Three Rows Down, One Stands Again

DAILY MARKET NOTE / 10 NOV 2026

U.S. chip stocks rebound again;
one-third of the three-day loss recovered

KOSPI5,239.13 +4.39%KOSDAQ667.61 +4.48%

WHY

A U.S. chip-stock rebound, a sharp drop in oil and bargain hunting after a three-day selloff lifted Korean equities for the first time in four sessions.Philadelphia Semiconductor Index +6.85% · Brent crude -5.85% · WHY 02

WHO

Foreigners turned net buyers of KOSPI shares for the first time in eight sessions; retail investors sold roughly KRW 1.34tn into the rally.Institutions +KRW 497.9bn · Other corporations +KRW 483.0bn · MONEY 03

NEXT

Will chips hold up after tonight's U.S. October CPI report and CoreWeave earnings?Will foreign buying extend to a second session? · NEXT 04

A broad rebound triggered buy-side sidecars in both markets. But turnover stayed thin, and foreign buying was confined to KOSPI cash equities.

MARKET PATH / 01

Buy-Side Trading Curbs at the Open; an Afternoon Recovery

HOW THE SESSION UNFOLDED

KOSPI · 09:00~15:30Open +4.55% → 09:06 buy-side sidecar → 09:14 high → 13:13 low → 14:44 recovery → close below open

The chart zooms in on today's trading range · The dashed line marks the open · The previous close of 5,018.85 lies below the plotted range.

OPEN5,247.22+4.55%

HIGH5,300.92+5.62%

LOW5,174.55+3.10%

CLOSE5,239.13+4.39%

THE READ

Most gains came at the openMost of the advance was in place at the opening bell. KOSPI (09:06) and KOSDAQ (09:10) both triggered a . Morning highs faded; the market then recovered from its afternoon low and closed just below the open.

Thin turnoverTurnover totaled KRW 16.1788tn, just 0.78× the five-day average. The rebound did not come with heavier trading, while the KOSPI 200 Volatility Index (VKOSPI) remained elevated at 58.19.

WHY / 02

U.S. Chips and Falling Oil Opened the Door—CPI Kept a Lid on Gains

WHAT DROVE THE MOVE

The short versionU.S. semiconductor stocks rallied sharply on Nov. 9. Nvidia was the notable laggard, while AMD surged on a new supply announcement.President Trump played down the likelihood of further strikes on Iran. Oil dropped 4–6% in a day, easing some risk aversion.Post-election concerns over AI data centers lingered after a three-day selloff, while caution ahead of U.S. inflation data capped the upside.

Tailwind · Two-day chip rebound erased about 80% of the Nov. 5 plunge

THE RECOVERY retraced about half of its Nov. 5 drop on Nov. 9 alone. Including the Nov. 6 rebound, it recovered 81% of that loss.

DIVERGING MOVESAMD +13.26%, on news it would supply server CPUs for Google's TPU systems · Nvidia -4.27%, after reports that a foreign intelligence service had sought access to its CEO prompted a board investigation

KOREAU.S.-listed SK hynix depositary receipts +5.53% · SK hynix in Seoul +6.69% · Samsung Electronics +4.74%

+6.85%Philadelphia Semiconductor Index · Nov. 9 U.S. session · close 10,033.93

Source details

U.S. close, Nov. 9 · Dow +2.15% · S&P500 +2.35% · Nasdaq +2.74% · Marvell +9.49%

Philadelphia Semiconductor Index: Nov. 4 10,268.65 → Nov. 5 9,011.14 → Nov. 6 9,390.25 → Nov. 9 10,033.93

Nvidia board (Nov. 8 statement): An independent-director committee and outside counsel are investigating. The company says it has no evidence that national security or confidential company information was compromised. The stock fell as much as -8.79% intraday before closing at $178.67.

Broadcom +8.78% · Micron +6.25% · Brokerage commentary distinguished the AI investment outlook from the CEO-related investigation.

VIX 19.92(-22.31%), back below 20 · U.S. 10-year Treasury yield 4.864%

Intraday highs · Samsung Electronics KRW 201,500 · SK hynix KRW 1,242,000

Tailwind · Oil slumped 4–6% in a day, easing risk aversion

THE CATALYSTOn Nov. 8 U.S. time, President Trump said further strikes on Iran were highly unlikely as long as negotiations kept advancing. Oil markets reacted on Nov. 9; no peace deal had been reached.

OILWTI -4.38%, $86.85 · Brent -5.85%, $92.57

KOREAFuel-sensitive airline Korean Air +11.51% · USD/KRW fell 9.6 won to 1,337.5

-5.85%Brent crude · Nov. 9 settlement · $92.57/bbl

Source details

USD/KRW reflects the 15:30 close in Seoul's FX market.

KOSPI Transportation & Storage +4.15% · Hanjin KAL +15.18%

Oil continued to fall after the Nov. 9 settlement, though attacks on vessels near the Strait of Hormuz persisted.

Headwind · Lingering worries and caution ahead of U.S. CPI

3-DAY DROPAfter Democrats took both chambers in the U.S. midterms, concerns about AI data-center regulation and delays weighed on KOSPI on Nov. 5, 6 and 9: -11.70%

THE CONTRASTTSMC's October revenue grew +59.7% year on year to a monthly record, reported on Nov. 10. It points to strong AI chip demand without settling questions about delays to longer-term investment.

STILL AHEADBrokerage strategists cited caution ahead of the U.S. October CPI release and CoreWeave earnings as a constraint on further gains · NEXT 04

ONE-THIRDKOSPI recovered 220.28 of the 664.95 points lost over the preceding three sessions.

Source details

KOSPI: Nov. 4 5,683.80 → Nov. 9 5,018.85 → Nov. 10 5,239.13

The largest daily percentage gain since Oct. 28 (+6.63%).

From Nov. 9, the government waived the mandatory collateral-maintenance requirement for brokerage margin lending for three months, aiming to reduce forced liquidations in a falling market.

MONEY · SECTOR / 03

Foreigners Return After Eight Sessions; Three Chip Stocks Drive Most of the Gain

WHO BOUGHT—AND WHERE

The short versionRetail investors sold roughly KRW 1.34tn. Institutions, other corporations and foreign investors were all net buyers; foreigners returned after eight sessions.Advancers made up 78.8% of KOSPI stocks, more than double Nov. 9's 37.8%—roughly eight in ten shares rose.Of KOSPI's 4.39% rise, about 2.77 percentage points came from Samsung Electronics, SK hynix and Samsung Electronics preferred shares.

KOSPI net buying by investor type · Regular-session close · KRW bn · Other corporations calculated as the balancing amount across the other three groups

Estimated contribution to KOSPI's gain, based on changes in market capitalization

RETAILSK hynix −KRW 528.7bn, the largest net sale in any single stock · SK hynix was also foreigners' top net purchase at +KRW 119.9bn

FOREIGNERSNet buying was limited to KOSPI cash equities · KOSDAQ −KRW 147.0bn · KOSPI 200 futures −KRW 37.0bn

LEADERSAI power infrastructure +8.30%, ranked first among 39 thematic indices and almost recouped its Nov. 6 and 9 losses · Top 10 battery stocks +6.49%, with all ten constituents rising

LAGGARDSOnly three KOSPI industries fell · Pharmaceuticals -1.84% · Food, Beverage & Tobacco -1.57% · Real Estate -0.27% · Celltrion -3.33% · Samsung Biologics -2.78%

More figures

Net buying by investor type · Regular-session close · KRW bn
Investor group	KOSPI	KOSDAQ
Foreigners	+358.6	−147.0
Institutions	+497.9	+214.8
Retail	−1,339.5	−56.2
Other corporations	+483.0	−11.6

Net buying by stock · Foreigners, institutions and retail · KRW bn
Stock	Foreigners	Inst.	Retail
SK hynix	+119.9	−9.4	−528.7
Samsung Electronics	−28.0	+167.5	−128.7
Samsung SDI	+63.3	+47.5	−110.0
Korean Air	+65.5	+41.0	−106.4
NAVER	+45.5	+23.5	−65.9

PROGRAM TRADINGArbitrage −KRW 85.7bn · Non-arbitrage +KRW 544.7bn · Total +KRW 459.0bn

+KRW 483.0bn · This overlaps with SK hynix's buyback period (Oct. 29, 2026–Jan. 28, 2027), but the category total is not the company's executed repurchase amount.

FUTURESKOSPI 200 futures: institutions +KRW 171.0bn · Retail −KRW 123.0bn

KOSDAQEO Technics +14.48% · Ecopro +10.23% · Ecopro BM +8.70% · Alteogen +4.69%, versus −16.01% on Nov. 9

MARKET BREADTHKOSPI: 723 advancers, 175 decliners, 20 unchanged · KOSDAQ: 1,405 advancers, 288 decliners, 80.0% advancing

NEXT / 04

What to Watch Next

Three tests for U.S. inflation tonight and the Korean session on Wednesday, Nov. 11

YESTERDAY → TODAY

All three questions posed on Nov. 9 met their initial conditions. Checks 02 and 03 reached their next-stage tests; check 01 passed only the first test, as foreigners were small net sellers of Samsung Electronics.

Can chip stocks hold their ground after U.S. inflation data?

TODAYSamsung Electronics KRW 198,900 · SK hynix KRW 1,212,000

TESTOn Nov. 11, both shares close at or above today's closing prices.

Will foreign buying extend to a second straight session?

TODAYKOSPI cash equities +KRW 358.6bn, the first net buying in eight sessions

TESTForeigners remain net buyers in the official Nov. 11 regular-session close tally.

Are data-center concerns easing further?

TODAYAI Power Infrastructure thematic index +8.30%, the best performer among 39 themes

TESTThe index closes higher on Nov. 11 after CoreWeave's earnings release.

U.S. chips and falling oil opened the door, and eight in ten Korean stocks followed. The next answers lie in how chips weather CPI and whether foreigners buy for a second day.

Sources · Data conventions

Report date: Nov. 10, 2026 · Index, sector and individual-stock closes reflect the Korea Exchange (KRX) regular session 09:00~15:30 · Information checked at 19:30 KST Intraday / index · KOSPI path based on Toss Securities one-minute bars sampled every five minutes; key times (high, low, 14:44, etc.) reflect the original one-minute bars. Open/high/low/close and individual-stock closes are verified regular-session figures collected directly. Turnover is the cumulative index figure at 15:38 from Naver Pay Securities. Intraday highs for Samsung Electronics and SK hynix, and VKOSPI: Jeonnam Ilbo (Yonhap) · Buy-side sidecar activation times: Cheonji Ilbo · Nov. 6 circuit breaker: Blockmedia Investor flows · KOSPI/KOSDAQ totals by investor class are KRX regular-session closing figures as reported in Yonhap's market-close coverage; they were not independently collected from the exchange: Jaegyeong Daily·M Economy News·Jeonnam Ilbo (Yonhap) · Foreign buying was provisionally KRW 353.2bn at 15:38; later reports incorporating after-hours trades put it as high as KRW 396.5bn. Other corporations and entities is calculated as the negative sum of the other three classes. Stock-by-stock flows were collected directly from the KRX investor breakdown at 15:51 for both markets; program-trading totals are from the regular-session close, and futures from direct collection at 15:49. USD/KRW: NewsPim Market breadth / sectors / index contribution · Final KRX advancing and declining stock counts; advancers include ordinary gains and limit-up stocks (KOSPI 723/918; KOSDAQ 1,405/1,757). Industry and thematic data are KRX indices. Contributions are estimates calculated as the change in each stock's market capitalization divided by estimated KOSPI market capitalization on Nov. 9 (about KRW 4.142 quadrillion), and may differ from official index-point contributions. Other / estimation residual equals the index percentage gain minus the four named group contributions. Groups: Three semiconductors = Samsung Electronics, SK hynix, Samsung Electronics preferred; six battery names = LG Energy Solution, Samsung SDI, LG Chem, POSCO Future M, L&F, SK Innovation; four power-equipment names = Doosan Enerbility, Hyosung Heavy Industries, LS ELECTRIC, HD Hyundai Electric; two biopharma names = Samsung Biologics, Celltrion. U.S. markets / semiconductors: Korea Times (U.S. edition; Yonhap) · Nvidia board statement: Nvidia · Intraday low: Financial News Korea · AMD supply announcement: AMD IR · Oil settlements / President Trump's remarks to CNN: Reuters·CNBC · U.S.-listed SK hynix depositary receipts: Jeonnam Ilbo (Yonhap) · Philadelphia Semiconductor Index, VIX and U.S. 10-year yield are directly collected Nov. 9 U.S. closing values; Nov. 4–6 values use the same sources as the Nov. 9 issue. Drivers / brokerage commentary · Post-election data-center concerns and the three-session decline: Jeonnam Ilbo (Yonhap) · Nov. 4 closing level used as the starting point for the three-day loss: M Economy News · Largest rise since Oct. 28: SENTV·Jaegyeong Daily · Caution ahead of CPI and CoreWeave earnings: Lee Kyung-min, Daishin Securities (Jaegyeong Daily) · Separating AI investment trends from CEO-related issues: Han Ji-young, Kiwoom Securities (SENTV) · TSMC October revenue: TSMC · Margin-loan collateral requirement waiver: Financial Consumer News · CoreWeave earnings call: CoreWeave Investor Relations · U.S. CPI release schedule / missing October 2026 year-on-year readings: U.S. Bureau of Labor Statistics

Three Rows Down,One Stands Again

Buy-Side Trading Curbs at the Open; an Afternoon Recovery

U.S. Chips and Falling Oil Opened the Door—CPI Kept a Lid on Gains

Tailwind · Two-day chip rebound erased about 80% of the Nov. 5 plunge

Tailwind · Oil slumped 4–6% in a day, easing risk aversion

Headwind · Lingering worries and caution ahead of U.S. CPI

Foreigners Return After Eight Sessions; Three Chip Stocks Drive Most of the Gain

What to Watch Next