A Waist-High Tide Mark, Ankle-Deep Water. Transparent watercolor of a lone wooden post in shallow water, bearing an old tide mark high above the waterline. KOSPI 5,018.85 (-0.81%); KOSDAQ 638.97 (-0.82%).
2026.11.09
Snowshagal Daily

A Waist-High Tide Mark,Ankle-Deep Water

KOSPI5,018.85 -0.81%
KOSDAQ638.97 -0.82%
TODAY IN ONE LINE The morning rally evaporated; the KOSPI closed lower
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SNOWSHAGAL · DAILY
MARKET RESEARCH
2026.11.09 · MON
KRX CLOSE 15:30
DAILY MARKET NOTE / 09 NOV 2026
A Rebound Confined to Semiconductors,
A Gain of Over 2% Given Back in Full

KOSPI5,018.85 -0.81%KOSDAQ638.97 -0.82%

WHY
The morning rebound led by Samsung Electronics and SK hynix largely faded in the afternoon. Losses in batteries, autos and defense pushed the market into the red.PHLX Semiconductor Index +4.21%; Samsung SDI -11.32%; LG Energy Solution -5.78% · WHY 02
HOW
The KOSPI fell to 4,990.66 at 9:09 a.m. before reaching +2.24% at 11:33 a.m.; all the gains disappeared that afternoon
Close -0.81%Previous close+2.24%
Samsung Electronics and SK hynix accounted for nearly 90% of the index's gain around 11:30 a.m. and roughly 60% of the subsequent reversal; PATH 01
Breadth
The top 10 market-cap stocks contributed a net gain, but the rest of the market dragged the index lowerOnly 37.8% of KOSPI stocks advanced; on the KOSDAQ, Alteogen fell -16.01% · SECTOR 04
Flows
Foreign net selling eased to KRW 689.4bn but continued for a seventh session; retail investors also sold a net KRW 489.0bnRetail investors sold SK hynix: -KRW 318.2bn; institutions bought Samsung Electronics: +KRW 290.1bn · MONEY 03
NEXT
Can semiconductors hold their gains into the afternoon while more stocks participate in the rally?Will foreigners become net buyers for the first time in eight sessions? ; NEXT 07
The U.S.-inspired rebound was concentrated in two heavyweight stocks, and even those gains failed to last through the afternoon. The KOSPI held 5,000 but fell for a third straight session.
MARKET PATH / 01

Below 5,000 Early, Up +2.24%at 11:33 a.m., Then Back Down Again

Where did the gains come from, and where did they go?

IN PLAIN TERMSAfter an opening decline of -0.50% , the index touched 4,990.66 at 9:09 a.m., briefly slipping under 5,000It crossed above the previous close at 9:17 a.m. and reached the day's high of 5,172.94 at 11:33 a.m.It slipped below the previous close again at 2:11 p.m., reached an afternoon low of 5,009.16 at 3:19 p.m., and closed at 5,018.85

KOSPI · 09:00~15:309:09 low -> 9:17 positive -> 11:33 high -> 14:11 negative -> 15:19 afternoon low -> closing auction
Previous close 5,059.69 5,000 09:09 11:33 14:13 15:19 09:00 12:00 14:00 15:30

The chart zooms in on the day's trading range; the dashed line marks the previous close (5,059.69)

OPEN5,034.20-0.50%
HIGH5,172.94+2.24%
LOW4,990.66-1.36%
CLOSE5,018.85-0.81%
THE READ

What powered the reboundOf the KOSPI's gain at 11:34 a.m., +2.13% about 1.97 percentage points came from Samsung Electronics and SK hynix. All other stocks combined were effectively flat

The afternoon reversalOf the roughly 2.93 percentage points the index gave back by the close, the two chipmakers accounted for about 1.73 points, or nearly 60%. They also drove the reversal; the rest of the market accounted for roughly 1.2 points

Intraday rangeThe high-low range was 182.28 points, or 3.60% of the previous close, roughly half the range on Nov. 6. Turnover fell to KRW 17.2599tn from KRW 27.4919tn on Nov. 6

OPEN · MORNING

-0.50% The opening slide: the day's low at 9:09 a.m.

One-minute lows at 9:05, 9:08 and 9:09 a.m. were all below 5,000The index climbed to 5,123.21 at 10:03 a.m. before retreating to 5,041.96 by 10:16 a.m.

MIDDAY

A second climb after 10:30 a.m., peaking at 11:33 a.m.

5,151.09 at 10:50 a.m.; 5,172.94 at 11:33 a.m.The index fluctuated between 5,109 and 5,153 from noon to 1 p.m.

AFTERNOON

Back into the red at 2:11 p.m.; afternoon low at 3:19 p.m.

From 5,113.58 at 2 p.m. to 5,042.80 at 2:13 p.m.: a decline of roughly 70 points in 13 minutesThe index rose 6.01 points from 5,012.84 just before the closing auction to 5,018.85. The KOSDAQ likewise peaked at 658.66 before closing at 638.97

WHY / 02

U.S. Chip Momentum Lasted Until Noon; Each Weak Sector Had Its Own Problem

What supported the market, and what weighed on it

IN PLAIN TERMSThe Nov. 6 U.S. chip rebound and bargain hunting after two sharp down days lifted the index, but only through the morningOver the weekend, news that Nvidia's board had begun an investigation involving its CEO was cited as a fresh uncertainty for semiconductor stocksBatteries gave back their post-election surge, defense was hit by disappointing earnings and target-price cuts, and the KOSDAQ faced U.S. drug-pricing rules and a European patent dispute

01

The positive catalyst: U.S. chipmakers recovered some of their Nov. 5 losses on Nov. 6 (U.S. time)

U.S. closing prices, Nov. 6; semiconductors led the rebound
Indices and stocksChange
Dow Jones Industrial AverageIndex-0.46%
NasdaqIndex+1.09%
PHLX Semiconductor IndexIndex+4.21%
NvidiaAI chips+2.78%
AMDAI chips+11.04%
MicronMemory+5.12%

How much was recoveredrecovered only about 30% of its 1,257.51-point loss on Nov. 5

The Korean connectionSamsung Electronics gained as much as +3.55%; SK hynix as much as +5.39% intraday, but their closing gains were only +0.64%⁠·⁠+0.35%, respectively; most of the advance had evaporated; PATH 01

CaveatThe U.S. rebound, too, was concentrated in semiconductors; the Dow ended -0.46% ; October employment exceeded forecasts, and the 10-year Treasury yield inched up to 4.86%

Over the weekendOn Nov. 8 (U.S. time), before Korea opened, Nvidia's board launched an independent inquiry following a report of a foreign intelligence service approaching CEO Jensen Huang. The board said it had no basis to believe national security or corporate secrets had been compromised. This cannot be identified conclusively as the cause of the afternoon selloff

Competing viewsBrokerages were divided between buying beaten-down chip stocks and reducing exposure to AI-linked names

+4.21%PHLX Semiconductor Index; Nov. 6 U.S. close: 9,390.25
SHOW SOURCE DETAILS
U.S. close, Nov. 6: Nvidia USD 186.64; Micron USD 690.00, up from USD 656.39 on Nov. 5; Qualcomm +5.52%
PHLX Semiconductor Index: 10,268.65 -> 9,011.14 on Nov. 5 -> 9,390.25 on Nov. 6
Nasdaq 24,579.43; VIX 25.64 (-9.01%); U.S. 10-year Treasury yield 4.859%
Nvidia board announcement: 2:59 p.m. U.S. time on Nov. 8 (4:59 a.m. KST on Nov. 9); Nvidia down about 5% in Nov. 9 U.S. premarket trading
U.S. October jobs report (released Nov. 6 U.S. time): nonfarm payrolls +165,000 versus market expectations of about +65,000; unemployment 4.1%
Samsung Electronics intraday high: KRW 195,400 (11:45 a.m.); SK hynix: KRW 1,193,000 (11:34 a.m.); closing prices KRW 189,900 and KRW 1,136,000, respectively
02

The downside catalysts: profit-taking in post-election battery winners; weak defense earnings and analyst target cuts

Secondary BatteriesFollowing the Democrats' Nov. 4 victory, clean-energy policy hopes sent the sector sharply higher; Samsung SDI gained +11.57%  in one day. It then fell for three sessions, leaving Samsung SDI down -23.9%

The central concernProfit-taking after a rapid rally, plus doubts that U.S. policy changes will translate into actual battery earnings

DefenseLIG Defense & Aerospace reported Q3 operating profit of KRW 67.6bn, below the KRW 103.4bn consensus. A 24-month bidding ban imposed by the Defense Acquisition Program Administration clouded new domestic orders; the company sought a stay and other legal remedies. Some UAE Cheongung II revenue was deferred. The stock fell amid broker target-price cuts: -8.90%

KOSDAQKOSDAQ market-cap leader Alteogen fell -16.01% ; U.S. drug-price negotiation rules compounded an ongoing European patent dispute; CATALYST 06

-11.32%Samsung SDI suffered the steepest decline among the KOSPI's 20 largest stocks by market cap
SHOW SOURCE DETAILS
Nov. 4 surge: Samsung SDI +11.57% ; POSCO Future M +10.81% ; LG Energy Solution +5.03%
From the Nov. 4 close to Nov. 9: Samsung SDI KRW 545,000 -> KRW 415,000; POSCO Future M KRW 181,400 -> KRW 153,700 (-15.3%); LG Energy Solution KRW 355,000 -> KRW 318,000 (-10.4%)
The initial rally also reflected hopes for energy storage systems driven by AI data-center power demand
LIG Defense & Aerospace Q3: revenue KRW 1.0713tn (+2.1%); operating profit KRW 67.6bn (-24.6%); target prices cut by two brokers
SK Securities: KRW 900,000 -> KRW 700,000. Parts supply disruptions deferred approximately KRW 40bn-50bn of UAE-bound Cheongung II revenue; a lower peer-group valuation multiple was cited for the target reduction
Samsung Securities: KRW 855,000 -> KRW 430,000; Shinhan Securities: KRW 980,000 -> KRW 430,000. Downgrades reflected uncertainty over domestic orders following sanctions, export-order delays and falling sector valuations
The bidding ban was imposed Oct. 20; after a Nov. 5 hearing, the administrative court reserved its decision on a stay

How much of the positive news actually reached the index? ; PATH 01 ; How much did each sector contribute? ; SECTOR 04

MONEY / 03

Foreign Selling Eased but Ran to Seven Sessions;
Retail Investors Sold SK hynix

Who drove today's index move

IN PLAIN TERMSForeigners sold a net KRW 689.4bn for a seventh straight session, sharply less than the KRW 2tn-plus sold on Nov. 6. Four consecutive sessions of trillion-won net selling endedRetail investors switched to net selling after four sessions, at KRW 489.0bn, including KRW 318.2bn in SK hynix. On Nov. 6, they had bought KRW 611.1bn of the chipmakerInstitutions bought a net KRW 717.1bn, including KRW 290.1bn of Samsung Electronics. Financial investment firms, mainly securities brokers, bought a net KRW 1.1079tn

FOREIGN INVESTORS · KOSPI CASH
-KRW 689.4bn

Broader sellingSamsung Electronics led foreign net sales: -KRW 120.3bn; Samsung SDI: -KRW 86.4bn; SK hynix: -KRW 66.7bn . By contrast, on Nov. 6, foreign net flow in SK hynix alone was -KRW 1.8284tn, reflecting much more concentrated selling

Futures futures, foreign net flow was +KRW 874.0bn ; the opposite direction from their cash-equity selling

Program trading +KRW 43.2bn · -KRW 219.3bn ; combined: -KRW 176.1bn

Institutional+7,171Other corporate investors+4,613Retail investors-4,890Foreign investors-6,894
Net KOSPI buying by investor type: institutions and other corporate investors absorbed the stock sold by foreigners and retail investors; regular-session close, KRW 100mn
Net buying by stock and investor type · KOSPI · KRW 100mn
StockForeign investorsInstitutionalRetail investors
SK hynix-667-276-3,182
Samsung Electronics-1,203+2,901-1,233
Samsung SDI-864-693+1,553
Samsung Electro-Mechanics-353-77+414
Samsung C&T-302+303-1

The top two stocks by foreign net buying were Hyosung Heavy Industries: +KRW 20.3bn; Samsung Electronics preferred: +KRW 19.5bnIn Samsung SDI, foreigners and institutions were net sellers; retail investors bought +KRW 155.3bn

BREAKDOWN OF FLOWS
Net buying by investor group · KRW 100mn
Investor groupKOSPIKOSDAQBoth markets
Foreign investors-6,894-748-7,642
Institutional+7,171+1,075+8,246
Retail investors-4,890-397-5,287
Other corporate investors, etc.+4,613+70+4,683

On the KOSDAQ, institutional net flow was +KRW 107.5bnand foreign net flow was -KRW 74.8bn; retail investors -KRW 39.7bn

Program trading, Nov. 9 versus Nov. 6; KRW 100mn
CategoryNov. 9Nov. 6
ArbitrageProgram trading+432+985
Non-arbitrage program tradesProgram trading-2,193-17,020
TotalProgram trading-1,761-16,035

FuturesIn KOSPI 200 futures, foreign net buying totaled +KRW 874.0bn; institutions -KRW 627.0bn; retail investors -KRW 226.0bn ; this may include covering earlier short positions, so the directional signal is not unambiguous

Within institutional flowsFinancial investment firms bought a net +KRW 1.1079tn; pension funds sold a net -KRW 150.7bn ; broker-related net buying exceeded total institutional net buying

and similar entities+KRW 461.3bn ; the residual balancing the other three groups. This is not a direct measure of executed share repurchases

FXUSD/KRW was 1,347.1 at 3:30 p.m., down KRW 9.5 from the prior session; unlike Nov. 6, the won strengthened

SECTOR / 04

Where the strength was—and wasn't

The distribution of gains and losses matters more than a leaderboard

IN PLAIN TERMSOnly 37.8% of KOSPI constituents advanced, up from 14.8% on Nov. 6 but still below halfThe 10 largest KOSPI stocks by market cap contributed roughly +0.03%p ; stocks outside the top 10 subtracted roughly -0.84%p from the index, based on estimated market-cap changesAll 10 constituents of the Secondary Battery TOP10 fell. Only four of 39 thematic indices rose, and three were semiconductor-related

STRONG

Jusung EngineeringKOSDAQ stock+6.70%
Hanjin KALStock+5.81%
Daeduck ElectronicsStock+5.62%
Medical & Precision EquipmentKOSPI sector+1.99%
Semiconductor Top 15KRX thematic index+1.39%

WEAK

AlteogenKOSDAQ stock-16.01%
Samsung SDIStock-11.32%
LIG Defense & AerospaceStock-8.90%
K-AI Secondary BatteriesKRX thematic index-6.98%
SecuritiesKOSPI sector-3.99%

KOSPIKOSPI advancers rose from 14.8% to 37.8%; 530 stocks, or 57.7%, declined

KOSDAQKOSDAQ advancers rose from 14.5% to 48.1%; 845 stocks rose and 839 fell, an almost even split

Three sessionsNov. 5, 6 and 9 -11.70% ; versus the Nov. 2 close of 5,859.08: -14.34%

Chip stocks (3)+0.25%pBattery stocks (6)-0.26%pAuto stocks (5)-0.13%pDefense / ships (10)-0.11%pOther stocks-0.55%pFive groups = KOSPI -0.81%
Estimated contributions to the KOSPI's decline; the three chip stocks are Samsung Electronics, SK hynix and Samsung Electronics preferred

Secondary BatteriesSecondary Battery TOP10 -6.27%; all 10 constituents fell, including LG Energy Solution -5.78%; LG Chem -5.17%; POSCO Future M -5.01% ; on KOSDAQ, EcoPro BM -8.66%; EcoPro -8.46%

AutosTransportation Equipment & Parts -3.27% ; Hyundai Mobis -4.87%; Kia -3.29%; Hyundai Motor -2.86%

Defense and shipbuildingK-AI Defense TOP5+ -1.37% ; Shipbuilding TOP10 -3.07%; nine of its 10 stocks fell, including Samsung Heavy Industries -5.43%; Hanwha Ocean -3.80%

Securities brokersOf 29 stocks in the securities sector, 26 declined; Mirae Asset Securities -5.19%; NH Investment & Securities -4.38%

SemiconductorsNine of the 15 Semiconductor Top 15 constituents rose. KOSDAQ chip-equipment and component makers were stronger, including SFA Semicon +14.59%; Simmtech +6.84%, EO Technics +6.00%

SECTOR DETAIL
Estimated KOSPI contribution · market-cap basis
StockChangeContribution
Samsung Electronics+0.64%+0.17%p
SK hynix+0.35%+0.07%p
Samsung Electronics preferred+0.40%+0.01%p
SK Square-0.28%-0.01%p
LG Energy Solution-5.78%-0.11%p
Samsung
Biologics		-0.40%-0.01%p
Samsung Electro-Mechanics-3.10%-0.05%p
Hyundai Motor-2.86%-0.04%p
KB Financial Group-0.07%0.00%p
Celltrion-0.47%-0.01%p
Top 10 total+0.03%p
Outside the top 10-0.84%p

Adding the individual contribution values shown in the table yields +0.02%p, a 0.01-percentage-point rounding differenceSamsung SDI was the largest negative contributor outside the top 10, at approximately -0.10%p

Advancers and decliners · includes limit-up/limit-down stocks
MarketAdvancingDecliningUnchangedAdvancing share
KOSPI3475304237.8%
KOSDAQ8458397348.1%
Nov. 9 and the three-session change; the latter is from the Nov. 4 close to the Nov. 9 close
Indices and stocksNov. 9Three sessions
KOSPIIndex-0.81%-11.70%
Secondary Battery TOP10KRX thematic index-6.27%-14.43%
Samsung SDIStock-11.32%-23.85%
LG Energy SolutionStock-5.78%-10.42%
Samsung ElectronicsStock+0.64%-12.89%
SK hynixStock+0.35%-18.62%

Other gainersHanwha Vision +6.69% ; Hanmi Science +5.52% ; SK Bioscience +5.21% ; LG CNS +4.32%

Other declinersHankook & Company -12.42% ; Lotte Shopping -8.92% ; Coway -7.62% · HMM -6.35%

KOSDAQSeegene -20.00% ; Cosmecca Korea -15.09% ; ROBOTIS -7.43% ; Rainbow Robotics -5.76%

Sectors present on both exchanges (20) · sorted by KOSPI performance
SectorKOSPIKOSDAQ
Paper & Wood Products+2.07%-1.30%
Medical & Precision Equipment+1.99%+0.70%
Electrical & Electronics-0.20%+0.30%
Pharmaceuticals-0.28%-1.67%
IT Services-0.58%-0.09%
Manufacturing-0.71%-0.07%
Financials-0.78%-4.81%
Non-Metallic Minerals-0.83%+3.94%
Textiles & Apparel-1.28%-0.20%
Distribution-1.44%+0.72%
General Services-1.68%-4.66%
Machinery & Equipment-1.69%+0.65%
Telecommunications-1.81%-0.53%
Entertainment & Culture-1.90%-0.84%
Construction-1.93%+1.04%
Chemicals-2.69%-1.65%
Metals-2.77%-0.11%
Food, Beverages & Tobacco-3.18%+0.19%
Transportation Equipment & Parts-3.27%+0.03%
Transportation & Warehousing-3.56%-1.40%

Market-specific sectorsKOSPI securities brokers: -3.99% ; insurance +0.42% ; Electricity & Gas -1.09% ; Real Estate -0.55% ; KOSDAQ other manufacturing: +0.68%

KRX thematic indices; sorted by Nov. 9 performance
ThemeNov. 6Nov. 9
Semiconductor Top 15-8.10%+1.39%
AI Semiconductors-9.51%+0.95%
K-AI Semiconductor TOP2+-8.65%+0.19%
Internet TOP10-0.15%-0.37%
Blue Chip 25-6.67%-0.42%
Korea Sovereign AI-1.03%-0.66%
Gaming TOP10-0.91%-1.36%
K-AI Defense TOP5+-5.39%-1.37%
Financial High Dividend Top 10-3.97%-1.39%
KOSPI Preferred Shares-5.04%-2.00%
High Dividend 20-3.07%-2.56%
Shipbuilding TOP10-4.19%-3.07%
K-AI KOSDAQ Biotechnology-4.97%-3.13%
Climate Change Solutions-4.07%-3.19%
AI Power Infrastructure-5.97%-3.36%
Biotech Licensing-4.74%-3.37%
Biotechnology TOP10-2.36%-3.62%
EV Top 15-4.90%-5.15%
Secondary Battery TOP10-5.03%-6.27%
K-AI Secondary Batteries-6.52%-6.98%
KOSPI top 10 by market cap · close in KRW
StockCloseChange
Samsung Electronics189,900+0.64%
SK hynix1,136,000+0.35%
Samsung Electronics preferred150,900+0.40%
SK Square722,000-0.28%
LG Energy Solution318,000-5.78%
Samsung Biologics1,510,000-0.40%
Samsung Electro-Mechanics843,000-3.10%
Hyundai Motor271,500-2.86%
KB Financial Group150,900-0.07%
Celltrion210,000-0.47%

Limit-upSeven KOSPI stocks and eight KOSDAQ stocks hit limit-up; one KOSDAQ stock hit limit-down

CHANGE / 05

The Questions We Asked on Nov. 6: Today's Answers

Revisiting the checkpoints set after the previous session
YESTERDAY → TODAY

All three questions cleared Stage 1. The U.S. chip index and foreign selling cleared Stage 2; the KOSPI did not close higherMost of the checkpoints were met, yet the index fell for a third session. U.S. chips rebounded, but Korea's two chip heavyweights lost their gains in the afternoon. Batteries and defense, outside the original questions, also pulled the market lowerThe KOSPI held the initial downside reference of 4,911.28 set on Friday, with a low of 4,990.66. It did not reach the upside reference of 5,215.58; the high was 5,172.94

01
PHLX Semiconductor Index closeStage 1: 9,011.14 or above; Stage 2: Micron shares higher; both stages met
9,011.14
→
9,390.25
02
KOSPI closeStage 1: 5,000 or above; Stage 2: close higher; Stage 1 only
5,059.69
→
5,018.85
03
Foreign KOSPI cash flowsStage 1: less selling than Nov. 6; Stage 2: under KRW 1tn; both stages met
-27,690
→
-6,894

01: Micron +5.12%02: Intraday low of 4,990.6603 · Amounts in KRW 100mn

CATALYST / 06

U.S. Drug-Price Negotiations Treat the Subcutaneous Version as the Same Drug

The main catalyst behind Alteogen's plunge, plus a separate legal overhang
Alteogen, the KOSDAQ's largest company by market cap
-16.01%

From proposal to effective date

6/12Proposed rule11/5Final rule11/9Selloff12/5Effective

A new route of administration may no longer defer price negotiation; royalties tied to subcutaneous Keytruda face a test

WHAT: What did CMS decide?

The decisionThe Centers for Medicare & Medicaid Services (CMS) announced its final Medicare drug-price negotiation rule on Nov. 5 (U.S. time)

The key provisionWhen the same marketing authorization holder adds to an existing drug to create a new route of administration, the agency treats it as the same drug when determining negotiation eligibility

TERMS: Scope and timing
CMS final drug-price negotiation rule
Proposed ruleJune 12; retained in the final rule
Effective dateDec. 5
Applies toNegotiated prices taking effect in 2029 or later
Drugs selected annuallyUp to 20

The commercial linkMerck's subcutaneous Keytruda uses Alteogen technology. The product generated USD 830mn in Q3 sales, and Alteogen earns royalties tied to those sales

Company's position"The underlying demand for subcutaneous conversion and the competitiveness of the technology remain intact"

Next confirmationAnnouncement of the 2027 negotiation selections, followed by the negotiated price

Two Overlapping Risks for Alteogen

U.S.Drug-pricing rule
Pricing and royalties
EuropePatent dispute
Where it can be sold

The next European milestone is the first Italian injunction hearing on Dec. 2

SHAREHOLDERS: Why it matters

The core riskMerck expects Keytruda to be selected for price negotiation in 2027, with the negotiated price taking effect in January 2029. Under the new rule, the subcutaneous version would be treated as the same drug

The second riskIn October, a Dutch court ordered sales of subcutaneous Keytruda halted across eight European countries. Halozyme also sought an injunction in Italy in September

The company's responseThe company estimates that for the 10 drugs first subject to negotiated prices this year, the effect on net revenue, after rebates and discounts, has generally been within 20%. The quoted discounts of 38%-79% are measured against list prices. The negotiated price and royalty impact for subcutaneous Keytruda are not yet determined

MARKET · The immediate response

IntradayKRW 152,500 at 10:23 a.m., down as much as -23.94%; the loss narrowed and the stock closed at KRW 168,400

Market capitalizationFell by roughly KRW 2.236tn in one session, the largest market-cap decline on the KOSDAQ

Stock flowsForeign investors +KRW 19.4bn; retail investors +KRW 11.3bn net buying; institutions −₩29.9bn

NEXT / 07

What to watch in the next session

Three checkpoints for the Nov. 9 U.S. session and Tuesday, Nov. 10 in Korea. Stage 1 is an initial sign; Stage 2 requires additional confirmation
Will the semiconductor rebound extend into a second day?

TodaySamsung Electronics KRW 189,900; SK hynix KRW 1,136,000

Stage 1On Nov. 10, both stocks at or above their Nov. 9 closing prices

Stage 2Stage 1 met, plus foreigners net buying both stocks; Nov. 9 net flows: -KRW 120.3bn⁠·⁠-KRW 66.7bn

Will the rally broaden to more stocks?

TodayKOSPI advancing share: 37.8%

Stage 1Above 37.8% on Nov. 10

Stage 2At least 50%, with Secondary Battery TOP10 also higher

Will foreign selling come to a halt?

TodayKOSPI cash equities -KRW 689.4bn; seventh consecutive session

Stage 1Net selling of less than KRW 689.4bn on Nov. 10, including a possible shift to net buying

Stage 2A shift to net buying for the first time in eight sessions

UPCOMING DATES
Nov. 10, 10:30 p.m. KST: U.S. October Consumer Price Index (CPI)Nov. 11, 7:00 a.m. KST: CoreWeave Q3 earnings callNov. 11 (U.S. time): Veterans Day; bond market closed, stock market open as usualNov. 12: KOSPI 200 options expirationNov. 13, 10:30 p.m. KST: U.S. October Producer Price Index (PPI)Nov. 16: Deadline for listed companies' Q3 reports, moved from Saturday, Nov. 14Nov. 17 (U.S.) · Nvidia Q3 earnings (morning of Nov. 18 KST)Nov. 26: Bank of Korea Monetary Policy Board meeting.Dec. 2: First Italian injunction hearing in Halozyme's subcutaneous Keytruda disputeDec. 3: Lotte Rental tender offer endsDec. 5: U.S. final drug-price negotiation rule takes effect12/8~9(U.S. time): Federal Reserve meeting

Semiconductors lifted the index in the morning, then pulled it down in the afternoon. The next answer lies in whether chip stocks hold their gains, more shares participate and foreign selling stops.

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
Reference date: Nov. 9, 2026. Index, sector and individual closing prices reflect the KRX regular session 09:00~15:30 ; public information checked through 9:00 p.m. Korea time Indices: KOSPI open 5,034.20, high 5,172.94, low 4,990.66; KOSDAQ open 638.82, high 658.66, low 632.70; final regular-session figures collected independently Intraday chart: KOSPI one-minute candles from Toss Securities plotted at five-minute intervals. The exact one-minute values are retained for the day's low, high and afternoon low. All times are Korea time Stocks: Regular-session closes for the 10 largest companies by market cap were collected independently. Other stock changes are calculated from the KRX 3:30 p.m. closing-auction prices and prior regular-session closes displayed by Toss Securities (excluding Nextrade and after-hours trading). Intraday Samsung Electronics, SK hynix, Samsung SDI and Alteogen quotes come from the same source's regular-session one-minute candles. Nov. 4 closing prices refer to the regular session Investor flows: KRX regular-session closing totals for foreigners, retail investors and institutions, and KOSDAQ Shin-A Ilbo (Korean)⁠·⁠Dailian (Korean) ; pension fund figures: Dailian; financial investment firms: AsiaToday (Korean) ; depending on the publication, foreign net sales are reported as -KRW 688.9bn to -KRW 689.4bn. Other corporate investors and related categories are calculated as the balancing item against the three main investor groups. Foreign investors were net sellers for seven consecutive sessions Opinion News (Korean original) ; futures figures collected independently at 3:49 p.m. Stock-level flows: KRX investor-by-stock net flows collected independently at 4:51 p.m. for KOSPI stocks only. Stock-by-stock sums may differ by several billion won from total regular-session flows. The combined SK hynix figure for the three investor groups, -KRW 412.5bn, was calculated independently. SK hynix KRW 20tn share-buyback period: CBC News (Korean; citing filing) Program trading and turnover: Program-trading data are from the regular-session close. Program flows and investor-category flows use different classifications and must not be added together. Turnover is from the 3:38 p.m. cumulative index reading at Naver Pay Securities; KRX figures are delayed immediately after the close. USD/KRW at 3:30 p.m.: NewsPim Market breadth: Final KRX advancing and declining stock counts, including limit-up and limit-down moves (KOSPI: 347 advancers and 530 decliners out of 919; KOSDAQ: 845 advancers and 839 decliners out of 1,757) Sectors and index contributions: KRX sector and thematic indices, including constituent counts and advancer/decliner figures. Index contributions are independently estimated as changes in constituent market capitalization divided by the KOSPI's estimated Nov. 6 market capitalization of about KRW 4,176tn; they may differ from official index contribution figures. Groups used in the bars: 3 semiconductor stocks = Samsung Electronics, SK hynix and Samsung Electronics preferred; 6 secondary-battery stocks = LG Energy Solution, Samsung SDI, LG Chem, POSCO Future M, L&F and SK Innovation; 5 auto stocks = Hyundai Motor, Kia, Hyundai Mobis, Hyundai Glovis and Hankook Tire & Technology; 10 defense and shipbuilding stocks = Hanwha Aerospace, LIG Defense & Aerospace, Hyundai Rotem, Korea Aerospace Industries, Hanwha Systems, HD Hyundai Heavy Industries, HD Korea Shipbuilding & Offshore Engineering, Hanwha Ocean, Samsung Heavy Industries and HD Hyundai Marine Solution. The 11:34 a.m. contribution of the two chipmakers is independently estimated using their one-minute prices and Nov. 6 market caps. The bar totals reflect rounding and add up to -0.80%p, differing from the index by 0.01 percentage point U.S.: Nvidia board investigation announcement: CNBC (board statement); announcement timestamp: 24/7 Wall St.; Nov. 9 premarket decline: CNBC ; fresh uncertainty for Korean semiconductor stocks: Opinion News (Korean original) ; October employment and unemployment: U.S. Bureau of Labor Statistics (Nov. 6 release) ; consensus forecast: FactSet ; U.S. indices, PHLX Semiconductor Index, VIX and 10-year Treasury yield are independently collected Nov. 6 U.S. closing figures. Nvidia, AMD, Intel and Micron closing prices: 24/7 Wall St. ; Micron's Nov. 5 closing price: Lines ; Qualcomm and the rationale for the rebound: Yahoo Finance Secondary batteries: Post-election surge and profit-taking; Nov. 4 daily returns: Aju Business Daily ; closing prices since Nov. 4 independently calculated from regular-session closes Defense: LIG Defense & Aerospace Q3 results, analyst targets and reasons for cuts. SK Securities analyst Han Seung-han (Aju Business Daily); Samsung Securities analyst Han Young-soo (News1 (Korean-language source)); Shinhan Securities (Yonhap News, syndicated (Korean)); the Defense Acquisition Program Administration's 24-month bidding ban and the injunction hearing: Sedaily⁠·⁠Korea Duty Free News (Korean) Alteogen: Rule publication and effective dates, pricing applicability year, annual selection cap and hyaluronidase condition: CMS official explanatory material ; June proposed rule: U.S. Federal Register ; company statement and intraday low: EBN ; the company's estimate of a generally under-20% impact on net sales for the first 10 negotiated drugs, and 38%-79% list-price reductions: Sedaily ; interpretation of the rule: NewsPim ; European patent litigation and first Italian hearing (citing Merck's quarterly filing): EBN⁠·⁠Newsway ; Dutch order halting sales in eight European countries: DealSite ; Q3 revenue for subcutaneous Keytruda: Merck Q3 earnings release ; Merck's forecast of 2027 selection and January 2029 price applicability: Asia Economy (Korean; citing Merck annual report) Broker commentary: Daishin Securities analyst Lee Kyung-min on semiconductor bargain hunting and relative sector performance (NewsPim); divided views over buying the dip versus trimming AI exposure: The Korea Economic Daily Events: CoreWeave earnings call: CoreWeave Investor Relations ; the Italian hearing date uses the Alteogen source above; other calendar items use the sources cited in the Nov. 6 Daily