Snowshagal Weekly, November 14, 2026 — The Players Return; the Podium Stands Empty
2026.11.14Korea Stock Market Weekly
Snowshagal Weekly

The Players Return;
the Podium Stands Empty

THIS WEEK IN ONE LINE

Chips rebound; Nvidia's CEO resigns on FridayNext: Nvidia earnings, Anthropic's IPO, U.S. yields

Find past reports, daily notes and market data on our website snowshagal.com
KOREAN AND U.S. REGULAR SESSIONS CLOSEDKorean market data through November 13; U.S. regular-session closes through November 13 local time; weekend coverage through November 14; next Korean trading day: November 16
THIS WEEK AT A GLANCENovember 9–13 · Looking ahead to November 16–20

Five sessions recovered just a third of the selloff;
Nvidia and rates will decide whether it holds

Review period: November 9–13, five trading sessions. Next week: November 16–20. We will score the three questions below in the next Weekly.

KOSPI+4.56%November 13 close: 5,290.53 · KOSDAQ +8.60%
Semiconductor Top 15+12.57%November 13 close: 7,340.39 · KRX thematic index
Foreign net buying+KRW 135bnFive-session total; November 13: −KRW 551bn
U.S. 10-year Treasury yield5.15%November 13 Treasury reading; weekly change +29 bp
THREE TAKEAWAYS
  1. 1

    Chip-equipment and component makers led the rebound

    Equipment shares outpaced the memory giants. The Semiconductor Top 15 index rose about 2.8 times as much as the KOSPI.01 The Week

  2. 2

    The first major test comes before dawn on November 18: Nvidia earnings

    The first report under an interim CEO. Guidance for the coming quarter matters more than the quarter just ended. Anthropic is targeting its debut for November 19.Q1

  3. 3

    Yields remain above 5%; foreign buying is still marginal

    Retail sales on November 17 and Fed minutes on November 19 could set the rate direction. Five-day foreign inflows were small, and foreigners sold again on Friday.Q2 Q3

SUPPORTING FORCES
  • Some data-center regulatory concerns eased
  • U.S.–Iran tensions eased on November 10, sending oil sharply lower
  • CoreWeave earnings on November 11
  • Semiconductor exports in the first 10 days of November +331.2%
LOSING GROUND
  • Gaming Top 10, which held up last week -9.26%
  • KOSPI electricity and gas -6.44%
  • Food, beverages and tobacco -4.85%
01THE WEEK

Two sessions, November 10–11, did the lifting;
the other three gave some back

The week's intraday KOSPI low was 4,990.66 on November 9; the high was 5,504.44 on November 13. The November 10–11 gains alone amounted to +7.10%— see each Daily for the day-by-day moves.

The biggest losers last week bounced hardest this weekWeekly returns (%) · Bars show this week; prior week. The top seven lines were among last week's hardest hit.

Fourteen of the KOSPI's 24 industry groups rose this week. KRX index closes: November 6 versus November 13.

DAY BY DAY

11.09MON

-0.81%

37.8% of stocks advanced
  • Morning rally: +2.24%but all those gains were surrendered by the afternoon
  • Battery shares lagged

11.10TUE

+4.39%

78.8% of stocks advanced
  • Philadelphia Semiconductor Index +6.85%
  • Easing U.S.–Iran tensions sent oil plunging
  • Foreigners were net buyers for the first time in eight sessions
  • Buy-side volatility interruptions triggered in both KOSPI and KOSDAQ shortly after the open

11.11WED

+2.60%

63.2% of stocks advanced
  • CoreWeave results
  • Semiconductor exports, November 1–10 +331.2%
  • Outweighed a hotter-than-expected U.S. inflation print

11.12THU

-0.61%

30.0% of stocks advanced
  • Reports that Nvidia's board was considering replacing its CEO
  • Financial stocks weakened
  • Options expiration

11.13FRI

-0.98%

49.6% of stocks advanced
  • First Korean session after Jensen Huang's resignation was announced
  • KOSPI topped 5,500 intraday, then foreign investors switched to net selling
  • Nearly half of stocks advanced despite the index decline; weakness in a few heavyweight chip names pulled the benchmark down

+230.84p

The KOSPI ended the week this many points above its November 6 close. Its daily absolute moves summed to about 482 points. It recovered roughly 34% of the previous week's 671-point loss.

WHO BOUGHT AND SOLD? · FIVE-DAY KOSPI TOTAL

Foreign investors bought on three days and sold on two, leaving only a marginal weekly net inflow.

Foreign investors+KRW 135bn

Three sessions, November 10–12: +KRW 1.379tn; November 9: −KRW 693bn; November 13: −KRW 551bn

Institutions+KRW 47bn

November 10: +KRW 498bn; net sellers on November 11 and 12

Retail investors−KRW 2.732tn

Net sellers on November 9–12; heaviest selling on November 10: −KRW 1.340tn

Other corporations, etc.+KRW 2.550tn

Comparable in size to retail selling; estimated as the balancing figure against the combined flows of foreigners, institutions and retail investors

LAST WEEK'S QUESTIONS: THE SCORECARD

Did Korean semiconductor shares begin to recover?

Met

Semiconductor Top 15: 6,520.65 → 7,340.39 (+12.57%); comfortably above the 0% threshold

Still to recover: only about 54% of the previous week's drop was erased. Relative to the October 30 close, the index was still -8.65%

Did foreign selling ease and turn into spot-market buying?

Met

Five-session total: +KRW 135bn; marginally above zero

Caveat: too small to call a sustained return of buying; continuity remains to be seen Q3

Did October U.S. core inflation slow as expected?

Partially met

Core CPI rose 0.3% month on month (consensus: 0.2%); a 0.3% reading qualified for a partial pass

Broader pressure: headline CPI was 0.4% (consensus: 0.3%), keeping rate concerns alive Q2

LAST WEEK'S SECTOR RANKINGS · ONE WEEK LATER

Top two correct

Ranks 1–2: Semiconductor Top 15 +12.57%; AI Power Infrastructure +9.09%; both beat the KOSPI

Ranks 3–5: Battery Top 10 +1.43%; Gaming Top 10 -9.26%; Financials +2.13%

NOW BEHIND US
  • October U.S. CPI and PPI releases
  • CoreWeave earnings
  • Options expiration
STILL AHEAD
  • Nvidia results and the leadership vacancy
  • Anthropic's listing
  • Size of the Fed's December rate hike
  • November 26 Bank of Korea rate decision
02FRIDAY NIGHT · NOVEMBER 13 U.S. REGULAR SESSION

After Korea's closing bell:
the numbers Monday's open must absorb

Korean equities had already absorbed Nvidia's November 12 U.S. plunge and 10-year yields at 5.10%. Friday's PPI release and further chip-stock weakness came after Korea's close, ahead of Monday's open.

U.S. EQUITIES

Chip stocks dragged the market lower on Friday

Indexes

  • Nasdaq -0.91%
  • S&P500 -0.40%
  • Dow Jones +0.10%

Semiconductors

  • AMD -8.75%; Broadcom -4.76%
  • Nvidia -2.01%($162.85)
  • Initially rose after PPI, then reversed on semiconductor selling

The week

  • S&P 500, about +2.5%
  • Nvidia, about -13%— its worst weekly drop since April 2025
  • Nvidia fell for a sixth consecutive week

INFLATION AND RATES

Inflation undershot forecasts; yields stayed above 5%

Inflation

  • PPI rose 0.3% month on month, versus 0.4% expected
  • The 6.5% year-on-year increase was the highest since November 2022
  • Core PPI came in at 0.3%, in line with forecasts

Treasuries

  • Despite the softer PPI, the 10-year yield closed above 5%
  • Weekly trajectory: 03 Q2

Federal Reserve

  • Chicago Fed President Goolsbee said there was clearly still work to do on inflation

NVIDIA FALLOUT

Analyst downgrade; earnings remain on schedule

Resignation

  • Accepted by the board November 11; announced November 12 U.S. time
  • CFO Colette Kress is serving as interim CEO; no permanent successor yet

Analysts

  • HSBC downgraded Nvidia to Hold
  • Citing likely pressure on the shares until a permanent CEO is named

Succession

  • Reports say the board approached Arm CEO Rene Haas
  • The company says it is still selecting a search firm

Earnings

  • November 17 after the U.S. close, as scheduled. Watch for: 03 Q1
03THREE QUESTIONS FOR NEXT WEEK

Nvidia will test the chip rally;
retail sales and Fed minutes will steer yields

Q1 and Q3 cover the full November 16–20 Korean trading week. Q2 is scored against the U.S. Treasury's November 20 published yield.

Q1

After Nvidia reports,
can Korea's chip rally hold?

The starting point is high; Nvidia's outlook needs to support it

Scoring: weekly percentage change in the KRX Semiconductor Top 15 index at the November 20 close

Not metPartially metMetNovember 13 close
-5%⁠·⁠6,973.370%⁠·⁠7,340.39
WATCH LIST
  • Around 06:20 KST, November 18Nvidia fiscal Q3 earnings; conference call at 07:00 KST
  • November 19 U.S. sessionAnthropic's targeted Nasdaq trading debut
  • November 16 openAbsorbing Friday night's declines in AMD and Broadcom02

Nvidia's numbers

  • Consensus revenue: roughly $109bn
  • Company guidance: $108bn
  • First earnings presentation under interim CEO Kress
  • Forward guidance matters more than the reported quarter
  • Watch whether the leadership transition has disrupted customer orders or supplier allocations

Anthropic

  • IPO price expected to be set on November 18 U.S. time
  • Indicated price range: $70–$78
  • At the top of the range, the estimated equity value is about $1.4tn
  • Around $1.0tn using shares outstanding
  • First full Korean-market reaction: November 20

Potential support

  • November 1–10 semiconductor exports hit a record $16.63bn (Daishin Securities)
  • No order cuts so far (SK Securities)
  • Memory companies' 12-month forward P/E: Samsung Electronics 3.3x, SK hynix 2.9x (SK Securities)
SIGNS THE RECOVERY IS HOLDING
  • Nvidia's next-quarter guidance meets or beats consensus
  • Anthropic trades above its IPO price on debut
  • Foreign investors resume net buying SK hynix
WHAT COULD SEND IT LOWER
  • Nvidia lowers guidance or flags reduced supplier allocations
  • Anthropic prices below the indicated range
  • Semiconductor Top 15 breaks below 6,973.37
Q2

Will the U.S. 10-year yield
fall back below 5%?

Starting above 5%, with a week to move +29 bp

Scoring: U.S. Treasury's November 20 published 10-year yield. Cross-check with the 2-year yield and implied probability of a 50-basis-point December hike.

MetPartially metNot metNovember 13 reading
5.00%5.15%
WATCH LIST
  • 02:00 KST, November 17Fed Chair Warsh opens the Fed's AI productivity event (November 16 U.S. morning)
  • 22:30 KST, November 17October U.S. retail sales
  • 04:00 KST, November 19Minutes of the October FOMC meeting
OCTOBER RETAIL SALESCONSENSUS
Month on month0.0%
Excluding autos+0.4%

Consensus figures reflect market estimates compiled in news reports

$850m

CoreWeave's Q3 net interest expense — around 23% of quarterly revenue of $3.66bn
CoreWeave generated $210m of operating profit on $3.66bn in revenue, but net interest expense of $850m contributed to a $710m net loss
AI demand is expanding, but so is the cost of financing that growth. High rates make the burden heavier.

This week

  • October CPI came in hotter than expected on November 10; see the scorecard in 01
  • Fed Governor Waller said a 50-basis-point hike was under consideration
  • The 10-year yield moved above 5%, hitting 5.10% on November 12

Federal Reserve

  • December 8–9 meeting, U.S. time
  • A 25-basis-point hike is almost fully priced in
  • Implied odds of a 50-basis-point hike fluctuated from around 10% to the mid-teens

Minutes

  • Record of October's decision to hold rates steady
  • Will show how far apart policymakers were on the size of December's increase

South Korea

  • Bank of Korea Monetary Policy Board, November 26
  • Daishin, iM and SK Securities expect a November hike to 3.25%, followed by a peak at 3.50% next year
SIGNS THE RALLY CAN HOLD
  • Retail sales fall short of expectations
  • Minutes show caution on the pace of hikes
  • U.S. 2-year yield declines
DOWNSIDE RISKS
  • Retail sales beat forecasts
  • Minutes signal discussion of successive hikes
  • 10-year yield rises above 5.15%
Q3

Will foreign investors
keep buying Korean shares?

This week's net inflow was marginal; Friday's selling took us almost back to square one

Scoring: sum of KOSPI foreign-investor net flows for November 16–20, based on five sessions of KRX data

Not metPartially metMet
−KRW 1tn0

This week's total: +KRW 135bn; daily breakdown: 01

WATCH LIST
  • November 18 and 20Foreign-investor flows after Korea digests Nvidia and Anthropic news
  • All five sessionsUSD/KRW and KOSPI 200 futures flows
  • November 18–19Possible selling of existing holdings to fund Anthropic IPO subscriptions (flagged by IBK Securities last week)

Korea's weight in the MSCI Emerging Markets Index (Daishin Securities)

24.9%→17.2%

Estimated change, June 18 → November 6; now below China's 22.0% weight

This week

  • On November 11, foreign buying was concentrated in Samsung Electronics and SK hynix
  • On November 13, SK hynix was foreign investors' most heavily sold stock

Who was selling?

  • UK-linked accounts represented 45.6% of the KRW 214.0tn in foreign selling over January–September
  • Daishin estimates that roughly half the capital routed through UK accounts originated outside the UK, with deleveraging a possible driver

Conditions for a return

  • If annualized market volatility falls to 35%, potential re-entry could theoretically reach KRW 121tn (Daishin Securities)
  • Foreign flows could turn positive in the first half of next year after U.S. 10-year yields peak (Daishin Securities)
SIGNS THE RALLY CAN HOLD
  • A stronger won
  • Net buying in both cash equities and futures
  • A lower U.S. 10-year yield
DOWNSIDE RISKS
  • Repeated daily foreign selling exceeding KRW 500bn
  • Further increases in U.S. 10-year yields
  • Selling around Anthropic's offering
04SECTOR MAP

Start with semiconductors;
then watch how a U.S. grid bill and 5% yields split the field

The ranking reflects which catalysts arrive first next week. Nvidia's outcome could also set the direction for the other four groups.

NEXT WEEK'S PRIORITY ORDER
  1. 1

    Semiconductors, equipment and componentsTop 15 +12.57%

    CATALYSTNvidia on November 18; Anthropic on November 19

  2. 2

    Power grids and cablesAI Power Infrastructure +9.09%

    CATALYSTU.S. Senate transmission-grid bill

  3. 3

    Financials and high dividendsKOSPI Financials +2.13%

    CATALYSTA 5% yield environment; BOK meeting November 26

  4. 4

    Gaming, telecoms, consumer staplesGaming Top 10 -9.26%

    CATALYSTThe other side of the chip rebound

  5. 5

    KEPCO and utilitiesElectricity and Gas -6.44%

    CATALYSTEarnings shock and wholesale power prices

TOP PRIORITY

Semiconductors, equipment and components

Regulatory worries have only partly eased. Can Nvidia's outlook keep the rebound intact?

Equipment stocks outperformed large memory producersWeekly returns (%) · November 6 to November 13 closes · Three major equipment names versus the AI Semiconductors index +18.61%

Regulation

  • The U.S. Senate's first procedural steps on a transmission and cost-sharing bill eased some concerns. See the power-grid section for the vote counts.
  • Texas will decide when to lift its data-center permitting pause after state grid and water-resource reviews are completed
  • The grid operator targets December 10 for its final report

Overhangs

  • Nvidia's leadership vacancy and analyst downgrades;02
  • foreign selling of SK hynixQ3

What to watch next week

  • Whether big memory shares and equipment/component makers rise together after Nvidia's results
  • Broad participation would signal a more durable recovery
  • If only one group holds up, upside may be limited
WHAT BROKERS ARE SAYING
The valuation case

Eugene Investment & SecuritiesEven assuming a 2018-style earnings collapse, 2028 book value per share could roughly match today's stock price

Hana SecuritiesNew fabs coming online next year require more than a year of equipment installation, pushing meaningful supply additions beyond 2028

SK SecuritiesNo order cuts; five-year long-term supply agreements are reportedly under discussion

The case for patience

Daol Investment & SecuritiesForward P/Es around 3x look cheap, but catalysts are lacking; wait for early-December events before raising exposure

Kyobo SecuritiesOf roughly 23 GW of unbuilt data-center projects, 57% are in high-regulatory-risk areas; avoid chasing the rally before Anthropic's listing

Key assumptionEarnings upgrades are confined to semiconductors. Nineteen of the other 25 sectors saw cuts (Kiwoom Securities). If chip earnings expectations roll over, broader index support weakens too.

The four sectors beyond semiconductors:
two gaining ground, two losing it.

LEGISLATIVE CATALYST

Power grids and cablesAI Power Infrastructure +9.09%

This week

Prior week: -12.53% ; roughly 60% of the prior decline recovered. The Senate advanced only procedural votes: 73–25 on cloture on November 9 U.S. time, then 62–21 to proceed on November 10.

Why it matters

The bill would require data centers to share grid costs and could shorten transmission permitting from six to ten years to about two (DS Investment & Securities). Hanwha Investment & Securities favors cables as the top play, with power equipment and cables showing the sharpest upside.

The estimate

Assuming passage, DS Investment & Securities forecasts U.S. transmission-grid demand to rise next year by +50% .

Next steps

After a judicial confirmation vote at or after 07:30 KST on November 17 (November 16 U.S. afternoon), another cloture vote on a substitute amendment is expected. Final Senate passage and House action would still be required. Watch U.S. power-equipment contract disclosures.

Risk

The bill fails or stalls. Hanwha notes that new data-center rules may not take effect until January next year at the earliest.

A DEFENSIVE PLAY WITH YIELDS AT 5%

Financials and high-dividend sharesKOSPI Financials +2.13%

This week

KB Financial Group: +5.30%; Financial High Dividend Top 10 on November 13: +2.87%, the day's leading theme

Why it matters

Kyobo Securities expects the nine financial holding companies to earn KRW 25.1tn next year (+19.0%), favoring Shinhan Financial Group and KB Financial. Net interest income should remain resilient if rates stay high.

What to watch

Whether U.S. 10-year yields stay above 5%; the November 26 BOK meeting; and whether financials remain strong if chips resume rallying

Risks

SK Securities sees little scope for Q4 net interest margin improvement as funding costs rise. A KRW 1.6265tn cartel fine on 15 primary dealers in Korean government bonds primarily weighs on securities firms.

LAST WEEK'S DEFENSIVE HOLDOUTS

Gaming, telecoms and food producersGaming Top 10 -9.26%

This week

Food, beverages and tobacco: -4.85%; IT Services: -2.47%; Telecommunications: +0.62%

Why the reversal?

As last week's Weekly warned, sectors that lost less during the selloff underperformed once chips bounced back

Remaining catalysts

The three major telecom operators' Q3 operating profit: +81.1%(Yuanta Securities). Hana Securities sees potential benefits for wireless-equipment suppliers if SpaceX enters Korea's 5G market.

Watch for

Whether the rotation repeats if chips rally again after Nvidia's earnings

THE EARNINGS SHOCK

KEPCO and utilitiesElectricity and Gas -6.44%

This week

KEPCO on November 13: -9.79%; Q3 operating profit of KRW 1.6441tn, down -70.9%

Why it matters

Weekday system marginal prices (SMP) rebounded toward KRW 150/kWh. Hana Securities sees a possible return to quarterly losses at KEPCO in Q4.

What to watch

The SMP trend and the timetable for introducing regional electricity pricing

Risk

Hana says regional pricing would apply to existing generating facilities as well, generally hurting power producers

05NEXT WEEK'S CALENDAR · KOREA STANDARD TIME

From Tuesday night's retail sales
to Friday's first Korean session after Anthropic's debut

11.16MON

  • Absorbing Friday night's U.S. chip weakness and PPI release
  • ASEAN Summit (November 16–18)

11.17TUE

  • 02:00Fed Chair Warsh opens the Fed's AI productivity event (November 16 U.S. morning) Q2
  • After 07:30U.S. Senate cloture vote on the grid bill following a judicial confirmation vote (November 16 U.S. afternoon) Sectors
  • 22:30October U.S. retail sales Q2
  • NIGHTHome Depot and Disney earnings (November 17 U.S. time)

11.18WED

  • Around 06:20Nvidia Q3 earnings; 07:00 conference call Q1
  • APEC Summit (November 18–19, Shenzhen); U.S.–China leaders' meeting under discussion

11.19THU

  • Korea's college entrance exam day: regular trading 10:00–16:30; Nextrade premarket closed
  • 04:00October FOMC minutes Q2
  • NIGHTWalmart earnings (before November 19 U.S. open)
  • Anthropic IPO price expected to be set November 18 U.S. time
  • NIGHTTarget date for Anthropic's Nasdaq trading debut Q1

11.20FRI

  • 09:00First Korean session to absorb both Nvidia and Anthropic developments
  • Scoring date for Q1 and Q3

11.23~NEXT

  • November 26: BOK meeting and U.S. Thanksgiving holiday; December 8–9: Fed meeting (U.S. time)
QUESTIONS TO SCORE IN NEXT WEEK'S WEEKLY
Q1

Does Korea's chip rally hold after Nvidia's results?Semiconductor Top 15: weekly gain of 0% or more = met; decline of up to 5% = partial; decline greater than 5% = not met

Q2

Does the U.S. 10-year yield fall back below 5%?November 20 U.S. Treasury reading: below 5.00% = met; 5.00%–5.15% = partial; above 5.15% = not met

Q3

Do foreign investors continue buying?November 16–20 KOSPI foreign flows: net buying or flat = met; net selling up to KRW 1tn = partial; selling beyond KRW 1tn = not met

THE WEEK'S FINAL THOUGHT

Even with semiconductors leading the rebound, the KOSPI ended the five sessions still about 440 points below its October 30 close.
Next week asks whether chips can hold up after Nvidia, how long U.S. yields remain above 5%, and whether foreign investors return.

Data

Data and Sources
Weekly indexes ·November 9–13
INDEXNOV 6 CLOSENOV 13 CLOSEWEEKLY CHANGE
KOSPI5,059.695,290.53+4.56%
KOSDAQ644.27699.66+8.60%
DATEOPENCLOSECHANGESHARE ADVANCING
11/95,034.205,018.85-0.81%37.8%
11/105,247.225,239.13+4.39%78.8%
11/115,209.715,375.36+2.60%63.2%
11/125,385.945,342.73-0.61%30.0%
11/135,452.415,290.53-0.98%49.6%

KOSDAQ, daily:-0.82%⁠·⁠+4.48%⁠·⁠+5.62%⁠·⁠-1.22%⁠·⁠+0.45%

Trading valueKOSPI KRW 17.2599tn;KRW 16.1788tn;KRW 16.2982tn;KRW 20.5676tn;KRW 15.9509tn;daily average KRW 17.2511tn

Market-wide volatility controlsNovember 10, 09:06: KOSPI buy-side program trading halt;09:10: KOSDAQ buy-side program trading halt;November 11, 11:28: KOSDAQ buy-side program trading halt

Total daily movementSum of absolute daily point moves: 482.18

Weekly stocks ·Semiconductors and large caps
STOCKNOV 6 CLOSENOV 13 CLOSEWEEKLY CHANGE
Samsung Electronics preferred150,300170,500+13.44%
Samsung Electronics188,700206,000+9.17%
SK hynix1,132,0001,216,000+7.42%
KB Financial Group151,000159,000+5.30%
SK Square724,000762,000+5.25%
Samsung Electro-Mechanics870,000855,000-1.72%
Hyundai Motor279,500269,500-3.58%
LG Energy Solution337,500324,500-3.85%
Samsung Biologics1,516,0001,411,000-6.93%
Weekly investor flows ·KOSPI net buying
DATEFOREIGNINSTITUTIONALRETAILOTHER CORPORATIONS, ETC.
11/9−KRW 693bn+KRW 720bn−KRW 489bn+KRW 462bn
11/10+KRW 353bn+KRW 498bn−KRW 1.340tn+KRW 489bn
11/11+KRW 655bn−KRW 482bn−KRW 716bn+KRW 543bn
11/12+KRW 371bn−KRW 691bn−KRW 204bn+KRW 524bn
11/13−KRW 551bn+KRW 2bn+KRW 17bn+KRW 532bn
TOTAL+KRW 135bn+KRW 47bn−KRW 2.732tn+KRW 2.550tn

FuturesForeign investors' five-session KOSPI 200 futures flow: +KRW 659bn⁠·⁠Institutions: −KRW 575bn

KOSDAQForeign: −KRW 783bn⁠·⁠Institutional: +KRW 806bn⁠·⁠Retail: −KRW 30bn

Weekly sectors ·Thematic indexes
CATEGORYNAMEWEEKLY CHANGE
KOSPI sectorMedical and precision instruments+23.20%
KOSPI sectorElectrical and electronic equipment+7.60%
KOSPI sectorMachinery and equipment+6.83%
KOSPI sectorConstruction+4.78%
KOSPI sectorFinancials+2.13%
KOSPI sectorTelecommunications+0.62%
KOSPI sectorSecurities+0.29%
KOSPI sectorInsurance-1.40%
KOSPI sectorPharmaceuticals-2.36%
KOSPI sectorIT Services-2.47%
KOSPI sectorFood, beverages and tobacco-4.85%
KOSPI sectorElectricity and gas-6.44%
KRX thematic indexAI Semiconductors+18.61%
KRX thematic indexSemiconductor Top 15+12.57%
KRX thematic indexAI Power Infrastructure+9.09%
KRX thematic indexK-AI Semiconductor Top 2++8.94%
KRX thematic indexK-AI Defense Top 5++7.26%
KRX thematic indexInternet Top 10+3.93%
KRX thematic indexShipbuilding Top 10+2.32%
KRX thematic indexBattery Top 10+1.43%
KRX thematic indexFinancial High Dividend Top 10+0.99%
KRX thematic indexBiotech Top 10-3.84%
KRX thematic indexGaming Top 10-9.26%

Among KOSDAQ sectors, nonmetallic minerals: +24.60%⁠·⁠; machinery and equipment: +18.05%

Sources ·Data methodology

Index levels;market breadth;trading value;investor flows;futures;based on KRX regular-session close data (November 10–13 figures finalized at 15:38 KST);November 9 investor flows derived by subtracting November 10–13 from the five-day KRX total;investor amounts rounded to the nearest KRW 1bn;foreign investors include the 'other foreign' category;November 13 foreign net flow of −KRW 551bnuses the same 15:38 cutoff as the other four sessions;the November 13 Daily used −KRW 547.5bnfrom end-of-session news reports, a KRW 3.5bn difference;

other corporations, etc., are estimated as the balancing figure against foreign,institutional andretail flows;breadth is advancing stocks (including limit-up shares) divided by all issues, including unchanged stocks;the November 9 breadth ratio and trading value come from that day's Daily, with trading value taken from Naver Pay Securities at 15:38 KST

Sector andthematic weekly returns calculated from November 6 and 13 KRX index closes (levels displayed on Toss Securities charts);prior-week values from last week's Weekly;individual stocks use regular-session closes on November 6 and 13;the three semiconductor-equipment names use Daum Finance daily prices (KRX closing prices);market caps calculated using listed share counts from the same provider

Daily catalysts:Snowshagal Daily reports for November 9–13 and their cited sources;volatility-halt times sourced to the November 10 and 11 Dailies

Grading last week's questions:Semiconductor Top 15 and KOSPI figures use KRX closes;U.S. October CPIand PPIare from the Bureau of Labor Statistics;PPI consensus from CNBC;TheStreet⁠·⁠U.S. 10-year Treasury yields from the Treasury's daily yield tables;⁠·⁠October 30 Semiconductor Top 15 and KOSPI closes from last week's Weekly

November 1–10 semiconductor exports from Korea Customs Service(as republished by the KDI Economic Information Center);CoreWeave Q3 results from the company release;⁠·⁠U.S. Senate votes from the records for November 9 clotureand the November 10 motion to proceed; records;the cited H.R. 2347 was originally a tax bill used as a legislative vehicle for the transmission-permitting measure (BAAJA);the scheduled November 16 U.S. vote from the Senate floor schedule;⁠·⁠Texas permitting pause and December 10 report target from White & Case andData Center Dynamics;easing U.S.–Iran tensions and the November 10 oil selloff from KB Securities' closing commentary;Korea JoongAng Daily

November 13 U.S. markets:index data from TradingKey;AMD⁠·⁠Broadcom andNvidia price moves from StockTitan;Nvidia's closing price and six consecutive down weeks from Bloomingbit;weekly S&P 500 return and Nvidia weekly drawdown from TheStreet;Goolsbee remarks from TheStreet;HSBC downgrade from MarketDailyTape (citing CNBC);resignation accepted November 11 and announced November 12 from Nvidia's securities filing;⁠·⁠succession reporting and company response from TheStreet (citing the Financial Times);earnings schedule unchanged, per Market Inks

Next week's calendar:Nvidia release time from IssueOn;FourWeekMBA⁠·⁠consensus Nvidia revenue from The Globe and Mail (LSEG);company revenue guidance from Nvidia's second-quarter earnings release;⁠·⁠Anthropic indicated IPO range and share count from the second amended registration statement;⁠·⁠approximately $1.4tn fully diluted equity value and timetable from CNBC;investingLive⁠·⁠retail sales calendar from The Globe and Mail;retail sales consensus from FXStreet;FOMC minutes schedule from Kiplinger;Warsh's opening remarks at 09:00 U.S. local time from the San Francisco Fed event schedule;Home Depot,Disney andWalmart earnings schedules from TheStreet;APEC and ASEAN coverage from Aju News andE Today;revised Korean trading hours for the college entrance exam from the KRX's November 5 notice

Fed December hike probabilities:November 10: 90.5% for 25bp and 9.5% for 50bp, per SBS Biz;84.7% and 11%, per Bloomingbit;mid-teens probability in local coverage on November 13, citing Eugene Investment & Securities' Eugene's FICC Update

Sell-side research (broker, report title, release date,and cited claim):Daishin Securities, “Quentin's Strategy: A Lift from CoreWeave and Anthropic Despite Tightening Risks” (November 11; record $16.63bn of semiconductor exports, November 1–10);iM Securities, “The AI Investment Cycle: Concerns Versus Reality” (November 12; semiconductor exports up 331.2% year on year);SK Securities, “CoreWeave Eases Some Concerns; Order Cuts Have Not Materialized” (November 12; no order cuts, five-year supply agreements under discussion, 12-month forward P/E of 3.3x for Samsung Electronics and 2.9x for SK hynix);Eugene Investment & Securities, “A Lot Is Already Priced In” (November 12; stress test using a 2018-style selloff);Hana Securities, “Semiconductors In Depth: Capacity Is Struggling to Keep Up With AI Demand” (November 12; more than a year for new-fab equipment installation);Daol Investment & Securities, “Market Weekly Check ME Up! — Second Week of November” (November 13; wait for catalysts before increasing exposure);Kyobo Securities, “Semiconductors at the Hour Between Dog and Wolf” (November 9; 13 GW of roughly 23 GW unbuilt capacity is in high-regulatory-risk areas);Kiwoom Securities, “Q3 Earnings Season Review: Chip Concentration Persists, Earnings Surprises Fade” (November 12; earnings cuts in 19 of 25 sectors);

DS Investment & Securities, “BAAJA Clears Procedural Votes: What Comes Next?” (November 11; Senate cloture 73–25; transmission permitting could fall from six–ten years to around two);DS Investment & Securities, “The Conditions for Power Supply” (November 10; conditional forecast of 50% growth in 2027 downstream demand if the bill passes);Hanwha Investment & Securities, “Orange Strategy: A Visible Path Out of Bottlenecks” (November 11; extension of Texas's existing pause; cables as the top pick);Hanwha Investment & Securities, “Data-Center Regulations Are Priced In; Equipment Recovery Awaits Major Orders” (November 6; rules unlikely before January 2027);Kyobo Securities, “2027 Bank Outlook: Dividend Stories Shine Under Pressure” (November 11; KRW 25.1tn in net profit);SK Securities, “October Lending and Deposit Trends: Funding Mix Continues to Deteriorate” (November 12);SK Securities, “Banks and Brokers: KTB Primary-Dealer Cartel Fines” (November 12; KRW 1.6265tn across 15 firms);Yuanta Securities, “Telecom Weekly: Q3 Results and the Market's Focus on AI Data Centers” (November 11; combined operating profit of the three carriers up 81.1%);Hana Securities, “Telecom Services and Equipment Weekly: Catalysts Are Building” (November 12);Hana Securities, “Daily SMP Rise Confirmed in November” (November 13; SMP around KRW 150/kWh, possible Q4 loss at KEPCO);

Daishin Securities, “A Review of Foreign Selling: Re-Entry Scenarios Based on Volatility” (November 10; UK-linked accounts 45.6%, theoretical KRW 121tn in re-entry capacity at 35% volatility);Daishin Securities, “2027 Economic and Financial Market Outlook: From Setback to Opportunity” (November 10; Korea's MSCI EM weight; potential foreign net buying in H1 2027);Daishin Securities, “Weekly Rates and FX Outlook” (November 9);iM Securities, “Bond Brief: Equity Prices and Exports Are Different Things” (November 10);SK Securities, “BONDYSSEY: Lower, But Limited” (November 10; policy rate peaking at 3.50%);IBK Securities' warning of potential selling to fund Anthropic subscriptions was cited in last week's Weekly;All dates are report publication dates

Past reports:www.snowshagal.com