As the Frost Lifts, Two Trees Catch the Sun

DAILY MARKET NOTE / 21 OCT 2026

AI Earnings Lift the KOSPI 3%,
Yet Most Stocks Still Fall

The KOSPI (+3.29%) closed at 5,735.66, recovering 85% of October 20's 215.27-point loss in a single session. Its intraday low of 5,630.14 came just after the open, with the index never falling below the previous close. At 10:51 a.m., a buy-side sidecar trading curb briefly suspended program-buy quotations, the first such trigger in two months. The KOSDAQ (+1.38%) closed at 792.76.The U.S. chip benchmark's regular-session return was -0.29% in regular trading, but SpaceX's third-quarter results and Super Micro Computer's better-than-expected preliminary revenue, both released after the U.S. close, eased concerns about returns on AI investment, according to reports. Samsung Electronics: +5.67%; SK hynix: +5.81%Foreign investors swung to net buying of ₩660bn in KOSPI shares, according to KRX figures collected at 3:38 p.m., with purchases concentrated in Samsung Electronics and SK hynix. Retail investors sold a net ₩1.131tn.SK Inc., after Align's undervaluation claim: +12.62%; LIG Defense & Aerospace, after a DAPA bidding restriction: -9.03%

The index jumped more than 3%, but the broader market told a different story. Two chip giants accounted for most of the gain.

MARKET PATH / 01

+4.75%The KOSPI Climbed as Much as +3.29% Before Giving Back Gains to Close at

When did the rally peak, and where did momentum fade?

IN PLAIN ENGLISHThe index opened more than 2% higher, climbed nearly 5% in the morning and gave back part of its advance in the afternoon. As buying accelerated, the exchange temporarily suspended program-buy quotations for five minutes.

KOSPI · 09:00~15:30Opened at 5,666.34 → intraday low just after the open → buy-side sidecar at 10:51 → intraday high around 10:55 → 5,690–5,715 from 1 p.m. onward → closed at 5,735.66

OPEN5,666.34+2.05%

HIGH5,816.43+4.75%

LOW5,630.14+1.39%

CLOSE5,735.66+3.29%

THE READ

The KOSPI traded above the previous day's close throughout. The catalyst arrived after the U.S. market closed and was already reflected in the opening price; subsequent intraday buying added to those gains (interpretation).The rally peaked around 11 a.m., when the buy-side sidecar was triggered. Gains narrowed from more than 4% to around 2.5% before a modest late recovery. The KOSPI exceeded the October 19 close intraday but ended below it; the rebound did not fully restore the index to its level two sessions earlier.More stocks rose than on the previous day, but gainers still accounted for less than half the market. The KOSDAQ's advance was less than half the KOSPI's. Breadth improved, but the rally remained heavily concentrated in large chipmakers (interpretation).

OPEN · MORNING

+2.05% at the Open; Session Low Came Minutes Later

Opened at 5,666.34. A dip to 5,630.14 in the first five minutes (+1.39%) proved to be the session low; the index approached 5,750 around 9:25 a.m.Selling began around 9:45, bringing the index back near 5,680 between 10:00 and 10:05.

MIDDAY

Buy-Side Sidecar at 10:51; Session High Around 10:55

The KOSPI climbed again from around 10:10, reaching the 5,780 area by 10:40. At 10:51:56, a rise of more than 5% in KOSPI 200 futures triggered a buy-side sidecar, suspending the effectiveness of program-buy quotations for five minutes. Around 10:55, the index reached 5,816.43 (+4.75%), exceeding the October 19 close of 5,768.01.The index stood at 5,797.00 at 11:07 (reported), traded around 5,760–5,800 during the 11 a.m. hour, eased toward 5,730 around 12:30 and approached 5,690 around 1 p.m.

AFTERNOON

From 1 p.m., Mostly 5,690–5,715; a Late Return to 5,730

Between 1:00 and 2:50 p.m., the index stayed mostly in the 5,690–5,715 range. It moved back toward 5,730 after 3 p.m. and closed at 5,735.66, or 80.77 points below its high and 32.35 points below the October 19 close.The KOSDAQ opened at 793.40 (+1.46%), reached 803.68 at its high and 785.53 at its low, and closed at 792.76. KOSPI trading turnover totaled ₩17.1664tn, 107% of the October 20 level and 0.86 times the average of the preceding five sessions.

The line traces five-minute KOSPI chart intervals, with horizontal positions aligned to actual time. The confirmed values are the open, high, low and close; the timing of the high and low is based on five-minute bars. The sidecar trigger time and the 11:07 level come from news reports. Other intraday levels are approximate. The lower dashed line marks the prior close (5,552.74), and the upper one the October 19 close (5,768.01).

WHY / 02

Post-Close U.S. AI Results and a Tripling of Chip Exports Fueled a Narrow Rally in Semiconductor Heavyweights

What changed in just one day?

IN PLAIN ENGLISHAfter the U.S. closing bell, SpaceX posted third-quarter results far above expectations, while AI server maker Super Micro Computer reported preliminary revenue above forecasts. That eased some of the worries about AI investment payback that had dragged the KOSPI lower a day earlier, helping Samsung Electronics and SK hynix gain more than 5%. Reports also pointed to a tripling of semiconductor exports and some relief from oil and bond yields. But the rebound was concentrated in the biggest chip stocks.

U.S. After-Hours AI Results Lifted Korean Chip Giants

Earnings: SpaceX's third-quarter year-over-year revenue change was +161% year over year as the company swung to profit. Revenue from its AI business reached $7.56bn (+830%), making it its largest segment. Super Micro Computer released preliminary July–September revenue ahead of its formal earnings announcement (reported).

Released after the U.S. market close on Oct 20 · USD billions (reported)
Company	Reported	Consensus
SpaceXQ3 revenue	$14.58bn	$12.72bn
SupermicroJul–Sep preliminary revenue	$18.5bn–$19.5bn	$15.23bn

Timing matters: During the regular U.S. session, the -0.29% (11,283.81) and Micron -0.98% were lower, as was SK hynix's U.S.-traded -2.16% (reported). After the earnings releases, Supermicro rose more than 14% in after-hours trading, while Nvidia, AMD and Micron gained around 2% (reported). The information that moved Korean chip stocks emerged after the U.S. regular session ended.Korean semiconductors: Samsung Electronics (+5.67%) closed at ₩223,500; SK hynix (+5.81%) closed at ₩1,294,000. At 11:07 a.m., their respective gains had reached +7.21%⁠·⁠+8.18%, before the rally faded (reported).Brokerage views: Lee Kyoung-min of Daishin Securities cited SpaceX's plans to expand AI computing capacity, Supermicro's stronger-than-expected guidance and solid Korean semiconductor exports. Lim Jung-eun of KB Securities interpreted individual companies' earnings as beginning to reduce uncertainty about AI profitability (reported).The counterargument: Today's high profitability may depend on constrained chip supply and elevated rental rates. As supply catches up, the payback period on investment could lengthen. Supermicro's results also do not necessarily mean semiconductor demand is rising across the board (reported).

+5.81%SK hynix · U.S. regular-session depositary receipt: -2.16%, followed by today's Korean cash-market rebound

VIEW THE EVIDENCE

SpaceX: operating profit of $2.791bn; net profit of $4.404bn; adjusted EPS of $0.35 versus $0.13 expected. Musk said the payback period for AI capital spending could fall to six months next year (Opinion News).

Supermicro: raised its prior revenue guidance of $14.5bn–$15.5bn. Projected gross margin of 12%–12.5%, up from 10.4%–10.8% previously and versus 10.15% expected. After hours, Dell and HPE +3.5~4.9%; Nvidia +1.5% (NewsPim, 9:49 a.m. KST).

U.S. regular session, Oct 20 local time: Dow +1.02% · S&P500 +0.28%; Nasdaq -0.02%; VIX at 17.31 (Snowshagal data collection).

Also cited: reports that Chinese companies had received just 5%–10% of the Nvidia chips they ordered were seen as another indication of AI chip demand (EToday).

Chip Exports Tripled as Oil and Yield Pressures Eased

Exports: semiconductor shipments more than tripled year over year, accounting for 44.7% of all exports. There were 13.0 working days this year versus 10.5 a year earlier, so growth per working day was slower than the headline increase (reported).

Provisional Korea Customs Service figures, Oct 1–20 · USD billions (reported)
Category	Value	YoY change
Total exports	$61.61bn	+105.4%
Semiconductors	$27.52bn	+222.5%
Exports per working day	$4.74bn	+65.9%

Oil and yields: November WTI futures settled at $101.79 (-1.80%; the contract expired that day), while December Brent settled at $108.79 (-0.69%). Reports cited Iran's discussions with Pakistan over a mediation proposal involving the U.S. as a possible factor. The U.S. 10-year Treasury yield fell to 5.12% from 5.15% on October 19, down 3 basis points (U.S. Treasury daily rates).Dip buying: Reports also pointed to bargain hunting following the previous day's 3.73% selloff. The Dow and S&P 500 rose during the U.S. regular session.What we can establish: It is difficult to isolate how much each of these three developments contributed to the index gain. The concentration in large chip stocks points more strongly to the semiconductor catalyst discussed above (interpretation).

+222.5%Semiconductor exports, Oct 1–20:

VIEW THE EVIDENCE

Trade figures: imports totaled $47.117bn (+42.8%), leaving a trade surplus of $14.496bn. Exports per working day had averaged $2.86bn a year earlier. Semiconductors' share of total exports rose 16.2 percentage points year over year (EToday; Asia Economy).

USD/KRW: ₩1,325.2 per dollar at 3:30 p.m. (-₩2.9), with an intraday range of ₩1,322.8–₩1,329.3. This was the lowest since October 2, 2024 (close: ₩1,319.3). Exporters' dollar selling and foreign selling of dollar futures continued (EToday).

MONEY / 03

Foreign Investors Returned to Net Buying,
Concentrated in Two Chip Stocks

Who moved the index today?

IN PLAIN ENGLISHForeign investors turned net buyers after a single day, concentrating purchases in Samsung Electronics and SK hynix. Retail investors were net sellers of those same shares. Foreign investors continued to sell index futures, however, so the swing was not an across-the-board return to buying.

Foreign investors · KOSPI cash equities · KRX data collected at 3:38 p.m.

+₩660bn

From net selling of -₩530bn on October 20 to net buying today; foreign investors had been net buyers from early in the session (Korea Herald Business, 9:51 a.m.).Institutions sold a net -₩72bn, close to balance. bought a net approximately +₩543bn (Snowshagal calculation), similar to October 19 and 20. Stock-level breakdowns are unavailable, so the extent of any overlap with share repurchases is unknown.Futures: Foreign investors sold a net futures worth -₩817bn, their second straight day of net selling (October 20: -₩351bn), opposite to their cash-equity position.

Net purchases by stock · Snowshagal data collected at 3:51 p.m. · regular session · ₩100m
Stock	Foreign	Institutional	Retail
Samsung Electronics	+4,722	+718	-5,305
SK hynix	+2,006	-185	-7,473
Samsung SDI	-781	-132	+967
Samsung Electro-Mechanics	-576	-102	+716

Across these four stocks, foreign and retail flows occupied the top two buying and selling ranks in opposite directions. Retail investors sold the two chipmakers bought by foreigners and bought Samsung SDI and Samsung Electro-Mechanics, which foreigners sold.

Net KOSPI buyersForeign · other corporations

Net KOSPI sellersRetail · institutions

DETAILED FUND FLOWS

Investor flows · KOSPI · comparison across data releases · ₩100m
Source	Foreign	Institutional	Retail
Herald Business9:51 a.m. report	+1,200	-400	-1,520
Digital Daily11:32 a.m. report	+3,145	+1,677	-9,737
KRXSnowshagal, 3:38 p.m.	+6,600	-720	-11,310
Dailian3:48 p.m.	+6,600	-722	-11,308
EToday3:55 p.m.	+4,659	+499	-10,545

Foreign-investor totals include the other-foreign-investor category. EToday reports net institutional buying, unlike the other figures; the cause cannot be determined because its reporting timestamp and market coverage are unspecified. The two intraday reports capture cumulative flows at the time, not transactions between those timestamps, and Digital Daily does not state the measurement time.
Other-corporation calculation: Net flows across all investor categories must sum to zero, so the other-corporation figure has the opposite sign to the combined foreign, institutional and retail total (-₩543bn). The same method gives +₩637bn for October 20 (reported: +₩636.7bn) and +₩549bn for October 19 (reported: +₩549.4bn), consistent with published figures.

Cross-check · combined KOSPI and KOSDAQ · ₩100m
Total	Foreign	Institutional	Retail
Sum of stock-level flows3:51 p.m.	+4,938	+331	-10,813
Investor-category total3:38 p.m.	+4,880	+330	-10,790

SK hynix: Foreign, institutional and retail flows summed to -₩565.2bn. The buyers of an equivalent amount must fall under other corporations or other remaining categories (Snowshagal calculation; the individual amounts by category are unverified). This follows net totals of -₩604.9bn on October 19 and -₩611bn on October 20, marking a third consecutive session of similar magnitude. SK hynix's disclosed repurchase period extends through November 19.
Other leading stocks, based on Snowshagal's 3:51 p.m. regular-session data: Foreign net purchases, ranks 3–5 — Hyundai Motor +₩21.8bn; Shinhan Financial Group +₩20.2bn; Hanwha Aerospace +₩16.5bn. Foreign net sales, ranks 3–5 — Daeduck Electronics -₩37.1bn; Samsung Electronics preferred shares -₩34.1bn; Seojin System -₩31.3bn. Institutional net purchases, ranks 2–4 — Samsung Biologics +₩24.8bn · LS ELECTRIC +₩22.2bn; Samsung E&A +₩20.6bn. Institutional net sales, ranks 1–2 — Hyundai Motor -₩34.3bn; Shinhan Financial Group -₩20.4bn. Retail net sales, rank 3 — LG CNS -₩25bn

Futures and program trading · ₩100m
Category	Oct 21	Oct 20
ForeignKOSPI 200 futures	-8,170	-3,510
InstitutionalKOSPI 200 futures	+3,520	+2,150
RetailKOSPI 200 futures	+3,310	+1,300
Program trades	-1,538	+478
Non-arbitrageProgram trades	+8,731	-2,775
TotalProgram trades	+7,193	-2,297

Program-trading data are for the regular-session close (3:35 p.m., October 21). At the won level: arbitrage -₩153.81955bn, non-arbitrage +₩873.09031bn, and total +₩719.27076bn. Futures figures are from KRX at 3:49 p.m. (₩1bn reporting increments). The buy-side sidecar was triggered at 10:51:56, with KOSPI 200 futures at 904.84 (+5.22%) (EToday), the first such trigger since August 20.
Five-session totals (October 15–21): KOSPI foreign investors -₩3.191tn; institutions +₩508bn; retail -₩515bn; foreign investors in KOSPI 200 futures -₩1.005tn (KRX, reported in ₩1bn units).
KOSDAQ: Institutions +₩105bn; foreign investors -₩172bn; retail +₩52bn (KRX data collected at 3:38 p.m.).
Short selling: Turnover in short sales of KOSPI-listed shares totaled ₩1.0197tn, against ₩1.1186tn on October 20, combining the KRX regular session and the NXT main market. SK hynix led at ₩144.6bn, followed by Samsung Electronics at ₩98.3bn and LG Energy Solution at ₩43.5bn (25.4% of turnover in that stock).

SECTOR / 04

Where the Strength Was — and Wasn't

The distribution of winners and losers matters more than the rankings

IN PLAIN ENGLISHThe index rose more than 3%, but only about four in ten KOSPI stocks advanced. That was a substantial improvement over the previous day, though still less than half. Semiconductor giants drove almost all of the gain. Defense, batteries and shipbuilding recovered only a small part of their previous day's losses. Internet, metals and dividend stocks declined.

STRONG

SKIndividual stock+12.62%

Medical & precision instrumentsKOSPI sector+5.44%

Electrical & electronic equipmentKOSPI sector+4.98%

Semiconductor Top 15KRX thematic index+4.06%

AI semiconductorsKRX thematic index+3.67%

WEAK

LIG Defense & AerospaceIndividual stock-9.03%

Internet Top 10KRX thematic index-2.05%

MetalsKOSPI sector-1.91%

TelecommunicationsKOSPI sector-1.66%

High-Dividend 20KRX–Akros index-1.26%

KOSPI advancers made up 40.7% of stocks, up 27.6 percentage points from 13.1% on October 20, but decliners still outnumbered gainers. On the KOSDAQ, the share rose from 18.1% to 48.1%.

Advancers and decliners · limit-up stocks included among advances
Market	Up	Down	Unchanged	Advancers
KOSPI	373	490	53	40.7%
KOSDAQ	835	802	100	48.1%

Scroll sideways to see all columns →

Seventeen of the KOSPI's 24 industry sectors rose.Semiconductors: Fourteen of the 15 Semiconductor Top 15 constituents rose, as did 16 of the 20 AI Semiconductor constituents. In the KOSPI electrical and electronics sector, 57 of 80 traded stocks advanced. SK Square +5.13%; Hanmi Semiconductor +1.55%; KOSDAQ equipment maker Jusung Engineering +3.48%; EO Technics +2.14%. Large-cap gains outpaced those of equipment and component suppliers.

Groups hit hard yesterday · closing-price changes
Index / stock	Oct 20	Oct 21
K-AIDefense Top 5+KRX thematic index	-9.88%	-0.28%
Hanwha Systems	-13.90%	+5.24%
Hyundai Rotem	-13.70%	+1.96%
Shipbuilding Top 10KRX thematic index	-6.89%	+1.38%
Secondary Battery Top 10KRX thematic index	-5.50%	+0.09%

LIG Defense & Aerospace (-9.03%) fell after DAPA decided on October 20 to bar the company from bidding for two years (the company plans to seek a court stay; reported).Market-capitalization contribution: Samsung Electronics, its preferred shares and SK hynix account for around half of the KOSPI's market value, yet contributed an estimated 84% of the day's increase in aggregate KOSPI market capitalization (Snowshagal calculation, not an official index-contribution measure). The rally's weight was concentrated in major chipmakers (interpretation).

Sector returns refer to KOSPI/KOSDAQ industry indices; thematic returns refer to KRX thematic indices; individual shares are measured by their closing-price changes. Different calculation methodologies make a single combined ranking inappropriate. SK Inc. and LIG Defense & Aerospace moved sharply on company-specific catalysts.

SECTOR DATA AND METHODOLOGY

Estimating market-capitalization gains: The three stocks added approximately ₩127tn (Samsung Electronics ₩70.1tn, SK hynix ₩51.9tn and Samsung Electronics preferred shares ₩5.1tn) out of an estimated ₩151tn increase in total KOSPI market capitalization (October 20 market capitalization of approximately ₩4,584tn multiplied by the 3.29% index gain), or around 84%. Their combined share of market capitalization on October 20 was approximately 49%. This is an approximate comparison of market-value changes, not the exchange's official index-point contribution.
Other chip stocks: Dongjin Semichem +5.11%; Wonik IPS +1.55%; Leeno Industrial -0.15% · K-AI. Seven of the ten constituents of K-AI Semiconductor TOP2+ advanced.
Weak spots: In KOSPI metals, only 15 of 60 stocks rose (Korea Zinc -0.33%; POSCO Holdings -0.33%). Telecommunications: KT -2.96%. Internet: Kakao -1.90% · NAVER +0.84%; KOSPI High Dividend 50 -0.91%; Financial High Dividend Top 10 -0.29%

Industry sectors · 20 common to both markets · sorted by KOSPI return
Sector	KOSPI	KOSDAQ
Medical & precision instruments	+5.44%	+0.93%
Electrical & electronic equipment	+4.98%	+1.70%
Manufacturing	+3.86%	+1.41%
Distribution	+2.17%	+0.43%
Construction	+2.12%	+0.19%
General services	+1.81%	+3.01%
Financials	+1.76%	+0.19%
Machinery & equipment	+1.09%	+1.90%
Pharmaceuticals	+0.87%	+0.58%
Chemicals	+0.85%	+1.14%
Transportation & warehousing	+0.61%	+0.31%
IT services	+0.40%	+0.48%
Transportation equipment & components	+0.21%	+0.52%
Food, beverages & tobacco	-0.13%	+0.17%
Nonmetallic minerals	-0.54%	+2.74%
Entertainment & culture	-0.79%	-0.76%
Paper & wood products	-0.85%	-1.18%
Textiles & apparel	-1.04%	+1.73%
Telecommunications	-1.66%	-0.98%
Metals	-1.91%	+1.06%

Sectors unique to one market: KOSPI securities +1.66%; electric power & gas +1.59%; insurance +0.90%; real estate +0.19%. KOSDAQ miscellaneous manufacturing +1.25%; publishing & media duplication -0.43%
. In KOSPI medical and precision instruments, six of eight stocks rose.

Thematic indices · Korea Exchange
Theme	Change
Semiconductor Top 15	+4.06%
K-AISemiconductor TOP2+	+3.95%
Blue Chip 25	+3.92%
AI semiconductors	+3.67%
K-AIBiotech KOSDAQ	+3.40%
Biotech technology licensing	+2.75%
Biotech Top 10	+1.56%
Shipbuilding Top 10	+1.38%
AI power infrastructure	+1.08%
K-AISecondary batteries	+0.50%
Secondary Battery Top 10	+0.09%
Electric Vehicle Top 15	+0.05%
K-AIDefense Top 5+	-0.28%
Gaming Top 10	-0.74%
BBIG	-1.15%
High Dividend 20	-1.26%
Internet Top 10	-2.05%

KOSPI top 10 by market capitalization · closing prices in KRW
Stock	Close	Change
Samsung Electronics	223,500	+5.67%
SK hynix	1,294,000	+5.81%
Samsung Electronics (preferred)	172,200	+3.80%
SK Square	779,000	+5.13%
LG Energy Solution	411,500	-0.60%
Samsung Electro-Mechanics	1,168,000	+1.13%
Samsung Biologics	1,417,000	+1.87%
Hyundai Motor	309,500	-0.16%
KB Financial Group	160,600	-0.19%
Samsung Life Insurance	245,000	+3.38%

Daily price limits: KOSPI one stock at the upper limit and none at the lower; KOSDAQ three at the upper limit and none at the lower. The advancer ratio counts stocks up or limit-up divided by all traded stocks, including flat, down and limit-down shares (KOSPI: 373/916; KOSDAQ: 835/1,737).
KOSDAQ turnover was ₩4.9264tn, or 0.89 times its preceding five-session average.
Constituent counts refer to stocks traded that day. Sector returns are market-cap-weighted index returns, not measures of net fund inflows by sector.

CHANGE / 05

Yesterday's Questions, Today's Answers

Checking the conditions set in the previous session

YESTERDAY → TODAY

Two of the three questions reached the second threshold. The index was lifted by chip heavyweights and foreign investors, while institutions had not yet turned net buyers (interpretation).

Samsung Electronics and SK hynix · number of stocks risingStage 1: at least one · Stage 2: both · Stage 2 met

0/2

→

2/2

KOSPI session low · at or above 5,493.24?Stage 2 also requires a higher close · Stage 2 met

5,493.24

→

5,630.14

Institutional KOSPI cash equities (KRX) · did net selling shrink?Stage 2 requires a shift to net buying · Stage 1 only

-₩1.005tn

→

-₩72bn

01: Samsung Electronics -2.98% → +5.67%; SK hynix -4.23% → +5.81%. 02: The session low was 136.90 points above the threshold. 03: KRX data collected at 3:38 p.m.; institutional net selling shrank 93% but did not turn to net buying.

CATALYST / 06

Align Puts SK’s Discount to NAV at 75%; Shares Jump 12%

One company-specific development that the market priced in today

SK Inc. · Align's remarks on Oct 20, U.S. local time

+12.62%

Activist manager Align Partners disclosed a 1.5% stake in SK and argued that its shares trade at an approximately 75% discount to net asset value.

WHAT · The announcement

Align Partners Asset Management CEO Lee Chang-hwan said at the 13D Active-Passive Investor Summit in the U.S. on October 20 that the fund holds 1.5% of SK Inc. The stake was described in remarks at the event, not in a regulatory filing (EToday).

TERMS · The valuation case

Align's calculations (EToday; Bloter)
SK estimate	Approx. ₩100tn
Market capitalization excluding treasury sharesOct 16	₩24.9tn
Discount to NAV	Approx. 75%
Estimated 2027 net income	₩24.4tn
Price-to-earnings ratioBased on projected 2027 earnings	Around 1x
SK Inc.'s stake in SK Square	32.2%
SK Square's stake in SK hynix	Approx. 20%
SK Inc.'s effective interest in SK hynix32.2% × approx. 20%	Approx. 6.5% Approx. ₩60tn

Align argues that SK hynix's value is discounted twice, first at SK Square and again at SK Inc. The roughly 1x P/E ratio is based on Align's own sum of earnings attributable to SK through its effective holdings in individual subsidiaries.

ASK · What Align wants

Citing SK Square's discount targets and shareholder-return record as a benchmark, Align argued that SK Inc.'s new value-enhancement plan, expected before year-end, should include an explicit NAV-discount target and even stronger shareholder returns. Commentary also suggested that changes in directors' fiduciary duties could become a means of pressuring the board (Bloter).

SHAREHOLDERS · What it could mean (interpretation)

The share-price move reflects expectations that an activist stake disclosure and specific demands may put pressure on SK's year-end value-up plan. A 1.5% stake is too small to influence management on its own. The next test is whether SK's new plan includes a discount target and shareholder-return measures.

MARKET · The reaction

SK Inc. closed at ₩482,000 (+12.62%); by 10:54 a.m., its gain had already reached +11.21% (reported). SK Square's gain was +5.13%, roughly in line with SK hynix (+5.81%). Other holding companies diverged: CJ rose, while LG and Hanwha fell (Pinpoint News, 3:22 p.m.).

NEXT / 07

What to Watch Next Session

Three tests for tonight and October 22

Can the chip giants extend their gains for a second day?

Judge by the October 22 regular-session close. Stage 1: at least one of Samsung Electronics or SK hynix closes higher. Stage 2: both close higher. Meta's results, due early October 22 in Korea, could further ease concerns about returns on AI investment.

Will more than half of KOSPI stocks advance?

Today's figure was 40.7%. Stage 1: the share of KOSPI advancers exceeds 50% on October 22. Stage 2: Stage 1 is met and the KOSPI itself closes higher. The ratio is stocks up, including limit-up shares, divided by all traded stocks.

Will foreign buying continue for a second day?

Today's cash-equity net buying: +₩660bn; futures net selling: -₩817bn. Stage 1: foreigners are net buyers of cash equities on October 22. Stage 2: Stage 1 is met and foreigners are also net buyers of KOSPI 200 futures. Check KRX snapshots at 3:38 p.m. and 3:49 p.m.

MORE DATES

Oct 21 U.S. local time: IBM and Texas Instruments earnings (after hours; relevant to the Oct 22 Korean session). Oct 22 U.S.: Western Digital earnings. Oct 23 U.S.: preliminary October Purchasing Managers' Index. Oct 26: planned Samsung Biologics union strike (subject to change; reported). 10/27~28U.S. Federal Reserve meeting. SK hynix's disclosed share-repurchase period runs through November 19.

Chip heavyweights recovered most of yesterday's losses, yet fewer than half of KOSPI stocks advanced. After Meta reports early October 22 in Korea, the next question is whether gains in the large chipmakers come with a genuinely broader market rally.

SOURCES · DATA NOTES

Report date: October 21, 2026. Index, sector and individual closing prices are from the KRX regular session.09:00~15:30Data cut-off:
Global news and indicators reflect public information available through 5 p.m. KST on October 21.
Domestic investor flows: KRX regular-session data collected by Snowshagal (3:38 p.m. for investor-category totals; 3:51 p.m. for stock-level data). After-market trading excluded.
Indices: KOSPI open 5,666.34, high 5,816.43, low 5,630.14 and close 5,735.66; KOSDAQ open 793.40, high 803.68, low 785.53 and close 792.76. Confirmed regular-session closing data collected by Snowshagal.
Intraday chart: Traces the KOSPI's regular-session five-minute chart, with horizontal positions reflecting time. Levels other than the confirmed open, high, low and close are approximate. Sidecar trigger time and conditions: EToday (3:55 p.m.). The 11:07 a.m. index and stock readings come from Digital Daily
Investor totals: KRX KOSPI market, collected at 3:38 p.m., with other-foreign-investor flows included in foreign totals. Stock-level flows: KRX investor-by-stock data collected at 3:51 p.m. Other-corporation total: Snowshagal calculation from the three principal investor groups. Cross-check of figures in ₩100m units: Dailian. Other reported figures: EToday. Intraday flows: Herald Business (9:51 a.m.)⁠·⁠Digital Daily (11:32 a.m.)
Futures and program trading: KRX KOSPI 200 futures investor totals collected at 3:49 p.m. (same timestamp for October 20); regular-session program-trading close data collected at 3:35 p.m. on October 21 and 3:32 p.m. on October 20. Five-session totals from KRX.
USD/KRW: ₩1,325.2 per dollar at 3:30 p.m., its intraday range, and the October 2024 comparison: EToday (3:58 p.m.)
Turnover: KOSPI ₩17.1664tn versus ₩15.9997tn on October 20, or 0.86 times the prior five-session average of ₩20.0065tn (October 14–20). Data collected at 3:38 p.m.
Short selling: KRX regular session plus NXT main market, combined. Data collected at 3:38 p.m.
Market breadth: final KRX numbers of advancing and declining stocks (4:26 p.m.); limit-up stocks recorded separately from ordinary advances.
Sectors and themes: KRX industry and thematic index closing returns and counts of advancing constituents. October 20 comparisons for the hardest-hit groups are that day's closing returns. Individual stock returns are based on Snowshagal-collected closing prices. The market-capitalization contribution estimate uses closing prices and market caps of leading KOSPI stocks.
U.S. markets: Dow, S&P 500, Nasdaq and PHLX Semiconductor Index closes for October 20 local time (Snowshagal data). U.S. 10-year Treasury yield from U.S. Treasury daily rates. Micron and SK hynix depositary receipts, oil prices (contract months checked against exchange expiry rules) and reports on Iran mediation from Herald Business. SpaceX results, after-hours reactions and cautionary views from Opinion News. Supermicro guidance from NewsPim
Brokerage commentary: Lee Kyoung-min from Jiksseol. Lim Jung-eun's interpretation, bargain-hunting explanations and reports about Nvidia supplies to China from EToday
Foreign trade: provisional Korea Customs Service data for October 1–20 from EToday⁠·⁠Asia Economy
SK Inc.: Align Partners' remarks and valuation claims from EToday. Effective ownership calculations, P/E methodology, activist demands and year-end value-up plan from Bloter. Movements in other holding companies from Pinpoint News
LIG Defense & Aerospace: DAPA's bidding restriction and the company's response from Special Times
Calendar: BOK rate expectations from Financial News (News1). Keynote timing from Nvidia GTC Berlin. U.S. earnings calendar from Financial News (weekly preview)⁠·⁠TokenPost. Samsung Biologics union schedule from Hankook Ilbo. SK hynix share-repurchase period from regulatory disclosures.