DAILY MARKET NOTE / 11 NOV 2026

Chips Defy Rate Fears;
KOSPI Cuts Three-Day Loss in Half

KOSPI5,375.36 +2.60%KOSDAQ705.10 +5.62%

KOSPI · 09:00~15:30Open -0.56% → Session low at 09:44 → Above the previous close from 10:11 → KOSDAQ buy-sidecar triggered at 11:28 → Session high at 14:49

Low at 09:44 · high at 14:49 · horizontal guides mark the previous close and 5,300

OPEN5,209.71-0.56%

HIGH5,377.99+2.65%

LOW5,207.44-0.60%

CLOSE5,375.36+2.60%

WHY

CoreWeave earnings and chip exports reaffirmed demand for AI infrastructureAnthropic IPO hopes helped sentiment outweigh U.S. inflation and Nvidia's sharp selloff · WHY 01

WHO

Foreign investors bought for a second day, with KRW 668.1bn concentrated in Samsung Electronics and SK hynixThree chip stocks accounted for roughly 80% of the index gain on a market-cap-weighted estimate · MONEY 02

NEXT

Watch for a third day of foreign net buying and a KOSDAQ close above 700KOSPI 200 options expire Nov. 12 · NEXT 03

THE READ

A stair-step climbThe index crossed above and below the previous close until 10:10. From 10:11 onward, every one-minute bar closed above it. Afternoon lows rose in sequence: 5,311 → 5,333 → 5,339 → 5,351.

KOSDAQ led the wayIt opened at the session low and closed at the high · A buy-sidecar was triggered at 11:28 for the second consecutive day:

Different levels of convictionKOSPI recovered about 54% of its 664.95-point three-day loss on turnover just 0.77 times the five-day average. KOSDAQ, by contrast, traded at 1.10 times its average and reclaimed 700.

WHY / 01

Renewed Evidence of AI Demand Outweighed U.S. Rate Pressure

The upside catalyst: CoreWeave results and semiconductor exports pointed to sustained AI infrastructure demand, while hopes for Anthropic's IPO lifted sentiment

CoreWeaveThird-quarter revenue: $3.66bn · Year-on-year growth: +168% · Raised full-year revenue guidance to $13.0bn–$13.3bn · After-hours share-price move: +7.90%

Korean export dataSemiconductor exports totaled $16.6bn during Nov. 1–10, +331.2% · A record for the period, representing 49.7% of total exports

Anthropic IPOThe IPO roadshow began Nov. 10 (U.S. time). Reports suggested strong demand could push the offer price above the $70–$78 indicated range. Trading was targeted for Nov. 19 (U.S. time), but the timetable was not final.

$132.5bnCoreWeave · End-September; versus $104.0bn at end-June: +27%

The headwinds: U.S. inflation exceeded forecasts, while Nvidia shares fell more than 5%

U.S. inflationOctober headline CPI: +0.4% · Core CPI: +0.3%; both were 0.1 percentage point above consensus. Before the release, Fed Governor Christopher Waller said a core reading near 0.3% could warrant considering a 50-basis-point rate hike in December.

Nvidia-5.47% · Following reports involving its CEO, pressure mounted from U.S. congressional efforts to tighten chip-export restrictions on China · SK hynix depositary receipts: -3.51%

5.012%U.S. 10-year Treasury yield · Intraday peak after the Nov. 10 U.S. CPI release; closed at 4.99%

Evidence and context

CoreWeaveDespite $207m in operating income, net interest expense reached $846m. The GAAP net loss was $709m, versus an adjusted net loss of $529m. Forecast fourth-quarter interest expense—not net expense—was $1.05bn–$1.15bn. Demand remains robust, but financing costs remain a burden.

AnthropicFT reported that a possible upward revision to the IPO price could put itsvaluation above $1.5tn. That is not a confirmed valuation. Its SEC registration statement was not yet effective; Goldman Sachs and Morgan Stanley were lead underwriters.

U.S. markets, Nov. 10Dow -0.30%⁠·⁠S&P500 -0.38% · Nasdaq -0.74% · Philadelphia Semiconductor Index -0.35% · Rate futures implied a 100% probability of a December rate hike: an 88.5% probability of 25bp and 11.5% of 50bp. These are market-implied probabilities, not a Federal Reserve decision.

Total exportsExports during Nov. 1–10 totaled $33.46bn, +111.9% · There were 7.5 working days versus 7.0 a year earlier; exports per working day rose +97.7% · Semiconductors accounted for 24.4% a year ago

MONEY · SECTOR / 02

Foreign Buying Targeted Two Chip Giants, Which Drove About 80% of the Rally

KOSPI net flows by investor group · Regular-session close · KRW bn · Other firms, etc. is the balancing figure

Estimated contributions to the index gain, based on changes in market capitalization

Foreign investorsKOSPI cash equities +KRW 658.7bn; Samsung Electronics and SK hynix alone attracted +KRW 668.1bn · Foreign investors were net sellers across all other KOSPI stocks combined · In KOSPI 200 futures, they sold −KRW 794.0bn, the opposite direction from cash equities

Retail / institutionsRetail investors: −KRW 715.6bn · Institutions: −KRW 481.6bn · On KOSDAQ, institutions were the only net-buying group, at +KRW 313.5bn

Where gains were strongestKRX AI Semiconductor Index +9.95%, the top-performing theme · Substrate maker Korea Circuit +25.58% · Equipment maker Jusung Engineering +17.14% · EcoPro BM +11.39%

Where weakness persistedKRX Games Top 10 -4.70%, last among 39 tracked themes · Krafton -9.56% · Hanjin KAL, which surged on Nov. 10 -14.64% · Samsung Fire & Marine Insurance -5.51%

More figures

Investor-group net flows · Regular-session closing data · KRW bn
Investor group	KOSPI	KOSDAQ
Foreign	+658.7	−131.9
Institutions	−481.6	+313.5
Retail	−715.6	−185.6
Other firms, etc.	+538.5	+4.0

, etc.+KRW 538.5bn · The period overlaps SK hynix's share buyback. Net purchases by other corporations in KOSPI electrical and electronics stocks totaled +KRW 443.3bn · This category total must not be mistaken for the company's actual buyback executions

Program tradingArbitrage −KRW 111.9bn · Non-arbitrage +KRW 391.8bn · Net +KRW 280.0bn

Market breadthKOSPI: 581 advancers, 297 decliners and 41 unchanged; 63.2% advanced · KOSDAQ: 1,287 advancers and 401 decliners; 73.0% advanced

Trading valueKOSPI KRW 16.2979tn · KOSDAQ KRW 5.2936tn

NEXT / 03

What to Watch Next Session

U.S. markets on Nov. 11 and Korea's session on Thursday, Nov. 12

YESTERDAY → TODAY

All three checks from Nov. 10 were met: Samsung Electronics and SK hynix closed above their Nov. 10 levels; foreign investors bought for a second day; and the AI power-infrastructure theme rose +4.37%

Can chips withstand U.S. rate pressure for a third straight session?

The testNov. 12 closing prices: Samsung Electronics at or above KRW 206,000 and SK hynix at or above KRW 1,277,000

Will foreign investors buy for a third consecutive day?

The testNet foreign buying in KOSPI cash equities at the Nov. 12 regular-session close · Today: +KRW 658.7bn

Will the KOSDAQ rebound last beyond a single session?

The testA KOSDAQ close at or above 700 on Nov. 12 · Today: 705.10

Rate pressure in the U.S. intensified, yet chip buying again lifted Korea's benchmark. Financing costs remain a challenge for AI companies, while foreign investors took opposite positions in cash equities and futures. The next tests: a third day of foreign buying and whether KOSDAQ can hold 700.

Sources and data methodology

Report date: Nov. 11, 2026 · Closing index, sector and individual-stock prices: Korea Exchange (KRX) regular session,09:00~15:30 · Information checked as of 18:10 Korea Standard Time Intraday path and indices · The KOSPI line is sampled every five minutes from one-minute bars on the Toss Securities chart; exact timestamps—including the low, high, afternoon lows and 10:11 threshold—come from the one-minute data. Open/high/low/close and individual closing prices are final regular-session figures gathered directly; KOSDAQ open/high/low are from the same closing dataset. KOSDAQ buy-sidecar at 11:28:NewsPim (Korean) · Trading value:Yonhap News (via Supple; Korean). The ratio to the five-day average was calculated from cumulative index data at 15:38 on Naver Pay Securities. The three-day drawdown uses KOSPI closes of 5,683.80 on Nov. 4 and 5,018.85 on Nov. 9; the Nov. 5 close was 5,383.80. Investor flows · KOSPI and KOSDAQ net flows by investor type are figures reported by Yonhap News in its closing market coverage, based on the KRX regular-session close—not figures downloaded directly from KRX by Snowshagal:Single List (Yonhap; Korean)⁠·⁠Yonhap News (via Supple; Korean)⁠·⁠M-Economy News (Korean). The 15:38 provisional foreign-investor figure was KRW 655.0bn; later reports including after-hours trades cited as much as KRW 776.1bn (NewsPim (Korean)). Stock-level foreign buying and other-corporation flows in electrical/electronics:SBS Biz⁠·⁠M-Economy News (Korean). The KRW 668.1bn two-stock total is Snowshagal's sum (Samsung Electronics KRW 537.5bn + SK hynix KRW 130.6bn). The 'other firms, etc.' figure is derived as the negative of the sum of the three major investor groups. Program-trading data are from the regular-session close, rounded to KRW 100m; futures data were captured at 15:49. Breadth, sectors and contribution estimates · Final KRX advancer/decliner counts; advancers include ordinary gains and limit-up moves (KOSPI 581 of 919 issues; KOSDAQ 1,287 of 1,764). Sector and theme data use KRX sector and thematic indices. Contribution estimates equal each stock's change in market capitalization divided by estimated Nov. 10 KOSPI market capitalization (approximately KRW 4,324tn); they may differ from official index-point contributions. 'Other / estimate residual' is the reported index return minus the other four bars. The three chip stocks are Samsung Electronics, SK hynix and Samsung Electronics preferred shares; the five substrate/equipment stocks are Hanmi Semiconductor, Isu Petasys, Daeduck Electronics, Korea Circuit and DB HiTek; the five declining stocks are Hanjin KAL, Samsung Biologics, Samsung Fire & Marine Insurance, Korea Zinc and Krafton. U.S. markets · Equity indices, Nvidia, SK hynix depositary receipts and market-implied rate-hike probabilities:Maeil Ilbo (Korean) · CPI:U.S. Bureau of Labor Statistics · Consensus forecasts:The Korea Times U.S. edition (Yonhap; Korean) · Governor Waller's remarks, delivered before the inflation release:Federal Reserve · Intraday and closing 10-year Treasury yields:SBS · Philadelphia Semiconductor Index: Nov. 10 U.S. closing value collected directly Catalysts and sell-side commentary · CoreWeave third-quarter earnings:CoreWeave Investor Relations⁠·⁠Q4 interest-expense guidance (MLQ)⁠·⁠EToday (Korean)⁠·⁠SBS Biz (via Supple; Korean)⁠·⁠AI Times (Korean) · After-hours share-price move:Yonhap News (via Supple; Korean) · Anthropic IPO roadshow and indicative price range:Anthropic · Nov. 19 first-trading-day target and Financial Times reporting:Yonhap News (via Supple; Korean) · Nov. 1–10 exports:EToday (Korean)⁠·⁠Korea Customs Service preliminary data (secondary summary; Korean) · The view that CoreWeave, Anthropic and Korean export data outweighed U.S. inflation concerns is attributed to Lee Kyung-min of Daishin Securities (Yonhap News (via Supple; Korean))

Chips Defy Rate Fears;KOSPI Cuts Three-Day Loss in Half