Two-color risograph cover: on an empty beach a squall from the left turns eight of ten umbrellas inside out. Two large umbrellas bend the furthest, while two small umbrellas at the right remain upright. Data-center regulation fears trigger a circuit breaker. KOSPI 5,059.69 (-6.02%), KOSDAQ 644.27 (-5.03%).
2026.11.06
Snowshagal Daily

A Squall From AfarEight in Ten UmbrellasTurn Inside Out

KOSPI5,059.69 -6.02%
KOSDAQ644.27 -5.03%
TODAY IN ONE LINE Data-Center Regulation Fears Trigger a Trading Halt
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SNOWSHAGAL · DAILY
MARKET RESEARCH
2026.11.06 · FRI
KRX CLOSE 15:30
DAILY MARKET NOTE / 06 NOV 2026
U.S. chip stocks plunged 12% overnight.
Korea Hits the Circuit Breaker Three Minutes After the Open

KOSPI5,059.69 -6.02%KOSDAQ644.27 -5.03%

WHY
Post-election concerns over data-center restrictions spread from U.S. chipmakers to the broader market. Korea absorbed the shock as soon as trading began.PHLX Semiconductor Index -12.25% · Nasdaq -5.52% · Micron -17.46% · WHY 02
HOW
As heavyweight stocks began trading, the KOSPI registered -8.78%; a circuit breaker at 9:03 a.m. preceded a partial recovery into the close.
Close -6.02%Previous close
The index rebounded to 5,215.58 at 11:50 a.m., then lost ground again during the afternoon. · PATH 01
Breadth
Semiconductors, power equipment and brokers fell; telecom and internet shares offered the main resistance.83.1% of KOSPI constituents fell; two megacaps accounted for roughly 64% of the index decline. · SECTOR 04
Flows
Foreign investors net sold KRW 2.769tn; institutions net bought KRW 1.704tn.Foreign net selling in SK hynix: −KRW 1.8284tn · institutional buying in SK hynix +KRW 840bn · MONEY 03
NEXT
U.S. chip-stock closes on Nov. 6 and the KOSPI's 5,000 level on MondayWhether foreign selling eases for a second day; start of the temporary margin-collateral waiver. · NEXT 06
On Nov. 4 U.S. selling was largely confined to chips; on Nov. 5 the broad indices also cracked. Once Korea's heavyweight stocks recorded their first trades at 9:02 a.m., the KOSPI plunged -8.78%, triggering its 11th circuit breaker this year. It recovered to 5,215.58 around midday, but renewed foreign selling in the afternoon left it barely above 5,000 at the close.
MARKET PATH / 01

Circuit Breaker in Three Minutes; Midday Rebound Fades as KOSPI Closes Just Above 5,000

Where the selling hit, and where stocks held up

IN PLAIN TERMSThe KOSPI's 9:00 a.m. reading of -2.24%was recorded before heavyweights such as Samsung Electronics and SK hynix began trading. When they opened at 9:02 a.m., the index change reached -8.78%.At 9:03 a.m., a Level 1 stopped trading for 20 minutes, followed by a 10-minute ; continuous trading resumed at 9:33 a.m.The index avoided a fresh breakdown after 10:47 a.m., reached 5,215.58 at 11:50 a.m., then surrendered more than half the recovery by the close.

KOSPI · 09:00~15:309:02 heavyweight stocks open → 9:03 circuit breaker → 9:33 trading resumes → 11:50 rebound peak → 15:11 afternoon low → closing auction
30-minute trading interruption 5,000 09:02 11:50 15:11 09:00 12:00 14:00 15:30

Chart zoomed to the day's trading range. The index never reached its previous close (5,383.80). The shaded band marks the combined 30-minute halt and auction period.

OPEN5,263.26-2.24%
HIGH5,269.10-2.13%
LOW4,911.28-8.78%
CLOSE5,059.69-6.02%
THE READ

The real opening priceThe official opening level and intraday high were recorded before heavyweight stocks had traded. The effective start of today's session was 9:02 a.m., when the largest names opened 10–15% lower.

The tug-of-warThe index briefly jumped above 5,100 after trading resumed, fell back to 4,918.56 at 9:59 a.m., then moved around 5,000 until 10:47 a.m. It did not breach that level again afterward.

Midday bounceThe index gained roughly 175 points from 10:58 to 11:50 a.m. That coincided with the government's late-morning announcement of relief from margin-loan collateral requirements, but the timing alone does not establish causation.

The afternoon fadeSuccessive rebound highs slipped from 5,198.21 at 12:03 p.m. to 5,157.44 at 2:40 p.m., before the index fell to 5,036.91 at 3:11 p.m. This coincided with renewed foreign selling. MONEY 03

BreadthOn Nov. 5 losses were concentrated in heavyweight chip names; today eight in ten KOSPI stocks declined. The high-to-low range was 357.82 points, or 6.65% of the previous close. Turnover reached KRW 27.4919tn, 1.47 times the five-day average.

OPEN

With heavyweights opening, KOSPI registered -8.78%, triggering the circuit breaker

KOSPI opened at 5,263.26 at 9:00 a.m. and fell to 4,911.28 as large-cap stocks began trading at 9:02 a.m., dropping below 5,000 intraday for the first time since Feb. 6.At 9:03 a.m., KOSPI stood at 4,924.61 (-8.52%) as the Level 1 circuit breaker was triggered—its 11th this year. The day's low of 4,911.28 had been set a minute earlier, at 9:02 a.m.Trading resumed at 9:33 a.m.; KOSDAQ had triggered a sell-side

MORNING

Post-halt volatility, then the 11:50 a.m. rebound peak

A KOSPI sell-side sidecar was triggered at 9:34 a.m. The index rebounded to 5,102.63 at 9:39 a.m., then dropped to 4,918.56 at 9:59 a.m.No new breakdown after 10:47 a.m.; KOSPI reached 5,215.58 at 11:50 a.m. (-3.12%), recovering 304.30 points from its intraday low.

AFTERNOON

More than half the rebound erased

KOSPI fell to 5,061.83 at 1:27 p.m., recovered to 5,157.44 at 2:40 p.m., and slipped to 5,036.91 by 3:11 p.m.The closing auction added 9.40 points from the pre-auction level of 5,050.29, leaving KOSPI at 5,059.69. KOSDAQ closed at 644.27 after touching 629.17.

WHY / 02

As post-election fears over data-center regulation pushed the entire U.S. market lower, Korea absorbed the shock at the opening bell.

What drove the selloff

IN PLAIN TERMSIt began with the Nov. 3 U.S. elections: Democrats won both chambers of Congress, and a candidate advocating a halt to new data centers won the Texas governorship.There is still no confirmed evidence of weaker AI demand. The new questions concern permitting, construction and power availability for data centers—and when investors will earn returns on the capital committed.On Nov. 4 the U.S. selloff was largely about chips. By the Nov. 5 close, all 30 semiconductor index constituents were down, while the Nasdaq fell -5.52%. Before Korea opened, the U.S.-listed Korea ETF was down -13.46% and overnight KOSPI futures were down -7.87%, meaning the shock was already embedded in prices.

01

Main catalyst: doubts about the reach of regulation and the timing of investment payback spread from U.S. semiconductors across the broader market.

U.S. close, Nov. 5 · From chip stocks to the broad indices
Indices and stocksChange
Dow Jones Industrial AverageIndex-3.44%
S&P 500Index-4.36%
NasdaqIndex-5.52%
PHLX Semiconductor IndexIndex-12.25%
NvidiaAI chips-9.18%
MicronMemory-17.46%
SandiskStorage-22.26%
MSCI Korea ETFU.S.-listed-13.46%

Election outcomeTexas's Republican governor had already suspended state permits in September. The governor-elect favors a pause in new construction until the state legislature sets the rules, raising the possibility of longer or tighter restrictions.

Scope of regulationA brokerage estimate puts roughly 45% of planned new U.S. data-center capacity in states where scrutiny could tighten. A concern focused on Texas on Nov. 4 has spread to several states. This is estimated capacity exposed to possible policy changes—not capacity already halted.

Will investment continue?Reports that Microsoft is scrutinizing outside data-center providers—including Nebius, IREN and Nscale—and walking away from higher-risk contracts have raised questions about whether AI infrastructure spending can sustain its current pace.

Revenue timingAt its Nov. 5 earnings release, IREN pushed back its target date for contracted and funded of more than USD 4bn from year-end 2026 to January 2027, potentially as late as late February. The company cited customer-requested design changes and supplier schedules. Its first Microsoft facility had already been delivered. This was a delay in commissioning and revenue recognition, not evidence of a canceled contract or weaker demand.

Transmission to KoreaU.S.-listed SK hynix American depositary receipts (ADRs) -13.40%; SK hynix in Seoul was down -13.84% on its first trade and closed -10.44% · MONEY 03

The counterargumentNo earnings or order data yet confirm a slowdown in AI demand, nor has construction been suspended nationwide. Google announced a USD 17bn Wyoming data-center plan on the same day.

-12.25%PHLX Semiconductor Index · All 30 constituents fell
SHOW SOURCE DETAILS
Micron: reports said construction of a new USD 4.5bn Taiwanese plant was halted by a labor dispute. The company said its Taiwan operations were running normally and it could continue supplying customers, but did not directly address whether construction had stopped. A construction delay would constrain future supply, not demonstrate weaker memory demand.
U.S. session, Nov. 5 · AMD -16.84%; Western Digital -17.35%; Seagate -16.25%; IREN -16.95%; Nebius -14.94%; CoreWeave -9.83%; Microsoft -3.58%
The Nasdaq posted its steepest one-day decline in roughly 18 months and entered correction territory, more than 10% below its peak. The S&P 500 suffered its largest drop since April 2025; VIX reached 28.18 (+69.66%)
Cleveland Fed President Beth Hammack said rates should rise to a more restrictive level. September PCE inflation was 3.6% headline and 3.1% core.
A Microsoft spokesperson emphasized flexibility across owned, leased and partner facilities, leaving the door open to new third-party agreements.

How much of the shock was priced in at the open? · PATH 01 · Foreigners were net sellers; institutions and retail investors were net buyers. · MONEY 03

MONEY / 03

Foreign investors net sold KRW 2.769tn,
with selling heavily concentrated in SK hynix

Who moved the index today

IN PLAIN TERMSForeign investors have net sold more than KRW 1tn for four straight sessions, although today's KRW 2.769tn was below Nov. 5's KRW 3.393tn.SK hynix accounted for roughly 70% of aggregate stock-level foreign net selling on KOSPI. Net sales of Samsung Electronics were only KRW 97.1bn.Net buying of SK hynix by institutions was +KRW 840bn; retail investors +KRW 611.1bn

FOREIGN INVESTORS · KOSPI CASH
−KRW 2.769tn

ConcentrationSK hynix −KRW 1.8284tn; Samsung Electronics −KRW 97.1bn; Celltrion −KRW 51bn. NAVER led foreign net buying at +KRW 29.9bn

Program trading +KRW 98.5bn · −KRW 1.702tn; combined: −KRW 1.6035tn

09:50Approx. −KRW 302bn12:18Approx. −KRW 1.176tnClose−KRW 2.769tnAfter 12:18 p.m.: approximately −KRW 1.593tn
Cumulative foreign net selling on KOSPI. The 9:50 a.m. and 12:18 p.m. figures are preliminary intraday totals reported at those times. The figure after 12:18 p.m. is a residual calculated by subtracting the earlier total from the close; it need not equal actual executions during that interval.
NET KOSPI BUYERSInstitutions · retail · other corporates
Net KOSPI sellersForeign investors
Net buying by stock and investor type · KOSPI · KRW 100mn
StockForeign investorsInstitutionalRetail investors
SK hynix-18,284+8,400+6,111
Samsung Electronics-971-752+1,663
NAVER+299+809-1,083
Celltrion-510+785-355
Samsung Electronics preferred-301-287+440

Second and third in foreign net purchases were LS ELECTRIC +KRW 24.4bn; Hanmi Semiconductor +KRW 21.1bnThe 70% figure uses as its denominator the aggregate of stock-level foreign net purchases across KOSPI: −KRW 2.627tn. It differs in compilation method from the investor-category total of −KRW 2.769tn.

DETAILED FLOWS
Net buying by investor group · KRW 100mn
Investor groupKOSPIKOSDAQBoth markets
Foreign investors-27,690-1,000-28,690
Institutional+17,040+2,060+19,100
Retail investors+6,010-1,110+4,900
Other corporate investors+4,640

On KOSDAQ, institutions +KRW 206bnand foreign net flow was −KRW 100bn; retail investors −KRW 111bn

Program trading · Nov. 6 vs. Nov. 5 · KRW 100mn
CategoryNov. 6Nov. 5
ArbitrageProgram trading+985+2,565
Non-arbitrage program tradesProgram trading-17,020-19,547
TotalProgram trading-16,035-16,982

FuturesIn KOSPI 200 futures, foreign net buying totaled +KRW 1.422tn; institutions −KRW 949bn; retail investors −KRW 370bn. Foreign investors sold cash equities and bought index futures for a second day. Some trades may involve covering existing short futures positions, so this should not be read as a definitive bullish stance.

+KRW 464bn; this figure is not equivalent to the actual value of corporate share buybacks executed.

FXUSD/KRW stood at 1,356.6 at 3:30 p.m., up KRW 14.5 from the previous session. Unlike Nov. 5, the won also weakened.

Five-session cumulative flowsNov. 2–6 KOSPI cumulative net flow: foreign investors −KRW 10.557tn; retail investors +KRW 4.333tn; institutions +KRW 4.282tn

SECTOR / 04

Where the strength was—and wasn't

The distribution of gains and losses matters more than a leaderboard

IN PLAIN TERMSDeclining stocks accounted for 83.1% of KOSPI and 82.1% of KOSDAQ. Selling was market-wide, not confined to chips.Of the KOSPI's 6.02% fall, the 10 largest constituents contributed roughly 4.60 percentage points. Samsung Electronics and SK hynix together accounted for about 3.85 points, or 64% of the index's decline. These are estimates based on changes in market capitalization.Telecom, internet and IT services showed relative resilience—areas less tied to cyclical AI hardware spending.Lotte Rental led gainers on a takeover-related tender offer rather than broad market strength.

STRONG

Lotte RentalTender offer+10.40%
Samsung SDSStock+6.34%
LG UplusStock+5.21%
PharmaResearchKOSDAQ stock+4.22%
TelecommunicationsKOSPI sector+2.10%

WEAK

Korea Investment HoldingsStock-17.34%
ISCKOSDAQ stock-14.12%
Hyosung Heavy IndustriesStock-11.95%
AI SemiconductorsKRX thematic index-9.51%
Electrical & electronicsKOSPI sector-7.94%

KOSPIKOSPI gainers fell from 38.1% to 14.8%; 760 stocks (83.1%) declined.

KOSDAQKOSDAQ gainers fell from 22.0% to 14.5%; 1,440 stocks (82.1%) declined.

Two and four sessionsNov. 5–6, two sessions -10.98%; four-session return versus the Nov. 2 close of 5,859.08 -13.64%

Two megacaps-3.85%pNext eight-0.74%pAll other stocks-1.42%pThree bars: −6.02%
Breakdown of the index decline: Samsung Electronics and SK hynix; the other eight top-10 constituents; and all other stocks. The contribution from stocks outside the top 10 rose versus Nov. 5. Because bar values are rounded, their sum is -6.01%p, 0.01 percentage point away from the index move.

SemiconductorsAll 20 stocks in the KRX AI Semiconductor Index fell, including SK hynix -10.44%; Samsung Electronics -6.35%; KOSDAQ equipment and testing shares suffered steep losses, including Yujin Technology -14.02%; PSK Holdings -13.11%; Hana Micron -13.00%

Power equipmentThirteen of the 15 AI Power Infrastructure constituents declined, including LS ELECTRIC -10.25%; Doosan Enerbility -9.33%; HD Hyundai Electric -8.72%

BrokeragesAll 29 securities-sector stocks fell, -5.74%; Korea Investment Holdings also faced an earnings disappointment after reporting Q3 net income attributable to controlling shareholders of KRW 282.3bn (-58.1%), while Mirae Asset Securities -7.90%

Lotte RentalMajor shareholder TPG's group announced a tender offer aimed at delisting the company at KRW 59,000 per share—about 11.5% above the Nov. 5 close. The offer covers roughly 38.83% of shares outstanding and runs through Dec. 3.

The holdoutsAll five telecommunications stocks rose, including KT +2.90% · NAVER +2.87%; the KRX Internet TOP 10 Index fell -0.15%, the smallest decline among the thematic indices.

SECTOR DATA
Estimated KOSPI contribution · market-cap basis
StockChangeContribution
Celltrion-1.86%-0.02%p
Hyundai Motor-4.77%-0.06%p
KB Financial Group-3.82%-0.05%p
Samsung
Biologics		-0.26%0.00%p
LG Energy Solution-2.46%-0.04%p
Samsung Electronics preferred-6.30%-0.18%p
SK Square-10.51%-0.25%p
Samsung Electro-Mechanics-7.84%-0.12%p
SK hynix-10.44%-2.17%p
Samsung Electronics-6.35%-1.68%p
Top 10 total-4.60%p
Outside the top 10-1.42%p

The top-10 total is calculated before rounding individual contributions. Summing the figures shown in the table yields -4.57%p, a difference of 0.03 percentage point.

Advancers and decliners · includes limit-up/limit-down stocks
MarketAdvancingDecliningUnchangedAdvancing share
KOSPI1357602014.8%
KOSDAQ2551,4405814.5%
Nov. 5–6 closing returns; four-session returns are measured from the Nov. 2 close.
Indices and stocksNov. 5Nov. 6Four sessions
KOSPIIndex-5.28%-6.02%-13.64%
KOSDAQIndex-5.11%-5.03%-12.27%
AI SemiconductorsKRX thematic index-12.15%-9.51%-25.51%
SK hynixStock-9.46%-10.44%-23.10%
Samsung ElectronicsStock-7.57%-6.35%-17.60%

Semiconductor componentsDaeduck Electronics -10.78%; ISU Petasys -10.78%; Doosan Corp. -11.27%; LG Innotek -7.02%

FinancialsSamsung Fire & Marine Insurance -7.36%; Samsung Life Insurance -4.09%; Shinhan Financial Group -2.25%; Woori Financial Group -1.72%

Secondary BatteriesAll ten constituents of the Battery TOP 10 Index fell, including Samsung SDI -8.06%; EcoPro BM -7.36%

Defense and shipbuildingK-AI All ten stocks across the Defense TOP5+ and Shipbuilding TOP10 indices declined, including LIG Defense & Aerospace -9.07%; Hanwha Aerospace -2.94%

OthersSamsung SDS +6.34%; Hanjin KAL +2.99%; Hanmi Pharmaceutical +0.43%; Alteogen -5.20%

Sectors present on both exchanges (20) · sorted by KOSPI performance
SectorKOSPIKOSDAQ
Telecommunications+2.10%-2.22%
IT Services+1.51%-1.23%
Textiles & Apparel-0.53%-3.10%
Pharmaceuticals-1.05%-2.49%
Entertainment & Culture-1.45%+0.00%
Food, Beverages & Tobacco-1.62%-1.66%
Paper & Wood Products-1.71%-1.98%
Non-Metallic Minerals-1.82%-7.27%
General Services-2.94%-5.10%
Transportation & Warehousing-3.14%-1.38%
Transportation Equipment & Parts-3.38%-3.96%
Construction-3.43%-3.27%
Metals-3.58%-7.48%
Distribution-4.04%-5.22%
Chemicals-4.46%-3.71%
Financials-4.71%-5.33%
Machinery & Equipment-6.55%-7.03%
Manufacturing-6.84%-5.62%
Medical & Precision Equipment-7.24%-8.57%
Electrical & Electronics-7.94%-6.23%

Market-specific sectorsKOSPI brokerages -5.74%(all 29 stocks down); insurance -4.88%; electricity and gas -2.63%; real estate -2.01%; KOSDAQ miscellaneous manufacturing -3.30%

KRX thematic indices · Nov. 6 ranking
ThemeNov. 5Nov. 6
Internet TOP10+0.90%-0.15%
Gaming TOP10+5.30%-0.91%
Korea Sovereign AI-2.10%-1.03%
Biotechnology TOP10+4.64%-2.36%
High Dividend 20+2.50%-3.07%
Financials & High Dividend Top 10+2.52%-3.97%
Climate Change Solutions-3.97%-4.07%
Shipbuilding TOP10-4.34%-4.19%
Biotech Licensing+5.08%-4.74%
EV Top 15-1.58%-4.90%
K-AI KOSDAQ Biotechnology+2.82%-4.97%
Secondary Battery TOP10-3.87%-5.03%
KOSPI Preferred Shares-3.62%-5.04%
K-AI Defense TOP5+-9.30%-5.39%
AI Power Infrastructure-9.79%-5.97%
K-AI Secondary Batteries-5.85%-6.52%
Blue Chip 25-5.62%-6.67%
Semiconductor Top 15-10.47%-8.10%
K-AI Semiconductor TOP2+-10.99%-8.65%
AI Semiconductors-12.15%-9.51%
KOSPI top 10 by market cap · close in KRW
StockCloseChange
Samsung Electronics188,700-6.35%
SK hynix1,132,000-10.44%
Samsung Electronics preferred150,300-6.30%
SK Square724,000-10.51%
LG Energy Solution337,500-2.46%
Samsung Biologics1,516,000-0.26%
Samsung Electro-Mechanics870,000-7.84%
Hyundai Motor279,500-4.77%
KB Financial Group151,000-3.82%
Celltrion211,000-1.86%

Limit-upKOSPI: four limit-up stocks; KOSDAQ: four limit-up and one limit-down stock.

CHANGE / 05

Yesterday's Questions, Today's Answers

Revisiting the checkpoints set after the previous session
YESTERDAY → TODAY

Neither the U.S. semiconductor test nor the Korean heavyweight-stock test met its first threshold. Only the foreign-selling test cleared Step 1.Foreign selling eased, yet the index declined further. Much of today's loss was set by the prices at which major stocks first traded, rather than the total volume of selling.The opening marker of 5,336.88 set for Friday was never reached. The day's high was 5,269.10.

01
PHLX Semiconductor Index closeStep 1: 10,268.65 or higher; Step 2: Micron closes higher. Step 1 not met.
10,268.65
→
9,011.14
02
SK hynix closing priceStep 1: both stocks close at or above Nov. 5; Step 2: foreign net buying of SK hynix. Step 1 not met.
1,264,000
→
1,132,000
03
Foreign KOSPI cash flowsStep 1: net selling smaller than Nov. 5; Step 2: below KRW 1tn. Step 1 met.
-33,930
→
-27,690

01 · Micron -17.46%02 · Samsung Electronics also fell from KRW 201,500 to KRW 188,700.03 · Amounts in KRW 100mnCorrection: the Nov. 5 issue listed Lumentum's earnings as due on the morning of Nov. 6, but the company had already reported on Nov. 2.

NEXT / 06

What to watch in the next session

Three checks for the U.S. session on Friday, Nov. 6, and the Korean session on Monday, Nov. 9. Step 1 marks an initial signal; Step 2 requires additional confirmation.
Can U.S. semiconductors stop falling, even for a day?

Nov. 5 U.S. sessionPHLX Semiconductor Index 9,011.14 (-12.25%); Micron -17.46%

Stage 1Nov. 6 U.S. close at or above 9,011.14 for the PHLX Semiconductor Index

Stage 2First test met, with Micron also closing higher

Can the KOSPI hold 5,000?

TodayThe KOSPI fell to 4,911.28 intraday before closing at 5,059.69.

Stage 1Nov. 9 close at or above 5,000

Stage 2Nov. 9 closes higher on the day

Will foreign selling ease for a second day?

TodayKOSPI cash equities −KRW 2.769tn; SK hynix alone accounted for −KRW 1.8284tn

Stage 1Nov. 9 foreign net selling smaller than today's

Stage 2Nov. 9 foreign net selling below KRW 1tn

UPCOMING DATES
Nov. 10, 22:30 KST · U.S. October CPINov. 12 · KOSPI 200 options expiryNov. 13, 22:30 KST · U.S. October PPINov. 16: scheduled final Q3 results filing by Samsung E&A.Nov. 17 (U.S.) · Nvidia Q3 earnings (morning of Nov. 18 KST)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.Jan. 3, 2027 · New U.S. Congress convenesLate January 2027 · Samsung board to decide remaining shareholder returns.Feb. 5, 2027 · Deadline for Kakao's KRW 150bn share repurchaseApr. 9, 2027 · HLB target date for a U.S. FDA decision on its liver-cancer treatment

As worries over post-election U.S. data-center regulation spilled across U.S. markets, the KOSPI hit a circuit breaker three minutes after the open and lost nearly 11% in two sessions. Foreign selling eased but remained concentrated in SK hynix, while eight in ten stocks declined. The next answers will come from whether U.S. chips stabilize and KOSPI stays above its intraday lows.

For the full index, FX, rates and commodities dashboard, see MARKET.This Daily retains only the figures needed to explain today's session.
MARKET ↗
SOURCES & DATA NOTES
Data as of Nov. 6, 2026. Index, sector and individual-stock closes are from the Korea Exchange regular session. 09:00~15:30 Korean-market analysis and overseas news use public information available by 7:00 p.m. KST, except for the U.S. employment report released at 10:30 p.m. KST and the subsequent yield move. Indices: KOSPI open 5,263.26, high 5,269.10, low 4,911.28; KOSDAQ open 654.43, high 657.95, low 629.17. Final regular-session closes, independently collected. Intraday chart: the KOSPI one-minute chart from Toss Securities was sampled at five-minute intervals; the low, reopening, rebound peak and other key timestamps use the original one-minute data. Prices were frozen from 9:04 to 9:32 a.m. during the halt and single-price auction. All times KST. First heavyweight trades: Samsung Electronics, SK hynix, SK Square and Samsung Electro-Mechanics first traded at 9:02 a.m.; their opening prices were -10.67%⁠·⁠-13.84%⁠·⁠-14.71%⁠·⁠-14.94% (independently collected one-minute regular-session quotes from Naver Pay Securities). Individual closes: top-10 stocks by market capitalization use independently collected regular-session closing prices; other stocks use 3:30 p.m. KRX closing-auction executions from Toss Securities and the previous session's close. Nextrade and after-hours trades are excluded. Circuit breakers and sidecars: KOSPI Level 1 circuit breaker at 9:03 a.m., the 11th this year and 17th on record Asia Economy Daily (Korean); KOSPI sell-side sidecar at 9:34 a.m. and KOSDAQ at 9:06 a.m. Shin-A Ilbo (Korean); first intraday breach of 5,000 since Feb. 6 Alpha Economy (Korean) Flows: independently collected KRX regular-session data (investor groups at 3:38 p.m., futures at 3:49 p.m.); other corporate net flows calculated as the residual needed for investor-group totals to net to zero. After-market trades excluded; investor-category data rounded to KRW 1bn. Preliminary foreign intraday figures at 9:50 a.m. and 12:18 p.m. Asia Economy Daily (Korean); USD/KRW at 3:30 p.m. Shin-A Ilbo (Korean) Stock-level flows: independently collected KRX net buying by investor group (KOSPI stocks, regular session only). SK hynix's 70% share uses the aggregate of stock-level foreign net buying (−KRW 2.627tn) as the denominator, rather than the aggregate by investor type (−KRW 2.769tn). The two measures use different aggregation bases. 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. Market breadth: final KRX advancing/declining counts, including limit-up names among gainers and limit-down names among losers (KOSPI: 135 up, 760 down, out of 915; KOSDAQ: 255 up, 1,440 down, out of 1,753). Sectors and index attribution: KRX industry and thematic indices, including membership and breadth. Estimated contribution is each stock's market-cap change divided by estimated Nov. 5 KOSPI market capitalization (about KRW 4,443tn), and may differ from KRX's official index-point attribution. The 64% share is the combined contribution of Samsung Electronics and SK hynix divided by the index's percentage decline. U.S. markets: indices, PHLX Semiconductor Index, Micron, Sandisk, Western Digital, Seagate and SK hynix ADRs TradingKey; Nvidia, AMD, VIX and the Nasdaq's steepest decline in 18 months Yahoo Finance(Motley Fool); Microsoft's oversight of third-party data centers, IREN, Nebius and CoreWeave MarketScreener (citing Bloomberg); IREN revenue-target timing IREN earnings release (U.S. SEC filing); Micron Taiwan plant reports and company response Tom’s Hardware; Google's Wyoming data-center plan Tech Startups; U.S.-listed Korea ETF and overnight futures Shin-A Ilbo (Korean) Elections: House and Senate outcomes cited in the Nov. 4 issue; Texas Democratic candidate's proposed pause on new data centers KFOX Policy: emergency market-monitoring meeting and three-month waiver of the 140% maintenance-collateral requirement for margin loans (effective Nov. 9) Aju Business Daily Tender offer: Lotte Rental's offer price, target stake and offer period E Today Earnings: Korea Investment Holdings Q3 Securities Economic News; Lumentum fiscal Q1 earnings announced Nov. 2 Lumentum investor relations Street view: Goldman Sachs estimate that about 45% of planned capacity is located in states where regulation could tighten (cited by TradingKey); Daishin Securities' Lee Kyung-min on AI data-center regulation fears after the U.S. midterms as the key driver of Korean selling (Shin-A Ilbo (Korean)) Calendar: Nvidia earnings date Nvidia Investor Relations; U.S. payrolls and August/September revisions U.S. Bureau of Labor Statistics; jobs expectations and post-release U.S. 10-year Treasury yield Trading Economics; Fed's September rate increase Federal Reserve; October hold Federal Reserve; CPI and PPI release dates U.S. Bureau of Labor Statistics; options expire on the second Thursday of each month; other calendar items refer to sources in the Nov. 2, 4 and 5 issues.