KOSPI: -1.46% to 5,469.47, its lowest close since April 6; KOSDAQ: -3.26%Just 11.0% of stocks advanced—fewer than on October 15, when the index fell -7.57%. All 24 KOSPI sectors finished lower.Friday's U.S. selloff and elevated oil prices drove the weak open, yet Japan's TOPIX finished +0.18%After Samsung Electronics and SK hynix completed their buybacks, KOSPI turnover fell to KRW 12.0108tn, the year's low.Foreign investors sold a net KRW 696bn; institutions bought a net KRW 611bn, concentrating their buying in the two chipmakers. SK hynix held up at -0.16%.
Japan had more winners than losers despite the same overseas headwinds. Most Korean stocks fell, with corporate buyback support already gone.
MARKET PATH / 01
A brief gain around 9:05 a.m.+0.28% marked the day's high. The market closed near its low.
When the rebound came, and where it failed
IN PLAIN ENGLISHThe index turned positive only briefly just after a lower open, early in the 9 a.m. hour.It fell toward 5,460 on three occasions, in the morning and around lunchtime.It recovered to roughly 5,540 around 2 p.m. before slipping below 5,500 near the close.
KOSPI · 09:00~15:30Lower open → brief 9 a.m. rally → three tests near 5,460 → 2 p.m. rebound to 5,540 → close near the day's low
OPEN5,499.05-0.92%
HIGH5,565.67+0.28%
LOW5,455.11-1.72%
CLOSE5,469.47-1.46%
THE READ
Brief uptickThe only move into positive territory came early in the 9 a.m. hour, around the time of reports about a possible SK hynix special dividend.CATALYST 06
Support testedThe index stopped around 5,455–5,465 three times; intraday selling never broke through 5,450.
Recovery stalledThe afternoon rally stopped about 10 points short of the previous close.
The closeRepeated rebound attempts failed to carry through; the index finished near the bottom of its daily range.
OPEN · MORNING
-0.92%The open: a session high around 9:05 a.m.
The index stayed below the previous close after roughly 9:35 a.m.It first slid toward 5,460 around 10:40 a.m.
MIDDAY
Around 11:50 a.m., the session low; back above 5,500 near 1 p.m.
It also held around 5,460 near 12:20 p.m.The intraday low, 5,455.11, was roughly 5 points above the April 6 close of 5,450.33.
AFTERNOON
The 2 p.m. rally topped out near 5,540; below 5,500 into the close
The index slipped below 5,500 around 2:50 p.m.KOSDAQ closed at 727.21, just 0.01 point above its intraday low of 727.20.
WHY / 02
Friday's U.S. selloff drove the weak open. In Korea, declines spread after corporate buybacks ended.
Why the market opened lower—and why the selling was so widespread
IN PLAIN ENGLISHThe weak open reflected Friday's U.S. losses amid high oil prices, inflation pressure and caution ahead of Big Tech earnings.Japan still had more gainers than decliners. Korea also faced the withdrawal of a significant source of buyback demand.
01
The opening pressure: oil, inflation and Big Tech earnings worries weighed on Friday's Wall Street session
OilBrent reached a roughly six-month high amid hawkish comments from Iranian military leaders and fears of a wider Middle East conflict.
InflationThe preliminary U.S. October manufacturing came in at 56.0; selling-price inflation was the fastest in four years.
This weekThe Fed meets October 27–28; Alphabet, Microsoft and Amazon report earnings. The question: is AI capital spending paying off?
CaveatOil fell during Asian trading, so it does not explain the entire day's weakness.
+3.14%Brent crude: USD 116.72 on October 23, near a six-month high
VIEW SUPPORTING DATA
Oil: WTI USD 103.27 (+3.82%). Iranian military leaders invoked “asymmetric warfare”; Houthi rebels attacked Saudi Arabia.
PMI: manufacturing 55.9 in September → 56.0 in October (53-month high); composite PMI 58.4 → 57.6.
U.S. stocks (October 23): Nvidia -0.6%; Alphabet -1.2%; Meta -1.0%; Micron +2.5% · +0.44%
Rates: U.S. 10-year Treasury yield 4.99% (4.95% the prior session); markets put the odds of a Fed hold near 90%.
During Asian trading: WTI USD 101.22 (-1.99%), around 4 p.m. Korea time.
02
A second pressure point: the first earnings-and-Fed week since Samsung Electronics and SK hynix finished their buybacks
Samsung ElectronicsApproximately KRW 15tn bought back, August 24–October 6.
SK hynixKRW 40tn bought back; completed October 21, about a month early. All repurchased shares are due for cancellation November 5.
The buying cushionDuring the repurchases, the “Other Corporations” category—which includes corporate buybacks—absorbed nearly all of roughly KRW 50tn in net selling across the two stocks.
The Japan contrastDespite the same U.S. market and oil backdrop, TOPIX finished +0.18%; gainers outnumbered decliners on the TSE Prime Market.
InterpretationThere is no basis to call buyback completion the direct cause. It is one possible reason Korea's selloff was broader than the overseas news alone would suggest. See MONEY 03
~KRW 55tnCombined repurchases by the two companies, both completed by October 21.
VIEW SUPPORTING DATA
Samsung Electronics: 56,856,305 shares; average KRW 263,823; results disclosed October 12.
SK hynix: 23,693,272 shares; average KRW 1,688,426; original deadline November 19; results disclosed October 26.
Flows during the buybacks: institutions, individuals and foreign investors sold roughly KRW 50.865tn net across the two stocks; Other Corporations bought about KRW 50.077tn net (SK hynix figures through October 12).
Japan: Nikkei 225 -0.80%; Advantest and Tokyo Electron fell. TSE Prime: 818 gainers versus 686 decliners.
Broker commentary: the end of buybacks does not automatically imply sustained declines, but reduced near-term buying support could amplify volatility.
MONEY / 03
With the Buyback Bid Gone, Institutional Buying Clustered in Two Chipmakers
Who moved the index today
IN PLAIN ENGLISHAs Samsung Electronics and SK hynix finished buying back shares, daily net buying by Other Corporations on KOSPI shrank from over KRW 1tn to just tens of billions of won.Foreign investors sold for a second day. Institutions focused on SK hynix and Samsung Electronics, leaving little buying support elsewhere.
Foreign investors · KOSPI cash equities
−KRW 696bn
Second dayNet selling followed October 23's −KRW 994bn, though the amount eased.
ConcentrationSK hynix and Samsung Electronics accounted for 51.4% of the value of stocks in which foreigners were net sellers.
FuturesForeign investors bought futures worth KRW 741bn, the opposite of their cash-equity flow. Institutions sold a net KRW 955bn
Trading valueKOSPI turnover was KRW 12.0108tn, a new 2026 low below October 22's KRW 13.7003tn. Volume fell under 200 million shares for the first time this year.
KOSDAQInstitutions drove the selling with net outflows of KRW 128bn; foreigners bought a net KRW 40bn.
KOSPI net buyersInstitutions · Retail investors
KOSPI net sellersForeign investors
Net Purchases by Investor Type · Unit: KRW 100 million
Investor
KOSPI
KOSDAQ
Both
Foreigners
-6,960
+400
-6,560
Institutions
+6,110
-1,280
+4,830
Retail
+470
+850
+1,320
Foreigners across both markets: −KRW 656bnOnly institutions were net sellers on KOSDAQ.
Net Purchases by Stock · Regular Session · Unit: KRW 100 million
Stock
Foreigners
Institutions
Retail
SK hynix
-3,898
+3,071
+679
Samsung Electronics
-2,147
+1,315
+754
Samsung SDS
-395
+452
-41
SK Square
-270
+530
-226
Samsung Electro-Mechanics
-60
+539
-476
Institutions' top two net purchases were foreigners' top two net sales.Samsung SDS, Samsung Life and Samsung C&T also saw foreign net selling versus institutional net buying.Retail investors were the largest net sellers of Samsung Electro-Mechanics.
DETAILED FUND FLOWS
Futures and Program Trading · Oct 26 vs Oct 23 · Unit: KRW 100 million
Short sellingKOSPI short-sale value: KRW 863.2bn (KRW 1.0848tn on Oct 23). SK hynix led at KRW 146bn; short selling made up 36.2% of LG Energy Solution's trading value.
Foreign buyingDefense stocks ranked first, third and fifth among foreign net purchases: LIG Defense & Aerospace +KRW 24.4bn; Hanwha Aerospace +KRW 12.6bn; Korea Aerospace Industries +KRW 9.5bn
Institutional buyingThird through fifth: Samsung Electro-Mechanics +KRW 53.9bn; SK Square +KRW 53.0bn; Samsung SDS +KRW 45.2bn
RetailNet bought Samsung Electronics +KRW 75.4bn and SK hynix +KRW 67.9bn; biggest net sale: Samsung Electro-Mechanics −KRW 47.6bn
program trading recorded −KRW 656.2bn in net selling, following −KRW 721.6bn on October 23: more than KRW 600bn in net selling on each day.
Other CorporationsNet buying of SK hynix alone fell from +KRW 568.3bn on October 21 to +KRW 9.3bn on October 22, the day after repurchases ended.-98.4%
SECTOR / 04
Where the Market Held—and Where It Broke
The spread of winners and losers, beyond the rankings
IN PLAIN ENGLISHAll 24 KOSPI sectors fell; only about one in ten constituent stocks advanced.SK hynix, Samsung C&T and Samsung Life were among the few relative bright spots.KOSDAQ semiconductor equipment and biotech, along with defense and shipbuilding, were particularly weak.
STRONG
RobotisStock+9.56%
Samsung C&TStock+1.39%
Samsung LifeStock+0.61%
SK hynixStock-0.16%
InsuranceKOSPI sector-0.44%
WEAK
Medical & Precision InstrumentsKOSPI sector-5.88%
K-AIDefense TOP 5+KRX thematic index-4.59%
PharmaceuticalsKOSDAQ sector-4.41%
AI SemiconductorsKRX thematic index-4.02%
MetalsKOSPI sector-3.51%
KOSPIOnly 11.0% of stocks rose—below the 12.5% recorded on October 15, when the index fell -7.57%.
KOSDAQGainers fell from 23.7% on October 23 to 21.6% today.
Across both markets79.2% of listed stocks fell.
About one boat in ten stayed afloat: only 11.0% of KOSPI stocks rose.
Estimated Contributions to the KOSPI · Market-Cap-Based
Stock
Change
Contribution
Samsung Electronics
-1.16%
-0.32%p
Samsung Electronics Pref.
-2.20%
-0.06%p
KB Financial Group
-3.79%
-0.04%p
LG Energy Solution
-2.09%
-0.04%p
SK hynix
-0.16%
-0.03%p
Top 10 combined
-0.57%p
All other stocks
-0.89%p
By this estimate, roughly 61% of the index decline came from stocks outside the ten largest by market capitalization.On October 23, SK hynix alone contributed around 2.9 times the index's total gain. Today's decline was broad-based instead.
SemiconductorsTop 15 -2.66%: only 1 of 15 stocks rose; all 20 AI semiconductor index members fell.
Defense & shipbuildingAll ten Shipbuilding TOP 10 stocks fell; HD Hyundai Heavy Industries -5.08%; Hanwha Aerospace -4.04%
Samsung C&T & Samsung LifeRare gainers among large caps. Both drew institutional net buying while foreigners sold.
SECTOR DATA
Advancers and Decliners · Includes Limit-Up and Limit-Down Stocks
Market
Up
Down
Flat
% Up
KOSPI
101
792
22
11.0%
KOSDAQ
376
1,309
54
21.6%
Oct 23 vs Oct 26 · Closing Returns · Two-Day Return vs Oct 22 Close
Index / Stock
Oct 23
Oct 26
Two days
KOSPIIndex
+0.30%
-1.46%
-1.16%
KOSDAQIndex
-1.62%
-3.26%
-4.83%
Semiconductor Top 15KRX thematic index
+0.23%
-2.66%
-2.44%
Secondary Battery TOP 10KRX thematic index
-3.38%
-2.03%
-5.34%
SK hynixStock
+4.42%
-0.16%
+4.25%
Samsung ElectronicsStock
+0.47%
-1.16%
-0.70%
Large-cap declinesKB Financial Group -3.79%; Hana Financial Group -3.35%; Doosan Enerbility -3.03%; Shinhan Financial Group -2.95%
Robotis+9.56%; signed an actuator supply agreement with Pollen Robotics for small robots. The initial requested volume is 750,000 units.
CaveatActual volume and timing depend on orders; the company said the impact on this year's revenue would be limited.
Sector Returns · 20 Sectors Common to Both Markets · KOSPI Order
Sector
KOSPI
KOSDAQ
Retail & Distribution
-0.69%
-2.58%
IT Services
-0.82%
-0.75%
Electrical & Electronics
-0.96%
-3.74%
Transportation & Warehousing
-0.98%
-0.80%
Manufacturing
-1.35%
-3.67%
Nonmetallic Materials
-1.44%
-4.86%
Entertainment & Culture
-1.45%
-2.04%
Pharmaceuticals
-1.73%
-4.41%
Financials
-1.93%
-3.35%
Paper & Lumber
-2.21%
-1.86%
Food, Beverage & Tobacco
-2.24%
-2.27%
Chemicals
-2.46%
-2.70%
Telecommunications
-2.48%
-1.16%
Construction
-2.74%
-2.75%
Transportation Equipment & Parts
-2.96%
-0.11%
Textiles & Apparel
-3.01%
-0.12%
Machinery & Equipment
-3.16%
-4.33%
General Services
-3.48%
-2.81%
Metals
-3.51%
-4.52%
Medical & Precision Instruments
-5.88%
-1.48%
Single-market sectorsKOSPI Real Estate -1.76%; Securities -2.13% (all 29 stocks fell); Electric Utilities & Gas -2.32%; KOSDAQ Publishing & Media Reproduction +2.14%
KRX Thematic Index Returns · Oct 26 Order
Theme
Oct 23
Oct 26
Blue Chip 25
+0.99%
-1.12%
K-AISemiconductor TOP 2+
+0.83%
-1.20%
Gaming TOP 10
-2.21%
-1.56%
BBIG
-1.39%
-1.86%
Secondary Battery TOP 10
-3.38%
-2.03%
Internet TOP 10
-1.33%
-2.15%
Electric Vehicles Top 15
-3.01%
-2.17%
High-Dividend 20
-1.95%
-2.49%
Biotech TOP 10
+1.44%
-2.51%
Semiconductor Top 15
+0.23%
-2.66%
K-AISecondary Batteries
-3.79%
-2.66%
Shipbuilding TOP 10
-2.53%
-3.58%
AI Power Infrastructure
-3.38%
-3.61%
AI Semiconductors
-0.17%
-4.02%
Biotech Licensing
-1.12%
-4.31%
K-AIDefense TOP 5+
-4.23%
-4.59%
K-AIKOSDAQ Biotech
+0.05%
-4.98%
Top Ten KOSPI Stocks by Market Capitalization · Closing Price in KRW
Stock
Close
Change
Samsung Electronics
213,000
-1.16%
SK hynix
1,275,000
-0.16%
Samsung Electronics Pref.
164,200
-2.20%
SK Square
769,000
-0.77%
LG Energy Solution
375,000
-2.09%
Samsung Electro-Mechanics
1,118,000
-0.36%
Samsung Biologics
1,452,000
-0.95%
Hyundai Motor
288,000
-2.54%
KB Financial Group
147,200
-3.79%
Samsung Life
246,500
+0.61%
Limit-up stocksKOSPI: none; KOSDAQ: six. No limit-down stocks in either market.
CHANGE / 05
October 23's Questions, Answered Today
Checking the conditions set at the previous close
YESTERDAY → TODAY
The rebound narrowed further instead of broadening; Test 01 did not even pass Stage 1.Foreign selling eased but continued for a second day; Test 02 passed only Stage 1.Despite special-dividend reports, SK hynix missed its Stage 1 closing-price threshold by KRW 2,000.
01
KOSPI share of advancing stocksStage 1: above 19.1%; Stage 2: at least 40.7%. Stage 1 not met.
19.1%
→
11.0%
02
Foreign KOSPI cash-equity flow: reduced net sellingStage 2 required a swing to net buying. Only Stage 1 met.
−KRW 994bn
→
−KRW 696bn
03
SK hynix closing price (KRW)Stage 1: at least KRW 1,277,000; Stage 2: foreigners switch to net buying. Stage 1 not met.
1,277,000
→
1,275,000
01 · KOSDAQ breadth also fell from 23.7% to 21.6%.03 · Foreign net sales of SK hynix eased from −KRW 559.5bn → −KRW 389.8bn
CATALYST / 06
SK hynix Says Special-Dividend Report Is “Not Yet Finalized”
A single event investors priced into today's market
SK hynix · October 26 close
-0.16%
From the report to confirmation
October 26News report · regulatory clarificationOctober 28Earnings · follow-up disclosure
Media reports said proceeds from Kioxia holdings could fund a special dividend. SK hynix says options are under review, with nothing finalized. Watch the October 28 results.
WHAT · The news
ReportA proposal to distribute 80% of the gain on the Kioxia stake through a was reportedly under consideration.
Disclosure title“Clarification of Rumor or Media Report (Not Finalized)”
Company statement“We are reviewing various shareholder-return measures, but no decisions have been finalized to date.”
TERMS · Reported amounts versus the company's position
Special Dividend · Media Reports vs Company Disclosure
Reported source
Estimated KRW 20tn gain on sale of Kioxia stake
Reported amount
Around KRW 16tn (80% of estimated gain) About KRW 23,000 per share
Comparison
More than seven times last year's aggregate dividends of approximately KRW 2.1tn
Payment method
Reports suggest installments; unconfirmed.
Company filing
Nothing finalized; follow-up disclosure expected October 28.
KioxiaApproximately KRW 4tn invested in 2018 through a Bain Capital-led consortium; the company has not disclosed the gain.
Existing returnsThe KRW 40tn buyback ended October 21; cancellation is scheduled for November 5. See WHY 02
Return policyReturn at least 50% of cumulative 2025–2027 free cash flow to shareholders.
SHAREHOLDER · What it means for investors
Already in the priceExpectations of additional shareholder returns lifted the stock early, ahead of earnings.
CaveatThe amount, method and timing are media estimates, not company-confirmed figures.
Next checkpointOctober 28 board decisions and third-quarter results; operating-profit consensus is around KRW 77tn.
MARKET · Price reaction
Early tradingKRW 1,309,000 at 9:12 a.m. (+2.51%); intraday high KRW 1,315,000 (+2.97%)
CloseKRW 1,275,000 (-0.16%), a smaller decline than KOSPI's -1.46%.
Investor flowsForeigners' most-sold stock and institutions' most-bought stock. See MONEY 03
NEXT / 07
What to Watch Next Session
Three tests for tonight and Tuesday, October 27
Will the broad-based selling finally stop?
TodayOnly 11.0% of KOSPI stocks advanced.
Stage 1More than 11.0% advance on October 27.
Stage 2At least 19.1%, the October 23 level.
Can the index hold above the April 6 close?
TodayKOSPI closed at 5,469.47, about 19 points above the April 6 close of 5,450.33.
Stage 1An October 27 close at or above 5,450.33.
Stage 2A close at or above 5,550.30 (October 23 close). Today's afternoon rebound stalled near 5,540.
Stage 1Combined net foreign selling in the two stocks below KRW 604.5bn.
Stage 2Foreign investors turn net buyers of SK hynix.
UPCOMING EVENTS
10/27~28 (U.S. time): Fed meeting; decision due early October 29 in Korea.Oct 28: SK hynix Q3 results; earnings call at 9 a.m. KST; follow-up on shareholder returns expected.Oct 28 (U.S.): Alphabet and Microsoft earnings after the close.Oct 29: Samsung Electronics' finalized Q3 results.Oct 29 (U.S.): advance U.S. Q3 GDP, September PCE inflation, and earnings from Amazon, Intel and Sandisk.Oct 30: Bank of Japan rate decision.Nov 3 (U.S.): U.S. midterm elections.Nov 5: scheduled cancellation of 23.69 million SK hynix treasury shares.Nov 16: scheduled disclosure of Samsung E&A's finalized Q3 results.Nov 26: Bank of Korea Monetary Policy Board meeting.
The index fell just over 1%, but only one in ten stocks advanced. With corporate buybacks over, buying support beyond the two semiconductor leaders was thin. The next answers lie in the April 6 close and the breadth of any rebound.
SOURCES · DATA CUTOFFS
Data date: October 26, 2026. Index, sector and stock closes are from the regular Korea Exchange session.09:00~15:30. Foreign news and economic releases reflect public information available by 8 p.m. KST.Index data: KOSPI open 5,499.05, high 5,565.67, low 5,455.11; KOSDAQ open 742.17, high 745.95, low 727.20; regular-session official closes from our own data collection. Lowest KOSPI close since April 6 (5,450.33) and lowest KOSDAQ close since July 31 (719.76), reported by NewsPim · Daejeon IlboIntraday chart: an illustration based on five-minute candlestick observations; the confirmed figures are the open, high, low and close. Intraday reports from NewsPim (11:15 a.m.) and afternoon coverage from iNews24 · Digital DailyInvestor flows: our collection of regular-session KRX figures (by investor at 3:38 p.m.; by stock at 3:51 p.m. KST); foreign investors include Other Foreign Investors. Other Corporations calculated as the balancing residual when net purchases by all investor categories sum to zero. After-hours trading excluded. The daily Other Corporations series (Sep 28–Oct 26) uses the same approach; the October 16 value agrees with the close-of-day report (+KRW 826.9bn).Closing-flow figures vary by news outlet, with net foreign sales ranging from −KRW 695.5bn to −KRW 754.5bn. See iNews24 · Digital Daily · Asia Business Daily · Aju Business DailyFutures and program trades: KOSPI 200 futures by investor at 3:49 p.m.; program-trading close at 3:37 p.m. KST. Program trades and investor flows use different classifications and should not be summed. Turnover from KRX at 3:38 p.m.; 2026 low and trading volume cited by MoneyToday (KRX); the previous year's-low turnover of roughly KRW 13.7tn on Oct 22 was reported by Financial News (KRX).Market breadth: finalized KRX advance/decline counts; advances include ordinary gains and limit-up stocks (KOSPI 101 of 915; KOSDAQ 376 of 1,739). Short selling combines the regular KRX session with Nextrade's main market.Sector performance and index contribution: KRX industry and thematic indexes. Our estimates use each stock's change in market capitalization divided by estimated KOSPI market capitalization on October 23 (~KRW 4,582tn); these figures may differ from official contribution points. Large-cap prices: Asia Business Daily. Samsung C&T: JobPost. Robotis supply agreement, initial requested volume and company comments: NewsPimU.S. market: indexes as of October 23 close (our own data); individual share moves: EToday. Probability of a Fed hold: CME FedWatch, cited by EToday. Purchasing Managers' Index: S&P Global. Oil settlements and developments in the Middle East: EToday. Asian-session oil and U.S. Treasury yields: our own data.Japan: TOPIX, TSE Prime advance/decline counts and Nikkei constituents: NewsPimShare buybacks: Samsung Electronics period, amount and results disclosure: NewsPim; SK hynix repurchase results and planned November 5 cancellation: NewsPim; investor flows during the buyback periods: Financial News (KRX); combined buyback size of roughly KRW 55tn: Munhwa Ilbo; net buying of SK hynix by Other Corporations on October 21 and 22: Hankook IlboBroker commentary on weaker flow support after buybacks: Daishin Securities strategist Lee Kyung-min, cited by Munhwa Ilbo)SK hynix special-dividend reports: Dong-A Ilbo; clarification filing title and text: Dailian; October 28 board decisions and follow-up filing: Global Economic; KRW 20tn gain, KRW 16tn special dividend and roughly KRW 23,000 per share: Single List; reports of installment payments and 9:11 a.m. share price: MoneyToday; 9:12 a.m. share price: Global Economic; Reuters account of the original Kioxia investment, via Jaekyung Daily; FnGuide operating-profit consensus, cited by Sisa Journal)Events: Big Tech earnings and economic indicators from MoneyToday; domestic results, BOJ and U.S. midterms from NewsTop; Samsung E&A's finalized earnings schedule from the company filing.