+450	+784	-1,232

Foreigners’ second- and third-largest net purchases were Doosan Enerbility +KRW 15.9bn⁠·⁠NAVER +KRW 15bnCelltrion ranked fourth among institutions' net purchases: +KRW 74.2bn ; their largest net sale was Samsung Electronics preferred: −KRW 47.3bn

BREAKDOWN OF FLOWS

Net buying by investor group · KRW 100mn
Investor group	KOSPI	KOSDAQ	Both markets
Foreign investors	-25,070	+10	-25,060
Institutional	+10,140	+630	+10,770
Retail investors	+11,440	-510	+10,930
Other corporate investors	+3,490

On KOSDAQ, institutions +KRW 63bn ; foreigners +KRW 1bn; retail investors −KRW 51bn

Program trading · Nov. 4 vs. Nov. 3 · KRW 100mn
Category	Nov. 4	Nov. 3
ArbitrageProgram trading	-134	+760
Non-arbitrage program tradesProgram trading	-15,825	-9,984
TotalProgram trading	-15,959	-9,224

Short sellingKOSPI KRW 1.9584tn (Nov. 3: KRW 1.3973tn); SK hynix KRW 448.7bn; Samsung Electronics KRW 303.8bn; LG Energy Solution KRW 90.7bn.

+KRW 349bn ; this figure is not equivalent to the actual value of corporate share buybacks executed.

Foreign sellingSamsung Electro-Mechanics ranked third or fourth among foreign net sales: −KRW 119.9bn; SK Square −KRW 104.2bn ; LG Energy Solution and Hanwha Solutions ranked sixth and seventh.

SECTOR / 04

Where the strength was—and wasn't

The distribution of gains and losses matters more than a leaderboard

IN PLAIN TERMS62.3% of KOSPI stocks advanced, versus 24.6% on Nov. 3: roughly six in ten were back in the green.The top 10 by market cap contributed approximately -0.05 pp to the index move; almost all of the gain came from outside the top 10. Contributions are estimated from market-cap changes.Batteries, solar and clean energy led the advance. Among semiconductors, the two large-cap names fell, while equipment and component makers rose.

STRONG

Hanwha SolutionsStock+18.64%

Samsung SDIStock+11.57%

K-AI Secondary BatteriesKRX thematic index+9.15%

Climate Change SolutionsKRX thematic index+5.62%

Electricity & GasKOSPI sector+4.03%

WEAK

HLBKOSDAQ stock-17.69%

Entertainment & CultureKOSPI sector-6.02%

Medical & Precision EquipmentKOSPI sector-2.87%

Shipbuilding TOP10KRX thematic index-0.72%

Samsung ElectronicsStock-0.68%

KOSPIAdvancing share: 24.6% → 62.3%; 569 stocks rose.

KOSDAQAdvancing share: 18.6% → 55.0%; the index fell below 700 intraday to 683.66 before closing at +1.50%

Points regained35.01 points of Nov. 3's 210.29-point drop. The index remained -0.82%

Estimated split of the index's gain: the top 10 contributed virtually nothing, while other stocks added around 0.67 percentage points. Calculated from changes in constituent market capitalizations.

Secondary BatteriesThe Secondary Battery TOP 10 andK-AI All 10 secondary-battery names rose; Samsung SDI +11.57% · LG Energy Solution +5.03%

Solar and clean energyHanwha Solutions +18.64% ; 22 of the 27 Climate Change Solutions constituents advanced; eight of the 10 electricity and gas utilities rose.

AI Power InfrastructureNov. 3 -6.08% then rebounded to +5.24%. This ran counter to anxiety about data-center regulation, so no single catalyst fully explains today's moves.

SemiconductorsSemiconductor Top 15 +1.17%; 12 of 15 constituents rose, with only the two large-cap names weak; on KOSDAQ, Simmtech +9.53%; Jusung Engineering +7.74%

Index impactLG Energy Solution approximately +0.09 pp ; Samsung Biologics approximately +0.04 pp ; Samsung Electronics approximately -0.19 pp ; SK hynix approximately -0.03 pp

LaggardsHLB’s resubmitted liver-cancer drug application received a U.S. FDA Class 2 review designation, extending the expected review period to six months rather than the roughly two months the company had hoped for under Class 1. This was not a rejection. Alteogen -4.45%

SECTOR DETAIL

Estimated KOSPI contribution · market-cap basis
Stock	Change	Contribution
LG Energy Solution	+5.03%	+0.09 pp
Samsung Biologics	+2.96%	+0.04 pp
Hyundai Motor	+2.16%	+0.03 pp
Samsung Electro-Mechanics	+0.90%	+0.02 pp
Samsung Electronics preferred	+0.06%	0.00 pp
KB Financial Group	+0.07%	0.00 pp
SK Square	+0.00%	0.00 pp
Samsung Life Insurance	-0.57%	-0.01 pp
SK hynix	-0.14%	-0.03 pp
Samsung Electronics	-0.68%	-0.19 pp
Top 10 total		-0.05 pp
Outside the top 10		+0.67 pp

The top 10 together contributed approximately -0.05 pp, barely helping the index rise; stocks outside that group accounted for approximately +0.67 pp

Advancers and decliners · includes limit-up/limit-down stocks
Market	Advancing	Declining	Unchanged	Advancing share
KOSPI	569	303	41	62.3%
KOSDAQ	962	698	90	55.0%

Nov. 3 vs. Nov. 4 closing returns; two-day return measured from the Nov. 2 close.
Indices and stocks	Nov. 3	Nov. 4	Two days
KOSPIIndex	-3.59%	+0.62%	-2.99%
KOSDAQIndex	-4.08%	+1.50%	-2.64%
Secondary Battery TOP10KRX thematic index	-6.26%	+6.89%	+0.20%
AI SemiconductorsKRX thematic index	-6.94%	+0.69%	-6.30%
SK hynixStock	-5.03%	-0.14%	-5.16%
Samsung SDIStock	-9.20%	+11.57%	+1.30%

Large capsSamsung Biologics +2.96% ; Hyundai Motor +2.16% · Samsung Electro-Mechanics +0.90% ; Samsung Life Insurance -0.57%

KOSDAQEcoPro BM +10.96% ; EcoPro +9.54% ; LEENO Industrial +3.93% ; Rainbow Robotics -0.29%

Sectors present on both exchanges (20) · sorted by KOSPI performance
Sector	KOSPI	KOSDAQ
Telecommunications	+4.39%	+0.00%
Pharmaceuticals	+3.44%	-1.42%
Metals	+2.47%	+2.59%
Chemicals	+2.36%	+1.41%
IT Services	+2.25%	-1.12%
General Services	+2.17%	-1.03%
Machinery & Equipment	+1.76%	+2.58%
Construction	+1.40%	+3.13%
Transportation & Warehousing	+1.02%	-0.38%
Transportation Equipment & Parts	+0.79%	+1.48%
Financials	+0.60%	+5.70%
Distribution	+0.54%	+1.02%
Manufacturing	+0.51%	+2.06%
Electrical & Electronics	+0.16%	+4.15%
Non-Metallic Minerals	+0.10%	+1.32%
Food, Beverages & Tobacco	+0.03%	+0.36%
Paper & Wood Products	-0.20%	+1.38%
Textiles & Apparel	-0.24%	+0.04%
Medical & Precision Equipment	-2.87%	+0.60%
Entertainment & Culture	-6.02%	-1.87%

Single-market sectorsKOSPI telecommunications +4.39%(all five constituents higher); insurance -0.11% ; securities brokers +0.02% · real estate +0.98% ; KOSDAQ other manufacturing: -0.79%

KRX thematic indices · ranked by Nov. 4 return
Theme	Nov. 3	Nov. 4
K-AI Secondary Batteries	-6.13%	+9.15%
Secondary Battery TOP10	-6.26%	+6.89%
Climate Change Solutions	-3.11%	+5.62%
AI Power Infrastructure	-6.08%	+5.24%
EV Top 15	-4.65%	+5.10%
Gaming TOP10	-0.74%	+4.95%
BBIG	-2.74%	+4.61%
Internet TOP10	-4.18%	+2.34%
K-AI Defense TOP5+	-2.58%	+2.07%
Semiconductor Top 15	-5.12%	+1.17%
Prime Office REITs	-0.29%	+0.97%
KOSPI Preferred Shares	-2.88%	+0.81%
Biotechnology TOP10	-0.11%	+0.75%
K-AI Semiconductor TOP2+	-5.64%	+0.72%
AI Semiconductors	-6.94%	+0.69%
High Dividend 20	-0.65%	+0.68%
Real Estate, REITs & Infrastructure	+0.14%	+0.60%
Blue Chip 25	-3.89%	+0.13%
Shipbuilding TOP10	+0.10%	-0.72%
K-AI KOSDAQ Biotechnology	-2.07%	-0.84%

KOSPI top 10 by market cap · close in KRW
Stock	Close	Change
Samsung Electronics	218,000	-0.68%
SK hynix	1,396,000	-0.14%
Samsung Electronics preferred	171,700	+0.06%
SK Square	899,000	+0.00%
Samsung Electro-Mechanics	1,115,000	+0.90%
LG Energy Solution	355,000	+5.03%
Samsung Biologics	1,495,000	+2.96%
Hyundai Motor	283,500	+2.16%
KB Financial Group	151,500	+0.07%
Samsung Life Insurance	260,000	-0.57%

Limit-upKOSPI: one limit-up stock; KOSDAQ: four; no limit-down stocks on either exchange.

CHANGE / 05

Yesterday's Questions, Today's Answers

Revisiting the checkpoints set after the previous session

YESTERDAY → TODAY

None of the three checkpoints met even Stage 1. Yet the index still finished higher.Those tests focused on foreigners and semiconductors. Today's support came instead from institutional and retail buying and battery stocks. The answer arrived from outside the original questions.The Oct. 30 low of 5,599.42 was breached intraday by 177.70 points, but the index reclaimed it by the close.

SK hynix closing priceStage 1: at least KRW 1,398,000; Stage 2: foreign flows turn positive; Stage 1 not met.

1,398,000

→

1,396,000

KOSPI intraday lowStage 1: at least 5,599.42; Stage 2: close at or above 5,730.74; Stage 1 not met.

5,615.80

→

5,421.72

Foreign KOSPI cash flowsStage 1: foreign net selling under KRW 1tn; Stage 2: foreigners turn net buyers; Stage 1 not met.

-15,150

→

-25,070

01: Fell short by KRW 2,000; foreigners −KRW 1.1632tn; retail investors +KRW 556.6bn · MONEY 0302: The KOSPI breached 5,599.42 at 10:15 a.m., but closed above it; PATH 0103 · Amounts in KRW 100mn

NEXT / 06

What to watch in the next session

Three tests for tonight's U.S. session and Thursday, Nov. 5. Stage 1 would keep today's interpretation intact; Stage 2 would point to a stronger follow-through.

Has selling in semiconductor heavyweights stopped?

TodaySK hynix closed at KRW 1,396,000; foreign net flows: −KRW 1.1632tn

Stage 1Nov. 5 SK hynix close at or above KRW 1,396,000.

Stage 2Stage 1 holds and foreigners turn net buyers of SK hynix.

Can battery stocks sustain the rally beyond one day?

TodaySecondary Battery TOP 10 at 3,387.88 (+6.89%); all 10 constituents rose.

Stage 1Nov. 5 Secondary Battery TOP 10 close at or above 3,387.88.

Stage 2Stage 1 holds and at least seven of the 10 constituents advance.

Will foreign cash-market selling ease?

TodayKOSPI cash equities −KRW 2.507tn ; net selling above KRW 1tn for a second day.

Stage 1Nov. 5 foreign net selling under KRW 1tn.

Stage 2Nov. 5 foreigners turn net buyers of KOSPI cash equities.

TONIGHT · WED, NOV. 4 (KST)

11/4
Tonight

Counting continues in remaining competitive U.S. Senate races

Final Senate seat count and results for candidates campaigning on data-center rules; regular U.S. trading runs 11:30 p.m.–6:00 a.m. KST.

11/5
06:00

U.S. close, followed by Qualcomm and Arm earnings

Check whether U.S. chip stocks hold their Nov. 3 +2.6% gains after digesting the election outcome.

NEXT SESSION · THU, NOV. 5

11/5
08:00

September current-account balance

Bank of Korea release.

11/5
(Thu)

SK hynix scheduled to retire 23,693,272 treasury shares

Final Samsung Biologics tender-offer results also due the same day.

Thursday's first number

5,599.42

The Oct. 30 intraday low. A renewed breach could put today's low back in focus; on the upside, watch for a recovery of the Oct. 30 close at 5,730.74.

UPCOMING DATES

Nov. 6 (U.S. time) · U.S. October employment report (10:30 p.m. KST)Nov. 16: scheduled final Q3 results filing by Samsung E&A.Nov. 20 · Hyundai Rotem share-repurchase program endsNov. 26: Bank of Korea Monetary Policy Board meeting.Nov. 27 · Samsung Electronics Q3 dividend paymentNov 30 · SK hynix Q3 dividend record date.Dec 8–9 (U.S. local) · Federal Reserve meeting.Late January 2027 · Samsung board to decide remaining shareholder returns.Apr. 9, 2027 · HLB's target U.S. FDA decision date for its liver-cancer treatment.

U.S. midterm vote counting and foreign selling coincided with a 406-point intraday swing. The election raised fresh regulatory risks for AI investment, but investors did not price every sector alike: chip losses narrowed, while batteries and solar powered the recovery. The next test is whether foreign selling subsides.

SOURCES & DATA NOTES

As of Nov. 4, 2026. Index, sector and stock closes are from Korea Exchange regular trading. 09:00~15:30 Domestic market analysis and overseas news reflect publicly available information released before the 7 p.m. KST cutoff. Indices: KOSPI open 5,786.13, high 5,828.13, low 5,421.72; KOSDAQ open 715.74, high 718.34, low 683.66. Confirmed regular-session values collected independently. Intraday chart: plotted at five-minute intervals from one-minute KOSPI bars downloaded from Toss Securities. Significant moments—including highs, lows and breaks or recoveries of the previous close—use the actual one-minute values. All times KST. Flows: Korea Exchange regular-session data collected independently (investor breakdown at 3:38 p.m.). Other corporate investors are calculated as the residual that brings all investor net flows to zero. Excludes after-hours markets. Investor amounts are aggregated in KRW 1bn increments. Media reports may differ depending on data cutoff (foreigners: −KRW 2.5071tn News1 (Korean-language source)⁠·⁠−KRW 2.5095tn Financial Post (Korean-language source)). KOSPI 200 futures investor breakdown is omitted because independently collected data were incomplete. Stock-level flows: independently collected Korea Exchange investor-by-stock net flows in regular trading; KOSPI stocks only. The three investor groups' SK hynix total is calculated from stock-level flows. Program trades and turnover: regular-session program trading at the close; program-trading categories differ from investor-based flow categories and must not be added together. Trading value from Korea Exchange at 3:38 p.m. Breadth: finalized Korea Exchange advance/decline counts; advancers include regular gainers and limit-up shares (KOSPI 569 of 913; KOSDAQ 962 of 1,750). Short selling sums Korea Exchange regular trading and Nextrade's main market. Sector returns and index contributions: Korea Exchange sector/thematic indices, including constituent counts and breadth. Stock contributions are estimated from changes in constituent market cap divided by estimated KOSPI market cap on Nov. 3 (approximately KRW 4,662tn); may differ from official index-point contributions. Samsung SDI intraday low, secondary batteries and HLB: Alpha Economy (Korean-language source) ; KOSDAQ stock movements: MoneyToday (English) U.S. markets: index and Nvidia data: Associated Press: U.S. market close ; PHLX semiconductor index, Broadcom and AMD earnings/after-hours: AMD investor relations Election: House projections and state results: Associated Press(1:25 p.m. KST); projected majorities in both chambers: Yonhap (English)(1:47 p.m. KST); vote-count timeline and afternoon rebound: Yonhap (English) ; worries about data-center construction costs borne by developers and Nasdaq-100 futures: MoneyToday (English) ; legislative and presidential-veto process: USA.gov: legislative process Intraday lows and stress measures: Samsung Electronics and SK hynix intraday lows and timing: Sisa Journal (Korean-language source) ; VKOSPI at 1:39 p.m.: Supple (Korean-language source) ; Hanwha Solutions: MoneyToday (English) ; Texas governor: CBS News Texas ; Sept. 21 permit suspension directive: Office of the Texas Governor ; Hanwha Solutions Q3 earnings and consensus: Yonhap: Hanwha Solutions Q3 ; HLB FDA review-class timing based on U.S. FDA resubmission classifications (Class 1: two months; Class 2: six months). Brokerage commentary: pre-election pricing of a Democratic sweep, distinction between construction delays and order cancellations, and veto constraints on tax-credit restoration—Jaewon Lee of Yuanta Securities (NewsPim (Korean-language source)⁠·⁠News1 (Korean-language source)); proposed data-center moratorium, electricity costs, permitting rules and sector divergence—Kyungmin Lee of Daishin Securities (Korea JoongAng Daily); larger-than-expected Democratic victory and greater anxiety over AI profitability—Jiyoung Han of Kiwoom Securities (Digital Times (Korean-language source)) Upcoming events: U.S. earnings calendar: Stock Titan earnings calendar ; employment report: U.S. Bureau of Labor Statistics ; September current account: Bank of Korea: statistical calendar ; SK hynix retirement and Samsung Biologics tender-offer dates as sourced in the Nov. 2 issue.