Snowshagal Weekly, Nov. 7, 2026 — A Padlock on the Site, Next Week Holds the Key
2026.11.07Korea Stock Market Weekly
Snowshagal Weekly

A Padlock on the Site,
Next Week Holds the Key

THIS WEEK IN ONE LINE

Semiconductors sink on regulatory fears · Friday circuit breakerNext week: U.S. inflation · CoreWeave earnings · foreign selling

All previous reports, daily briefings and market coverage are on our website snowshagal.com
KOREAN AND U.S. SESSIONS CLOSEDKorean data through the Nov. 6 close · U.S. regular session through the Nov. 6 local close · weekend news through Nov. 7 · next Korean trading day: Nov. 9
00THE WEEK AHEAD

Regulatory fears dragged down semiconductors. ·
Now inflation and AI earnings must provide the answers.

Review period: five sessions, Nov. 2–6 · Next Korean trading week: five sessions, Nov. 9–13 ·The three questions below will be scored in next week's edition.

THIS WEEK'S ASSESSMENT
Five semiconductor-related heavyweights bore the brunt of the selloff. ·
Resilience came from outside AI hardware—in telecoms, internet services and gaming.

The damageKOSPI -11.71%· KOSDAQ -11.06%

What draggedSK Hynix -20.17%· Samsung Electronics -16.13%· A simple market-cap-based estimate attributes nearly 90% of the weekly index loss to five semiconductor-related heavyweights—not an official index-contribution calculation.

What held upKOSPI telecoms +9.75%· IT services +7.70%· Pharmaceuticals +5.14%· Gaming Top 10+7.49%

The catalystsNov. 3 worries over financing AI investment · Post-election concerns over data-center construction timelines · Strong U.S. jobs data on Nov. 6 renewed pressure from rates · See 01: The Week's Character

Next week's dataRegulation will not be resolved next week. The question for the next set of numbers is not whether construction restarts, but whether markets have over-discounted data-center risks.

  1. Will CoreWeave hold to its capex plans and funding strategy?

    CoreWeave earnings early Nov. 11 · Applied Materials early Nov. 13 · Nvidia early Nov. 18 · For signs of a chip rebound, see 02 Q1

  2. Is foreign selling in cash equities actually easing?

    Net selling in all five sessions this week · Options expiry Nov. 12 · Neither the Anthropic IPO pricing date nor the listing date has been confirmed.

  3. Will U.S. core inflation ease pressure for another rate hike?

    CPI at 22:30 KST Nov. 10 · Consensus: headline +0.3% m/m, core +0.2% m/m · PPI at 22:30 KST Nov. 13 · The Fed hiked in September, then held in October.

01WHAT THIS WEEK LEFT BEHIND

Most of the week's decline ·
came in just two sessions: Thursday and Friday.

Weekly intraday high: 5,910.83 on Nov. 2 · Weekly low: 4,911.28 on Nov. 6 · Over Nov. 5–6 alone,-10.98%⁠·⁠For each day's market moves, see the Daily briefings.

WEEKLY RETURNS ·Nov. 2–6, 2026Top 10 stocks by market capitalization, plus benchmark indexes · Versus the Oct. 30 close

Individual stocks: regular-session closes on Oct. 30 and Nov. 6 · Both indexes and the Semiconductor Top 15 are shown for comparison · Five of the top 10 stocks outperformed the KOSPI.

HOW FAR PRICES MOVED
Oct. 30 close: 5,7315,000Oct. 30+2.24Nov. 2-3.59Nov. 3+0.62Nov. 4-5.28Nov. 5-6.02Nov. 6
Line connecting KOSPI daily closes · Gray dashed line: Oct. 30 close · Orange dashed line: 5,000

The sum of the absolute daily closing-point moves: roughly

998p

Net change671.05 points below the Oct. 30 close

High-to-low999.55 points between the Nov. 2 intraday high and Nov. 6 intraday low

KOSDAQOver the same five sessions -11.06%· Only Nov. 2 and 4 closed higher

01

Foreign investors sold on all five days. ·
The heaviest selling came Thursday and Friday.

Foreign investors−₩10.557tn· Nov. 5 −₩3.393tn· Nov. 6−₩2.769tn

ConcentrationForeign net selling of SK Hynix over Nov. 3–6: −₩5.1728tn· One stock at the center of the selling

Institutions+₩4.282tn· Net sellers only on Nov. 3 · Nov. 6:+₩1.704tn

Retail investors+₩4.333tn· Net sellers only on Nov. 2 · Nov. 5:+₩2.272tn

About +₩1.942tn· Net buyers in all five sessions

FuturesForeign net purchases of KOSPI 200 futures: +₩2.525tn· Opposite to cash-equity flows · Over Nov. 5–6: +₩2.879tn⁠·⁠may explain the positions; they do not necessarily signal a return to buying cash equities.

02

More than half of KOSPI stocks advanced ·
on only two days: Nov. 2 and 4.

Share of rising KOSPI stocks (%) · Dashed line marks 50%.

Weakest breadthOnly 14.8% advanced on Nov. 6—the day of the.

Index versus breadthOn Nov. 4, the index managed only +0.62%, even though 62.3% of stocks rose: weakness was concentrated in large chipmakers.

KOSDAQ64.2 → 18.6 → 55.0 → 22.0 → 14.5%

03

Telecoms, internet and gaming held up. ·
Semiconductors and power equipment sank.

Strongest sectorsKOSPI telecoms +9.75%· IT services +7.70%· Pharmaceuticals +5.14%· Utilities (electricity and gas)+4.70%

Strongest themesGaming Top 10 +7.49%⁠·⁠BBIG +2.56%· Biotech Top 10+2.23%

Weakest sectorsKOSPI medical & precision instruments -24.70%· Electrical & electronics -17.62%· Machinery & equipment-11.83%

Weakest themesAI semiconductors -23.95%· Semiconductor Top 15 -18.86%· AI power infrastructure-12.53%

KOSDAQMachinery & equipment -19.52%· Electrical & electronics-15.11%

Sectors in positive territory8 of 24 KOSPI sectors

DATE
KOSPI
WHAT MOVED PRICES EACH DAY
11.02
+2.24%
Intel's weakness attributed partly to rising memory prices · October semiconductor exports +259.4%· Institutional net purchases of ₩1.233tn
11.03
-3.59%
Successive Big Tech financing deals fuel worries about funding the AI buildout · The previous day's gains vanish
11.04
+0.62%
U.S. midterm election vote count · Intraday slide to -4.02%before battery and clean-energy shares push the index into positive territory
11.05
-5.28%
Post-election worries about data-center regulation hit U.S. semiconductors and memory stocks · Sell-sidecar triggered at 10:16
11.06
-6.02%
Philadelphia Semiconductor Index -12.25%· Circuit breaker just three minutes after the open · KOSPI dips below 5,000 intraday
RESOLVEDU.S. midterms · Most Korean large-cap Q3 earnings · U.S. October jobs report · October exports
UNRESOLVEDActual scope of data-center regulation · Whether the Fed hikes again in December · When foreign selling ends · Anthropic IPO
NOT MET.Last week's question: Could Korean chip stocks absorb Friday night's U.S. semiconductor slump within a week?

OutcomeSemiconductor Top 15: 8,035.84 → 6,520.65 (-18.86%) · Below the 5% drawdown threshold of 7,634.05

What changedStocks rebounded on Nov. 2, but post-election regulatory fears added a new negative catalyst · AI Semiconductors -23.95%⁠·⁠K-AI Semiconductor Top 2+-20.60%

NOT MET.Last week's question: Would foreign investors return to buying cash equities?

OutcomeForeign net sales of KOSPI stocks, Nov. 2–6: −₩10.557tn· Well beyond the ₩1tn threshold

The divergenceFutures attracted +₩2.525tn in net foreign buying, but that did not carry over into cash equities.

MET.Last week's question: Would the U.S. 10-year Treasury yield fall below 4.9% after the election and jobs report?

OutcomeU.S. Treasury's Nov. 6 published yield: 4.86%

The pathOct. 30: 4.94% → Nov. 3: 4.95% → Nov. 5: 4.84% → Nov. 6: 4.86%

The caveatYields fell alongside a sharp equity selloff—not an unambiguously reassuring sign, as noted last week.

MIXED.Last week's sector ranking, one week later

Top pickSemiconductors & memory · Semiconductor Top 15 -18.86%· Steepest decline among the five ranked groups

Picks 2–3Secondary Battery Top 10 -7.79%· KOSPI chemicals-4.86%

Picks 4–5Defense Top 5+ -11.21%· Shipbuilding Top 10 -1.77%· Securities -9.47%· Insurance-9.86%

Outside the listThe week's strongest sector, telecoms, was not among the picks.+9.75%

THE CHARACTER OF THE SELLOFF

The market did not question AI demand so much as ·
the speed and financing of data-center construction.

Already in forceSince August, Texas has audited data-center projects awaiting grid-interconnection approval, withholding approval pending review · In September it also halted issuance of environmental permits tied to data centers.

The electionOn Nov. 3, Democrats took both chambers of Congress · A candidate pledging a moratorium on new data-center approvals won in Texas · Existing measures could last longer or tighten · The new governor takes office Jan. 19, 2027.

The regulatory mapFive states newly won by Democratic governors account for 41.2% of planned or under-construction U.S. data-center power capacity; Texas alone accounts for 26.9%, according to Eugene Investment & Securities.

U.S. project power = 100Five states: 41.2Texas: 26.9Other 4: 14.3Rest: 58.8Unit: %
These shares refer to power capacity in planned and ongoing projects—not the percentage of projects actually halted.

Financing clockBig Tech's successive financing deals raised concerns over AI funding on Nov. 3 · Strong U.S. employment data renewed rate worries on Nov. 6 · IREN still aims to raise roughly $6bn of its remaining investment funding.

Construction clockConcerns grew after the election that data-center construction could be delayed · IREN, citing customer design changes and supplier schedules, postponed the go-live target for facilities capable of more than $4bn in from year-end to January 2027 (potentially late February).

What has NOT happenedThere is no confirmed fall in AI demand or cancellation of existing contracts · IREN also says the relevant facilities have secured customers and funding.

Korean spilloverRegulatory fears translated into concentrated foreign selling of SK Hynix · The circuit breaker was this year's 11th.

The next testWill CoreWeave's Nov. 11 earnings confirm that its investment plans remain intact? ·02 Q1

ESTIMATED KOSPI -11.71%· Five-stock contribution based on market-cap changes

Five chip-related heavyweights-10.31Other stocks / estimate gap-1.40KOSPI: −11.71%Units: pp · Market-cap estimate
The five semiconductor-related heavyweights are SK Hynix, Samsung Electronics common and preferred shares, SK Square and Samsung Electro-Mechanics · Not the official index contribution · Methodology in Sources
02THREE QUESTIONS FOR NEXT WEEK

AI earnings will set the tone for chips. ·
Inflation will set the tone for rates.

Korean trading week: Nov. 9–13, five sessions· U.S. semiconductor moves after Korea's Nov. 6 close +4.21%will be reflected on Nov. 9 · Q1 and Q2 cover the full five-day week · Q3 concerns the U.S. Bureau of Labor Statistics release on Nov. 10.

Q.01

Will Korean chip stocks, hit by regulatory fears,
begin to rebound next week?

Starting point
-18.86%

KRX Semiconductor Top 15: 6,520.65 at the Nov. 6 close · SK Hynix: ₩1,132,000

Scoring rule· MET if the KRX Semiconductor Top 15's return for the week ending Nov. 13 is 0% or better ·
PARTLY MET if it falls by no more than 5% · NOT MET if it loses more than 5% · Baseline: Nov. 6 close of 6,520.65 (−5% threshold: 6,194.62).

Friday nightPhiladelphia Semiconductor Index +4.21%· It recovered only about 30% of Thursday's decline · Individual figures in 04: Friday Night

Possible supportKOSPI at a record-low 3.77x (Daishin Securities) · Forward P/B for Samsung Electronics and SK Hynix at 1.21x and 1.23x, near their July lows (Hana Securities) · SK Hynix's ₩20tn open-market buyback runs through Jan. 28.

Next readingsCoreWeave early Nov. 11 · Nebius on the evening of Nov. 12 · Applied Materials early Nov. 13 · What to watch in 03: Semiconductors

SIGNS A REBOUND IS STARTINGCoreWeave maintains its capex plans and confirms financing · Foreign selling of SK Hynix eases · U.S. chip stocks rise for two consecutive sessions
CONDITIONS FOR FURTHER DECLINESCoreWeave cuts capex plans or borrowing risks intensify · State-level rules in Texas and elsewhere become more concrete · KOSPI breaks the Nov. 6 low of 4,911.28
Q.02

Will foreign selling slow,
and turn into purchases of cash equities?

Starting point
−₩10.6tn

Foreign investors sold a net ₩10.557tn in KOSPI stocks over Nov. 2–6, with selling in all five sessions.

Scoring rule· MET if cumulative foreign net purchases of KOSPI stocks over Nov. 9–13 (five KRX sessions) are zero or positive ·
PARTLY MET if net selling is ₩3tn or less · NOT MET if it exceeds ₩3tn.

This weekNov. 5: −₩3.393tnwas the heaviest selling day; Nov. 6: −₩2.769tn· Over the same five days, futures saw +₩2.525tnin net purchases.

ConcentrationForeign selling in SK Hynix alone, Nov. 3–6: −₩5.1728tn· Broader selling is unlikely to ease unless selling in chips does.

CatalystsU.S. inflation on Nov. 10 · Options expiry Nov. 12 · IBK Investment & Securities warns investors may sell existing stocks to fund subscriptions for a possible Anthropic IPO.

Time horizonIn similar past episodes, foreign equity flows did not bottom until at least three months later; their eventual return tracked U.S. and the dollar more closely than the KOSPI itself, Hana Securities argues.

SIGNS SELLING IS EASINGNet futures buying starts to show up in cash equities · Daily foreign net selling of SK Hynix falls below ₩500bn · The won strengthens.
CONDITIONS FOR MORE SELLINGU.S. chip stocks plunge again · USD/KRW rises above its Nov. 6 level of 1,356.6 · Daily net selling around ₩2tn persists.
Q.03

Will U.S. core inflation for October
decelerate as expected?

Starting point
0.3%

September U.S. rose month on month

Scoring rule· MET if seasonally adjusted U.S. core CPI for October, released Nov. 10, rises by 0.2% m/m or less ·
PARTLY MET at 0.3% · NOT MET at 0.4% or more · The U.S. 2-year yield and PPI will provide secondary confirmation of whether pressure for a December rate hike is really easing.

U.S. prices (m/m)Sep.Oct. est.Release
Headline CPI0.6%0.3%Nov. 10, 22:30
Core CPI0.3%0.2%Nov. 10, 22:30
Producer prices (PPI)1.3%0.4%Nov. 13, 22:30

All times KST · October estimates reflect market consensus compiled by Kiwoom Securities.

Federal ReserveRaised its policy-rate target to 3.75–4.00% in September; held in October (10–2 vote, with two dissents favoring a hike) · Next meeting: Dec. 8–9, local time.

EmploymentOctober nonfarm payrolls rose 165,000, well above expectations · Unemployment: 4.1% · 10-year Treasury yield after the release: 4.86%.

Bond-market holidayVeterans Day, Nov. 11 · U.S. equities open, bonds closed under SIFMA's recommendation · Treasury trading resumes Nov. 12 after one day's pause following CPI.

Fed speakersGovernor Waller and others on Nov. 10; three regional Fed presidents on Nov. 13 · Kiwoom Securities says even somewhat dovish remarks amid market stress may not change expectations for a December hike.

SIGNS RATE PRESSURE IS EASINGCore CPI at +0.2% m/m or less · U.S. 2-year yield falls · 10-year yield below 4.8%
CONDITIONS FOR GREATER PRESSURECore CPI at +0.4% or more · Services inflation reaccelerates · 10-year yield above 4.9%
03SECTOR PRIORITIES

Start with semiconductors. ·
Then follow the regulatory map and earnings calendar.

Semiconductors face CoreWeave on Nov. 11 · Power equipment faces order-timing risk from data-center permit delays · The U.S. election outcome may be favorable for batteries ·Telecoms, internet, gaming and financials have a cluster of earnings through Nov. 12.

Semiconductors · Memory CoreWeave, Nov. 11
FIRST
Power equipment · AI power Regulatory map
SECOND
Batteries · ESS ESS supply-chain diversification
THIRD
Telecoms · Internet · Gaming Earnings, Nov. 10–12
FOURTH
Financials · Insurance · Brokers Earnings, Nov. 12
FIFTH
TOP PRIORITY

Semiconductors · Memory

What to check first next week

Regulatory fears are priced in. ·
Can the AI customers' numbers now hold up?

1,132,000SK Hynix at the Nov. 6 close · weekly return -20.17%

The test begins at Monday's open. ·
For the thresholds and signals, see 02 Q1.

Why now WHY NOW

This weekPost-election data-center fears drove Micron down on Nov. 5 (U.S. time) by -17.46%· Korean Semiconductor Top 15 fell this week by-18.86%

Friday nightMicron +5.12%⁠·⁠AMD +11.04%· A partial recovery alongside bargain hunting after the selloff · See 04: Friday Night

SupportDespite the company's ongoing open-market buyback, SK Hynix fell -20.17%· Buybacks alone could not offset foreign selling.

How brokerages read it WHAT THE STREET SAYS

The valuation caseDaishin and Hana Securities argue that forward P/B below 1.0x at around 5,330 KOSPI points, and roughly 1.2x for the two major chipmakers, signal excessive selling and a chance to add exposure · Next week's test: do earnings expectations and AI capex plans hold?

The wait-and-see caseKiwoom and Eugene Investment & Securities warn the rules may weigh heavily on 2028 projects, and a prolonged political fight could force Big Tech to revise investment plans; they favor waiting over panic selling · Next week's test: CoreWeave's investment timetable and the detail of new rules.

The conditionLow P/E and P/B multiples offer support only if current earnings forecasts hold · If CoreWeave cuts capex or Nvidia's revenue outlook weakens, valuations alone may not explain a rebound.

What to watch next week WHAT TO CHECK

CoreWeave, early Nov. 11Q3 earnings · Capex plans · Debt burden · As a provider of rented AI computing infrastructure, CoreWeave sits at the center of data-center regulatory risk.

Evening of Nov. 12 · Morning of Nov. 13Nebius earnings · Applied Materials' outlook for semiconductor equipment orders

Anthropic IPONeither pricing nor listing date is confirmed · Nov. 13 pricing (local time) and a listing in the week of Nov. 16 would be the earliest scenario · A disclosed IPO price range would have to come first.

Nvidia, early Nov. 18The following week's biggest release · Data-center revenue outlook

Beyond semiconductors, ·
start with companies exposed to the regulatory map and the earnings calendar.

EXPOSED TO PERMIT DELAYS

Power Equipment · AI Power

This weekAI Power Infrastructure theme -12.53%· On Nov. 6 alone, Hyosung Heavy Industries -11.95%⁠·⁠LS ELECTRIC -10.25%

WhyData-center operators are the direct targets of regulation · Korean electrical-equipment suppliers face indirect exposure if orders are delayed · Texas represents 26.9% of U.S. planned/under-construction data-center power capacity.

CounterargumentIBK and Kiwoom Securities argue the debate may end up being about who pays for grid capacity and environmental costs rather than an outright construction ban · Local tax revenue and employment benefits make a sweeping shutdown difficult.

WatchTexas government's next steps · Constellation Energy earnings before U.S. trading on Nov. 9 · New power-equipment order announcements

THE ELECTION COULD HELP

Batteries · Energy Storage (ESS)

This weekSecondary Battery Top 10 -7.79%· The group led the afternoon recovery while votes were being counted on Nov. 4, but could not escape Thursday and Friday's broader selloff.

The electionYuanta Securities argues further U.S. cuts to manufacturing tax credits are harder to legislate, though existing laws and executive-branch implementation risks remain · Eugene Investment & Securities sees a Democratic Congress as supportive of batteries and solar power.

Korean policyOn Nov. 2, the Office for Government Policy Coordination announced 18 regulatory-improvement measures for batteries · Twelve were newly finalized on Oct. 30, while six had been announced on Aug. 28 · Easing the CCTV requirement for ESS containers is subject to review this year and a proposed rule change next year.

DemandHana Securities sees U.S. grid-scale ESS demand for non-Chinese suppliers as independent of the election · Yuanta Securities forecasts a 7 GWh shortage of ESS battery cells in North America by H2 2027.

WatchWhether battery stocks keep moving with chip stocks or decouple · U.S. ESS order announcements · Lithium prices

CautionEV demand remains slow to recover · With ESS orders expected to fill the earnings gap, order momentum is critical.

THIS WEEK'S DEFENSIVE POCKET

Telecoms · Internet · Gaming

This weekKOSPI telecoms +9.75%· IT services +7.70%· Gaming Top 10 +7.49%· Internet Top 10-0.13%

WhyLargely outside AI hardware, they sidestepped direct fears over data-center regulation · All five telecom stocks rose even on Nov. 6, the circuit-breaker session.

EarningsKT at 15:00 and Krafton at 16:00 on Nov. 10 · NAVER at 09:00 and NCSoft on Nov. 12

WatchWhether earnings validate this week's gains · Whether relative strength persists on a day when chip stocks rebound

CautionDefensives that fell less in a selloff may surrender relative outperformance when semiconductors rebound.

HEAVY EARNINGS CALENDAR

Financials · Insurance · Brokers

This weekKOSPI financials -6.49%· Securities -9.47%· Insurance -9.86%· On Nov. 6, Korea Investment Holdings-17.34%

EarningsMeritz Financial Group, Nov. 11 16:00 · Samsung Fire & Marine, Nov. 12 10:00 · Mirae Asset Securities · Samsung Life, 14:00 · DB Insurance and Hanwha Life, 16:00 · Samsung Securities, 16:10 · Hyundai Marine & Fire, Nov. 13 14:00

BrokeragesKOSPI turnover on Nov. 6 was ₩27.4919tn, 1.47 times the prior five-session average · Will elevated trading amid the selloff lift Q4 revenue? · From Nov. 9, the required maintenance collateral ratio for margin lending is temporarily waived for three months.

RatesBank of Korea Monetary Policy Board meeting Nov. 26 · Daishin and iM Securities forecast a hike to 3.25% in November · Insurers' investment results diverge according to the path of interest rates.

04AFTER FRIDAY'S CLOSE

What happened after Korea shut ·
and will hit Monday's opening prices

U.S. regular session on Friday, Nov. 6 · Korea's Nov. 6 session already reflected the U.S. decline on Nov. 5 ·Friday night's rebound and jobs report will reach Korea on Nov. 9.

NOV. 6 · U.S. SEMICONDUCTORS

Philadelphia Semiconductor Index +4.21%⁠·⁠AMD +11.04%

IndexesNasdaq +1.09%⁠·⁠S&P500 +0.31%· Dow-0.46%

SemiconductorsMicron +5.12%· Nvidia +2.78%· Bargain hunting after the Nov. 5 plunge, but neither fully recovered the previous day's losses.

For the weekNasdaq approximately -3.4%· Both the Nasdaq and S&P 500 fell for a fourth consecutive week.

NOV. 6 · JOBS & YIELDS

Nonfarm payrolls +165,000 · 10-year yield 4.86%

JobsFar above consensus of roughly 65,000 · August and September payrolls revised up by a combined 84,000 · Unemployment 4.1% · Average hourly earnings +0.4% m/m

Treasuries10-year: 4.84% Nov. 5 → 4.86% Nov. 6 · 2-year: 4.46% → 4.51%

FedNumbers that increase the odds of another December hike after September's increase and October's hold.

NOV. 9 · KOREAN RULES & OIL

Margin-collateral relief · WTI in the $90s

PolicyFrom Nov. 9, the requirement for brokerages to maintain a 140% collateral ratio on margin loans is waived temporarily for three months · Designed to reduce forced-liquidation pressure · Implementation may differ by brokerage.

OilWTI fell from $104.12 on Oct. 30 to $90.52 on Nov. 5 · Hopes for post-election U.S.–Iran talks contributed.

The wonUSD/KRW was 1,356.6 at 15:30 KST Nov. 6 · Won weaker than the 1,334 level a week earlier.

05THE DATES THAT MATTER

From the Nov. 9 policy change ·
to Friday night's U.S. producer prices

Next week's calendar · All times Korea Standard Time ·The three questions will be scored in next week's Weekly.· Full criteria in Section 02.

Friday U.S. rebound feeds into Korean prices ·Margin-collateral relief takes effect

China October CPI at 10:30 ·Hankook & Company at 15:00 ·Doosan at 16:00 ·KEPCO KPS ·Constellation Energy earnings call at 23:00

U.S. October CPI

Release at 22:30 ·09:00 NHN⁠·⁠CJ Logistics at 09:30 ·15:00 KT⁠·⁠Krafton at 16:00 ·F&F⁠·⁠Fed Governor Waller speaks in the evening.

CoreWeave earnings

Earnings call at 07:00 (Nov. 10 U.S. time) ·Meritz Financial Group at 16:00 ·JYP Ent.⁠·⁠Cosmax ·Veterans Day in the U.S. (stocks open, bonds closed)

Options expiration ·NAVER⁠·⁠Insurer earnings

KOSPI 200 options expiry ·09:00 NAVER⁠·⁠NCSoft ·Samsung Fire & Marine at 10:00 ·Mirae Asset Securities ·Samsung Life at 14:00 ·16:00 LG⁠·⁠DB Insurance ·Nebius earnings call at 22:00

U.S. October PPI

Release at 22:30 ·Applied Materials early in the morning ·Cisco earnings (Nov. 12 U.S. time) ·Hyundai Marine & Fire at 14:00

Q1
Will Korean chip stocks, hit by regulatory fears, begin to rebound next week?

MET if the Semiconductor Top 15 rises or holds flat for the week ·PARTLY MET if it falls no more than 5% ·NOT MET if it falls more than 5%.

Q2
Will foreign selling slow and turn into cash-equity buying?

MET if cumulative foreign KOSPI net buying is zero or positive, Nov. 9–13 ·PARTLY MET if net selling is ₩3tn or less ·NOT MET if net selling exceeds ₩3tn.

Q3
Will U.S. core CPI for October slow as expected?

MET if core CPI rises 0.2% m/m or less ·PARTLY MET at 0.3% ·NOT MET at 0.4% or more.

From Tuesday night into Wednesday afternoon ·CPI and AI earnings back to back

11/10 22:30U.S. CPI11/11 07:00CoreWeave09:00Korean open16:00Meritz earnings

U.S. inflation arrives after the Korean market closes. ·CoreWeave's earnings call comes before the next Korean open. ·Both numbers will be in hand when Seoul trading begins at 09:00 on Nov. 11.

THE FINAL WORD

Five sessions in which the Semiconductor Top 15 shed 18.86% on fears of data-center regulation. ·
Next week asks three questions: Will chips rebound, will foreign investors return to cash equities, and will U.S. core inflation ease?

Sources & Data

DATA · METHODOLOGY · REFERENCES
Weekly indexes ·Nov. 2–6
IndexOct. 30 closeNov. 6 closeWeekly return
KOSPI5,730.745,059.69-11.71%
KOSDAQ724.38644.27-11.06%
DateOpenCloseChangeAdvancers (% of stocks)
11/25,637.775,859.08+2.24%71.7%
11/35,715.195,648.79-3.59%24.6%
11/45,786.135,683.80+0.62%62.3%
11/55,580.095,383.80-5.28%38.1%
11/65,263.265,059.69-6.02%14.8%

Daily KOSDAQ+1.38%⁠·⁠-4.08%⁠·⁠+1.50%⁠·⁠-5.11%⁠·⁠-5.03%

KOSPI trading value₩14.8702tn ·₩14.0894tn ·₩22.514tn ·₩22.6176tn ·₩27.4919tn ·Daily average ₩20.3166tn

Market-stabilization triggersKOSPI sell-sidecar at 10:16 on Nov. 5 ·KOSPI circuit breaker at 09:03 on Nov. 6 (4,924.61) ·KOSDAQ sell-sidecar at 09:06 ·KOSPI sell-sidecar at 09:34

Total distance movedSum of absolute daily close-to-close index-point moves: 997.75.

Weekly stocks ·Top 10 by market capitalization
StockOct. 30 closeNov. 6 closeWeekly return
Celltrion191,600211,000+10.13%
Samsung Biologics1,487,0001,516,000+1.95%
Hyundai Motor282,000279,500-0.89%
KB Financial155,500151,000-2.89%
LG Energy Solution359,500337,500-6.12%
Samsung Elec. Pref.174,100150,300-13.67%
Samsung Electronics225,000188,700-16.13%
SK Square897,000724,000-19.29%
SK Hynix1,418,0001,132,000-20.17%
Samsung Electro-Mechanics1,196,000870,000-27.26%

Estimated contributionSamsung Electronics -4.49 pp⁠·⁠SK Hynix -4.42 pp⁠·⁠Samsung Electro-Mechanics -0.51 pp⁠·⁠SK Square -0.48 pp⁠·⁠Samsung Elec. Pref.-0.40 pp

RemainderFive-stock total -10.31 pp⁠·⁠KOSPI -11.71%—a gap of -1.40 ppthat includes other stocks’ contributions and methodological differences ·The five rounded values total -10.30 pp, creating a 0.01 percentage-point rounding difference.

Weekly investor flows ·KOSPI net purchases
DateForeignInstitutionsRetailOther corporations, etc.
11/2−₩373bn+₩1.233tn−₩1.348tn+₩488bn
11/3−₩1.515tn−₩515bn+₩1.664tn+₩366bn
11/4−₩2.507tn+₩1.014tn+₩1.144tn+₩349bn
11/5−₩3.393tn+₩846bn+₩2.272tn+₩275bn
11/6−₩2.769tn+₩1.704tn+₩601bn+₩464bn
Total−₩10.557tn+₩4.282tn+₩4.333tn+₩1.942tn

FuturesForeign KOSPI 200 futures flows: +₩341bn⁠·⁠−₩351bn⁠·⁠−₩344bn⁠·⁠+₩1.457tn⁠·⁠+₩1.422tn

Non-arbitrageprogram trading: +₩104.5bn⁠·⁠−₩998.4bn⁠·⁠−₩1.5825tn⁠·⁠−₩1.9547tn⁠·⁠−₩1.702tn

SK HynixForeign net selling on Nov. 3: −₩637.6bn⁠·⁠Nov. 4: −₩1.1632tn⁠·⁠Nov. 5: −₩1.5436tn⁠·⁠Nov. 6:−₩1.8284tn

Weekly sector returns ·Themes
TypeNameWeekly return
KOSPI sectorTelecoms+9.75%
KOSPI sectorIT services+7.70%
KOSPI sectorPharmaceuticals+5.14%
KOSPI sectorElectricity &gas+4.70%
KOSPI sectorFinancials-6.49%
KOSPI sectorSecurities-9.47%
KOSPI sectorInsurance-9.86%
KOSPI sectorMachinery &equipment-11.83%
KOSPI sectorElectrical & electronics-17.62%
KOSPI sectorMedical &precision instruments-24.70%
KRX themeGaming Top 10+7.49%
KRX themeBiotech Top 10+2.23%
KRX themeInternet Top 10-0.13%
KRX themeShipbuilding Top 10-1.77%
KRX themeSecondary Battery Top 10-7.79%
KRX themeK-AI Defense Top 5+-11.21%
KRX themeAI Power Infrastructure-12.53%
KRX themeSemiconductor Top 15-18.86%
KRX themeK-AI Semiconductor Top 2+-20.60%
KRX themeAI Semiconductors-23.95%

Eight of 24 KOSPI sectors gained during the week: telecoms, IT services, pharmaceuticals, electricity & gas, general services, food/beverages/tobacco, nonmetallics, and transportation/warehousing ·KOSDAQ machinery & equipment: -19.52%⁠·⁠Nonmetallics:-18.96%

Next week's earnings calendar ·Korea Standard Time

Monday, Nov. 9Hankook & Company, 15:00 ·Doosan, 16:00 ·KEPCO KPS ·Constellation Energy earnings call, 23:00 (before Nov. 9 U.S. market open)

Tuesday, Nov. 1009:00 NHN⁠·⁠CJ Logistics, 09:30 ·15:00 KT⁠·⁠Krafton, 16:00 ·F&F

Wednesday, Nov. 11CoreWeave earnings call, 07:00 (Nov. 10 U.S. time) ·Dongwon Industries, 10:30 ·Daehan Shipbuilding, 14:00 ·Meritz Financial Group, 16:00 ·JYP Ent.⁠·⁠Cosmax ·CJ CheilJedang (time unconfirmed)

Thursday, Nov. 1209:00 NAVER⁠·⁠NCSoft ·Kolon Industries ·Samsung Fire & Marine, 10:00 ·Mirae Asset Securities ·Samsung Life, 14:00 ·16:00 LG⁠·⁠DB Insurance ·Hanwha Life ·Samsung Securities, 16:10 ·Nebius earnings call, 22:00 (before Nov. 12 U.S. market open)

Friday, Nov. 13Applied Materials, early morning ·Cisco (after Nov. 12 U.S. market close) ·Hyundai Marine & Fire, 14:00 ·Mirae Asset Life, 16:00 ·LigaChem Biosciences

Sources ·Data definitions

Indexes ·Market breadth ·Trading value ·Investor flows ·Futures ·Program trading ·KRX regular-session closing data ·Investor-flow amounts rounded to ₩1bn units ·Foreign investors include the 'other foreign investors' category ·Weekly totals are sums of daily figures and match the KRX five-session cumulative series.

'Other corporations, etc.' is an approximate balancing figure calculated as the negative of the sum of foreign,institutional andretail flows ·Advancing-stock share = rising stocks plus limit-up stocks, divided by all listed stocks including unchanged stocks ·The roughly 998-point figure is the sum of the absolute daily close-to-close KOSPI moves (997.75) ·SK Hynix foreign net selling is summed from KRX's stock-level investor data for regular trading; its aggregation basis differs from marketwide investor totals.

Individual weekly stock returns and estimated contributions ·Regular-session closing prices and market capitalizations on Oct. 30 and Nov. 6 ·Celltrion's Oct. 30 closing price is the KRX closing price shown on the Toss Securities chart ·Estimated contribution = change in each stock's market capitalization ÷ estimated Oct. 30 KOSPI market capitalization (about ₩4,730tn); this simple calculation can differ from the official index contribution ·The roughly 88% share of the index decline is 10.31 ÷ 11.71 ·Sector andtheme returns are computed using KRX sector and thematic indexes ·Sector returns reflect market-cap-weighted indexes, not net capital inflows into the sector.

Day-by-day catalysts ·Snowshagal Daily reports for Nov. 2–6 and their cited sources ·Circuit-breaker andsidecar times, along with margin-collateral relief, are sourced from the Nov. 6 Daily.

Last week's question scoring ·Semiconductor Top 15 and KOSPI use KRX closes ·U.S. Treasury yields from U.S. Treasury daily rates

U.S. equities ·Nov. 6 local index closes ·Philadelphia Semiconductor Index ·Micron ·Nvidia ·AMD⁠·⁠Nasdaq weekly data from EBN⁠·⁠News1⁠·⁠Rebound explanation from Yahoo Finance⁠·⁠Nov. 5 U.S. figures and WTI from the Nov. 6 Daily and market data (Yahoo Finance).

Employment ·Revisions to August and September data from the U.S. Bureau of Labor Statistics⁠·⁠Consensus employment estimate from Trading Economics⁠·⁠September CPI from the U.S. Bureau of Labor Statistics⁠·⁠Federal Reserve · September rate increase⁠·⁠October hold

Timing of IREN's annualized revenue target and remaining funding requirements from its earnings release (filed with the U.S. SEC)⁠·⁠CoreWeave earnings-call timing from CoreWeave investor announcement⁠·⁠U.S. earnings andeconomic release dates from the Investrade weekly calendar⁠·⁠Timing of Chinese CPI from China National Bureau of Statistics release calendar(09:30 Beijing time) ·Anthropic IPO dates from Value Add Pulse(citing Yahoo Finance coverage) ·Korean earnings timetable from FactStock earnings calendar(based on investor-presentation disclosures) ·Options expire under the second-Thursday-of-each-month rule ·U.S. bond-market holiday on Nov. 11 per SIFMA recommendation

Texas data-center rules ·August grid-interconnection approval freeze and audit from Texas Tribune⁠·⁠September pause in environmental permits from DLA Piper⁠·⁠The newly elected governor's promised approval moratorium from GV Wire⁠·⁠Inauguration date from FOX 4(under the Texas Constitution) ·Korean battery-sector regulatory measures from the Office for Government Policy Coordination (Policy Briefing)

Brokerage research (broker · translated research title · publication date · cited finding) ·Daishin Securities, “Quentin Strategy Plan [Next Week's Market?]: After the Blue Wave, What Could Spark a Reversal?” (Nov. 6 ·Forward P/E of 3.77x ·Forward P/B of 1.0x at KOSPI 5,330 ·CoreWeave and CPI as key catalysts) ·Hana Securities, “Semiconductors: Excessive Concern Over Data Centers” (Nov. 6 ·Samsung Electronics andSK Hynix forward P/B) ·Hana Securities, “Batteries: The U.S. Midterm Election Benefit Needs a More Nuanced Case” (Nov. 6 ·ESS sourcing away from China) ·Hana Securities, “When Will Foreign Investors—and Stock Prices—Come Back?” (Nov. 4 ·At least three months before foreign equity flows bottomed ·High-yield credit spreads) ·Kiwoom Securities, “AI Panic Selling Driven by Fears of a Shrinking AI Investment Cycle” (Nov. 6 ·Wait rather than panic-sell ·Regulatory impact on 2028 projects) ·Kiwoom Securities, “AI Investment Expectations Reset: Focus on Inflation and the Fed” (Nov. 6 ·Next week's economic forecasts and Fed speaker calendar) ·

Eugene Investment & Securities, “Spot: Market Selloff After the U.S. Midterms” (Nov. 6 ·Five states won by Democrats account for 41.2% of data-center capacity ·Texas alone 26.9% ·Avoid panic selling) ·Eugene Investment & Securities, “How U.S. Midterm Results Affect Major Energy Industries” (Nov. 6 ·Positive for batteries andsolar power) ·IBK Investment & Securities, “Global Markets Monitor: The Blue Wave Created by an Angry Trump” (Nov. 5 ·Rules likely to center on cost allocation) ·IBK Investment & Securities, “Market Comment: With U.S. Midterm Uncertainty Easing, Focus on Clean Energy” (Nov. 5 ·Stock sales to raise funds for a possible Anthropic IPO subscription) ·Yuanta Securities, “2027: Why Batteries Again?” (Nov. 5 ·Reduced tax-credit risk ·North American ESS cell shortage) ·Daishin Securities, “Weekly Interest Rate and FX Outlook” (Nov. 2) ·iM Securities, “Bond Brief” (Nov. 3 ·Forecast of a November Bank of Korea rate hike) ·All dates refer to publication dates.

Previous reports ·www.snowshagal.com