KOSPI5,342.73 -0.61%KOSDAQ696.53 -1.22%
High at 11:33 a.m.; low at 2:18 p.m. The horizontal guides mark the previous close and 5,400.
Strong start, weak finishKOSPI went from +1.55% at 11:33 a.m. to -1.53% at 2:18 p.m., a 165.79-point intraday range. Every one-minute bar closed below Wednesday’s close from 1:29 p.m. onward.
Options expiryThe index recovered to 5,368.81 at 3:19 p.m. after its low, then shed 19.94 points from its pre-auction level of 5,362.67 to the final close in the .
Broad-based sellingOnly 274 KOSPI stocks rose against 595 decliners, leaving an advance ratio of 30.0%. Just three of 39 thematic indices gained, and KOSDAQ fell back below 700 after one session.
U.S., Nov. 11Micron +11.89%; SanDisk +13.69%; Nasdaq Composite +1.60%, S&P500 +1.31%
Korean morning tradeAround 11:30 a.m., Samsung Electronics reached KRW 214,000 and SK hynix KRW 1,310,000. KOSPI peaked at 11:33 a.m.
What was reportedThe story broke after the Nov. 11 U.S. market close. Nvidia has announced no formal decision.
Timing mattersKOSPI still made its high at 11:33 a.m. after the report. The afternoon slide coincided with institutional selling and options expiry; the report alone cannot explain it.
Korean exposureSK hynix shares: -1.80%; its U.S.-traded depositary receipts: +9.71%. NAVER, in which Nvidia owns a 4.13% stake: -6.43%; separately, NAVER’s Q3 operating profit: -20.9% year on year.
Meritz Financial-13.05%. Q3 net income attributable to controlling shareholders was KRW 470.7bn versus a KRW 634.5bn forecast. Meritz Fire & Marine’s insurance service result: +34.9%; despite that, equity valuation and disposal losses of roughly KRW 140bn contributed to an investment-result change of -87.9%
Samsung Fire & Marine-7.24%. Q3 net income attributable to controlling shareholders was KRW 493.2bn, narrowly above the broker estimate of KRW 485.8bn. Year-on-year change -8.3%; change in investment profit -23.1%; insurance sector -2.28%
NvidiaWhen an independent investigation began on Nov. 8 (U.S. time), the board publicly backed the CEO. Nov. 11 reports of preparations to remove him, a board meeting that night and a search for successors all cited anonymous sources. A closed-door U.S. House briefing was requested for Nov. 18.
NAVERQ3 revenue growth: +10.7%; operating profit was KRW 451.3bn. Nvidia’s USD 1bn investment was recently completed.
InsuranceMeritz Financial reported after the Nov. 11 close; Samsung Fire & Marine reported Nov. 12. Samsung Fire’s consolidated net income was KRW 493.7bn; Meritz Fire & Marine set aside roughly KRW 29bn in property-finance provisions. Samsung Fire is pursuing a roughly KRW 2.3tn transaction to raise its Canopius stake to 80.6%; timing for the cancellation of treasury shares remains under review.
Foreign investorsKOSPI cash equities: +KRW 370.8bn, the third straight day of net buying. Samsung Electronics: +KRW 744.9bn; SK hynix: −KRW 872.0bn. Combined: −KRW 127.1bn. All other stocks combined: +KRW 497.9bn (derived)
Across both marketsForeign selling on KOSDAQ: −KRW 352.5bn. Net foreign buying across KOSPI and KOSDAQ combined: +KRW 18.3bn
Institutions−KRW 691.1bn overall. Securities firms’ proprietary-trading desks alone: −KRW 975.3bn; private funds: +KRW 212.0bn; investment trusts: +KRW 72.7bn net buying
OutperformersKOSDAQ entertainment and culture +5.05%, the strongest sector; JYP Entertainment +16.54%; HYBE +5.35%. Shipbuilding TOP 10 +0.13%, the best-performing thematic index.
UnderperformersIT services -3.11%, the weakest KOSPI sector; Korea Sovereign AI -3.52%, the weakest thematic index; NHN -14.57%; DB HiTek -16.36%
| Investor group | KOSPI | KOSDAQ |
|---|---|---|
| Foreign | +370.8 | −352.5 |
| Institutions | −691.1 | +43.5 |
| Retail | −204.0 | +307.7 |
| Other firms* | +524.3 | +1.3 |
and related investors+KRW 524.3bn. The period overlaps with SK hynix and Meritz Financial’s share-buyback programs, but the total is not a direct measure of either company’s executed repurchases.
Program tradingIndex-arbitrage trades +KRW 64.0bn; non-arbitrage basket trades +KRW 279.5bn; total +KRW 343.5bn
FuturesKOSPI 200 futures: foreign investors +KRW 93.0bn; institutions −KRW 132.0bn. Futures–cash basis -6.07, versus -1.77 on Nov. 11, a wider discount.
Trading valueKOSPI KRW 20.5676tn (1.03× its five-day average); KOSDAQ KRW 5.5630tn (1.18×).
Just one of Wednesday’s three tests was met: foreigners bought a net +KRW 370.8bn for a third day. SK hynix closed at KRW 1,254,000, below its target; KOSDAQ finished at 696.53.
A powerful U.S. chip rally was not enough to hold Korea’s gains. Nvidia leadership questions and disappointing financial-sector earnings compounded the pressure; foreign investors favored Samsung Electronics over SK hynix, while securities firms led institutional selling. Next session, the crucial signals are SK hynix’s rebound and a shift in institutional flows.