Snowshagal Weekly, October 24, 2026: Five Days of Whiplash. Earnings Hold the Key.
2026.10.24Korea Stock Market Weekly
Snowshagal Weekly

Five Days of Whiplash.
Earnings Hold the Key.

THE WEEK IN ONE LINE

Meta's AI-spending shock · Defense and shipbuilding selloff · Large-cap pharma strengthNext week: SK hynix and Samsung Electronics earnings, plus the Fed decision

Past reports, daily coverage and market data are all available on our website snowshagal.com
KOREAN AND U.S. SESSIONS FINALIZEDKorea: through the October 23 close · U.S. cash session: through the local October 23 close · Weekend news: through October 24 · Next Korean session: October 26
00THE WEEK AHEAD

AI anxiety swung from day to day.
Earnings face the test next week.

Review period: October 19–23, five sessions · Next week: October 26–30, five Korean trading sessions · We will score the three questions below in next week's Weekly

OUR READ ON THE WEEK
Two megacaps held up the index;
the rest of the market sold off broadly.

WHIPSAWThree sessions with moves around 3% · Roughly 717 points of cumulative daily closing moves · The net result: -2.08%

THE ANCHORSSamsung Electronics 0.00% · SK hynix +0.39%· Samsung Biologics +12.94%

THE LAGGARDSDefense theme -11.98%· Shipbuilding theme -10.76%· KOSDAQ -5.42%

THE CATALYSTSNews on spending and earnings at U.S. AI companies · See 01 The Week's Defining Tension

  1. SEMICONDUCTOR EARNINGS · BIG TECH CAPEX

    SK hynix on Oct 28 · Samsung Electronics earnings briefing on Oct 29 · Microsoft, Alphabet and Amazon results on the mornings of Oct 29–30 (KST)

  2. FED POLICY · U.S. INFLATION

    Fed decision at 03:00 KST on Oct 29 · U.S. Q3 GDP and September PCE inflation at 21:30 the same day · Signals for December from the press conference

  3. OIL · MIDDLE EAST

    Brent at $116.72/bbl, highest since April · Further Houthi strikes on Saudi Arabia · Post-Korea-close gains feed into the Oct 26 open

01WHAT THE WEEK LEFT BEHIND

A gain one day, a loss the next.
Three days of 3%-range moves

Weekly intraday high: 5,816.43 on Oct 21 · Weekly intraday low: 5,305.98 on Oct 23 · For the day-by-day story, see each Daily report

WEEKLY RETURNS · 2026.10.19~10.23Top 10 stocks by market cap and benchmark lines · Versus the October 16 close

Stock returns use regular-session closes on Oct 16 and 23 · The two indices and Semiconductor Top 15 provide benchmarks · Six of the top 10 stocks outperformed the KOSPI

THE PATH BETWEEN CLOSES
Oct 16 close: 5,668Oct 16+1.76Oct 19-3.73Oct 20+3.29Oct 21-3.52Oct 22+0.30Oct 23
KOSPI closing levels joined by hand · Dashed line: October 16 close

Add up the five daily close-to-close moves, and you get about

717p

NET RESULT117.75 points below the October 16 close

HIGH-TO-LOW510.45 points between the Oct 21 intraday high and Oct 23 intraday low

KOSDAQOver the same five sessions: -5.42%· Only two up days

01

Foreign and retail investors were sellers;
other corporations absorbed the flow.

FOREIGN−KRW 841bn· Net buyers only on Oct 21 and 22 · Oct 23: −KRW 994bn

RETAIL−KRW 886bn· Sold into gains on Oct 19 and 21; bought the declines on Oct 20 and 22

INSTITUTIONS−KRW 92bn· Oct 20: −KRW 1.005tn· Oct 23: +KRW 872bn

Approx. +KRW 1.819tn· Roughly KRW 500bn per day on Oct 19–21 · Below KRW 100bn per day from Oct 22

SHARE BUYBACKSK hynix completed its KRW 40tn buyback on Oct 21, one month ahead of schedule

FUTURESForeign investors' KOSPI 200 futures flow: −KRW 496bn· Net buying on Oct 22 and 23

02

Only one session saw more than half
of KOSPI stocks advance: Monday.

BELOW 20%13.1% on Oct 20 · 19.0% on Oct 22 · 19.1% on Oct 23

INDEX VS. BREADTHOn Oct 23, the KOSPI was +0.30%, yet only about one in five stocks rose

KOSDAQ68.5 → 18.1 → 48.1 → 16.3 → 23.7%

03

Defense and shipbuilding fell hardest;
pharma led for a second week.

BOTTOM OF THE PACKK-AI Defense Top 5+ -11.98%· Shipbuilding Top 10 -10.76%

WEAKEST SECTORSKOSPI Chemicals -9.40%· Metals -9.39%· Transportation Equipment -8.05%

PHARMAKOSPI +5.42%· KOSDAQ -3.27%· Gains concentrated in KOSPI megacaps

CHIP STOCKSSemiconductor Top 15 -5.31%· Diverged from the two near-flat chip megacaps

SECTOR GAINERSJust four of 24 KOSPI sectors: Pharmaceuticals · General Services · Insurance · Real Estate

DATE
KOSPI
WHAT DROVE EACH SESSION
10.19
+1.76%
U.S. chips fell Friday night, prompting a -3.17% opening gap; stocks closed at the day's high · Samsung SDI +11.70%
10.20
-3.73%
AI doubts · Stronger won weighs on exporters · Defense plunges after Hyundai Rotem earnings
10.21
+3.29%
SpaceX and Super Micro results · Threefold surge in chip exports · Buy-side program-trading sidecar triggered
10.22
-3.52%
Lam Research fell after hours · Meta posts negative free cash flow · Brent above $110
10.23
+0.30%
Meta's spending commitments drove an intraday -4.12%; dip-buying and an SK hynix filing helped the index close at the day's high
NOW BEHIND USBOK policy rate held at 3.00% · Lam Research, Tesla and Meta earnings · SK hynix ends review of a U.S. listing for subsidiary Solidigm
STILL AHEADBrent above $116 · AI spending commitments under scrutiny · Three Big Tech earnings releases · Fed decision and December hike odds
NOT MET.Last week's question · Would U.S. chip stocks finish the week higher?

OUTCOMEPhiladelphia Semiconductor Index: 11,137.29 → 10,779.46 · Weekly change: -3.21%

TURNING POINTRose as high as 11,505.56 on Oct 21 (local time), then on Oct 22: -6.72%

MET.Last week's question · Would foreigners be net buyers on at least two days again?

OUTCOMEOct 21: +KRW 660bn· Oct 22: +KRW 61bn

CAVEATFive-day total: −KRW 841bn· Nearly KRW 1tn of net selling returned on Oct 23

NOT MET.Last week's question · Would Brent fall below $105?

OUTCOME$109.86 → $116.72/bbl · Weekly move: +6.24%

DRIVERSHouthi attacks on Saudi Arabia · Reports of possible renewed strikes on Iran

MIXED.Last week's sector priorities · One week later

NO. 2Biotech and pharma · KOSPI Pharmaceuticals +5.42%, the week's leading sector

NOS. 1 & 6Semiconductor Top 15 -5.31%· Defense and shipbuilding occupied the bottom two theme slots

THE WEEK'S DEFINING TENSION

Investors questioned the spending;
the earnings answer comes next week.

THE SPENDERSMeta's multi-year spending commitments: approximately $825bn (some conditional) · Q3 cash outlays exceeded operating cash generation

THE EARNERSSpaceX AI revenue +830% (including acquisition effects) · Semiconductor exports in Oct 1–20: +222.5%

THE GAPInvestment and demand are rising together, but cash flow at the spenders and earnings at the suppliers are moving at different speeds

THE NEXT TESTSK hynix on Oct 28 · Samsung Electronics on Oct 29 · Three Big Tech companies that same week · 02 Q1

Meta Q3 · Cash outlays exceeded cash generated from operations

Operating cash flow327.9Capex and lease payments349.1-21.2USD 100mn
Free cash flow = cash from operations less purchases of property and equipment and principal payments on finance leases
02THREE VARIABLES FOR NEXT WEEK

The spenders and the suppliers
report in the same week.

Korean trading sessions: October 26–30 (five days)· Oil and yield moves after Korea's Oct 23 close will be reflected on Oct 26 · Q1 and Q2 cover the full five sessions · Q3 uses the U.S. Treasury's Oct 30 published yield

Q.01

Will semiconductor stocks
outperform the KOSPI during earnings week?

STARTING POINT
3.2%p

Semiconductor Top 15: -5.31%· KOSPI: -2.08%· Semiconductor shortfall:

THE SUPPLIERSSK hynix earnings at 09:00 Oct 28 · Samsung Electronics briefing at 10:00 Oct 29 · SK hynix Q3 operating-profit estimate: roughly KRW 77.9tn

THE SPENDERSMicrosoft and Alphabet early Oct 29 · Amazon early Oct 30 · Focus: capex plans and cash flow

RETURNSSK hynix is expected to announce additional shareholder returns with its Oct 28 results · Its buyback was completed01

SCORING RULE· Met if the KRX Semiconductor Top 15 posts a higher weekly return than the KOSPI at the Oct 30 close ·
Partly met if it lags by no more than 1 percentage point (pp); not met if it lags by over 1 pp · Oct 23 closing baselines: 7,838.88 and 5,550.30

OUTPERFORMANCE SIGNALSHigher Q4 memory-price forecasts · After-hours gains as Big Tech maintains capex plans · Foreign net buying of semiconductor shares
WHAT WOULD KEEP IT BEHINDSelling despite strong results, as with Lam Research on Oct 22 · Weaker Big Tech cash flow · Renewed spending concerns
Q.02

Will more than half of KOSPI stocks rise
on at least two days?

STARTING POINT
ONE DAY

Only Oct 19 cleared 50% (74.0%) · Three sessions had fewer than 20% of stocks advancing

TRADING VALUEKRW 16.4742tn on Oct 23 · About 85% of the 20-session average

KOSDAQWeekly return: -5.42%· Underperformed the KOSPI by 3.3 pp

WATCHLISTDefense, shipbuilding and battery earnings cluster on Oct 27–30 · Watch for gains to spread beyond megacaps

SCORING RULE· Count Oct 26–30 sessions in which more than 50% of KOSPI constituents rise:
Two or more = met · One = partly met · None = not met · Unchanged stocks remain in the denominator

BROADENING SIGNALSEquipment and components rise alongside chipmakers after earnings · KOSDAQ outperforms the KOSPI · Trading value recovers
NARROWING RISKSOnly a handful of megacaps lift the index · Further post-earnings declines in defense and shipbuilding · Oil spike feeds through
Q.03

Will the U.S. 10-year Treasury yield
finish below 5% after the Fed meeting?

STARTING POINT
5.00%

U.S. Treasury-published 10-year yield on Oct 23 · 5.09% a week earlier · Weekly high of 5.15% on Oct 19

THE FEDDecision at 03:00 KST Oct 29 · Hold expected in October · Listen for December signals at the press conference

INFLATIONQ3 GDP and September PCE at 21:30 KST Oct 29 · PCE forecast: 3.6% y/y, versus 3.4% in August

WHY IT MATTERSA cost of capital for AI investment and a discount-rate input for tech valuations · Yet yields fell during the Oct 22 chip selloff

SCORING RULE· Met if the U.S. Treasury's Oct 30 published 10-year yield is below 5.00% ·
5.00–5.10%, inclusive = partly met · Above 5.10% = not met · 5% is our monitoring threshold, not a hard market boundary

LOWER-YIELD SIGNALSWeaker December-hike signals at the press conference · PCE below expectations · Brent below $110/bbl
HIGHER-YIELD RISKSSignals of a December hike · Oil near $120/bbl · Strong GDP growth
03SECTOR PRIORITIES

Start with semiconductors;
then the deepest laggards.

Semiconductors: earnings and Big Tech capex on Oct 28–29 · Defense and shipbuilding: results on Oct 27–29 · Batteries and refining: Samsung SDI and SK Innovation on Oct 29

SEMICONDUCTORS · MEMORY Oct 28–29 earnings
PRIORITY 1
DEFENSE · SHIPBUILDING Bottom two themes this week
PRIORITY 2
EV BATTERIES · ENERGY STORAGE Samsung SDI on Oct 29
PRIORITY 3
REFINING · CHEMICALS Brent above $116
PRIORITY 4
BIOTECH · PHARMA KOSPI Pharma leads for second week
PRIORITY 5
FIRST TO WATCH

SEMICONDUCTORS · MEMORY

NEXT WEEK'S CHECKLIST

Beyond the earnings headline:
Q4 pricing and shareholder returns

KRW 107.4tnSamsung Electronics' preliminary Q3 operating profit · Final results Oct 29

The preliminary figure is already out.
The Oct 29 briefing matters more for next-quarter guidance.

WHY NOW WHY NOW

THIS WEEKU.S. semiconductor stocks: -6.72% SK hynix the following day: +4.42%· Samsung Electronics finished the week flat

CONSENSUSKOSPI Q3 operating-profit consensus: KRW 266.4tn · Over the past month:-3.5%· Semiconductor contribution: KRW 205.0tn → KRW 197.0tn

SUPPORT ZONEOct 23 intraday low of 5,305.98 · Still above brokers' cited support zone of 5,170–5,233

BROKER VIEWS WHAT THE STREET SAYS

BULL CASEQ4 DRAM price-rise forecasts revised higher · Customers reportedly willing to accept mobile DRAM hikes exceeding 25% in Q1 next year

BULL CASENo evidence that Big Tech has reversed its capex expansion · Forecast capex growth at nine cloud providers next year revised from 50% to 60%

CAUTIONBig Tech free-cash-flow deficits could widen · Some see Q4 as the peak in semiconductor export growth

THE QUESTIONHow durable are current earnings? · 12-month forward P/E: Samsung Electronics ~3.5x, SK hynix ~2.8x

WHAT TO LOOK FOR IN THE RELEASES WHAT TO CHECK

SK HYNIXScale of additional shareholder distributions · Whether management discusses the  in its remarks

SAMSUNG ELECTRONICSQ4 memory pricing · HBM customers and long-term supply agreements

MSWhether Azure growth meets expectations of about 45%

ALPHABET · AMAZONNext year's capital-spending plans and free cash flow

THE BEAR CASEShares fall despite strong results · KOSPI breaks below the Oct 23 intraday low of 5,305.98

Beyond chips,
earnings reports are concentrated in the market's hardest-hit industries.

WHERE THE SELLING WAS DEEPEST

DEFENSE · SHIPBUILDING

THIS WEEKK-AI Defense Top 5+: -11.98%· Shipbuilding Top 10: -10.76%

DEFENSEHyundai Rotem reported Q3 operating profit of KRW 247.1bn intraday on Oct 19 (year-on-year: -11%) · Roughly 10% below consensus · Target-price cuts followed on Oct 20; the stock's one-day move: -13.70%

SELLOFF DRIVERSDelayed overseas orders · Stronger won · Lower 2027 profit forecasts · Backlog also declined from end-Q2

SHIPBUILDINGNo single trigger · Fell alongside exporters as the won strengthened on Oct 20: -6.89%· Further losses amid broad selling on Oct 22–23

EARNINGS CALENDARHanwha Ocean and Hanwha Systems on Oct 27 · HD Hyundai Heavy Industries on Oct 28 · Samsung Heavy Industries and Hanwha Aerospace on Oct 29

WHAT MATTERSWhen existing contracts—not just new orders—translate into revenue and profit · German Chancellor Friedrich Merz visits Korea on Oct 29–30

WHERE THE BAR HAS RISEN

EV BATTERIES · ESS

THIS WEEKBattery Top 10: -7.22%· Samsung SDI on Oct 19: +11.70%· Oct 22: -7.58%

OCT 22CATL earnings shock in China · Tesla cuts its full-year capex plan

TESLACapex also includes AI, robotics and factory spending; a lower budget does not automatically mean fewer battery orders

EARNINGSSamsung SDI at 10:00 KST Oct 29 · Q3 operating-profit estimate raised from KRW 157.9bn to KRW 234.6bn in a month

WHAT MATTERSNorth American ESS orders · Combined order backlog of roughly 200 GWh for Korea's three major battery-cell makers in North America

MEGACAPLG Energy Solution weekly return: -4.96%· Lagged the KOSPI by another 2.9 pp

WHERE OIL ADDED PRESSURE

REFINING · CHEMICALS

THIS WEEKBrent: +6.24%· KOSPI Chemicals: -9.40%· SK Innovation on Oct 22: -8.17%

EARNINGSSK Innovation at 11:00 KST Oct 29 · Q3 operating-profit estimate raised from KRW 2.4212tn to KRW 3.1798tn over one month

WHAT MATTERSSaudi Arabia widened its November Asian official selling-price discount to $5/bbl below the Oman/Dubai average—the deepest discount since June 2020

COSTSA wider discount may ease input-cost pressure, but with crude prices rising, actual procurement costs might not decline

WATCH OUTFour petrochemical producers are expected to miss Q3 forecasts · Oil could retreat if Middle East tensions ease

NO. 1 FOR TWO STRAIGHT WEEKS

BIOTECH · PHARMACEUTICALS

THIS WEEKKOSPI Pharmaceuticals: +5.42%· KOSDAQ Pharmaceuticals: -3.27%· Strength concentrated in large-cap KOSPI names

SAMSUNG BIOLOGICSWeekly return: +12.94%· On Oct 16, the court expanded operations subject to strike restrictions from three to nine · Union postponed its second general strike on Oct 20

EARNINGSHanmi Pharmaceutical at 16:30 KST Oct 27 · Samsung Epis Holdings on Oct 28

CONFERENCESHLB oral presentation at the ESMO Congress on Oct 26 · Society for Immunotherapy of Cancer (SITC) meeting in the U.S. in November

CURRENCY RISKUSD/KRW fell about 5% quarter-on-quarter in Q3, reducing the won-translated value of dollar-denominated sales

04FRIDAY NIGHT

After Korea's market closed,
these numbers await Monday's open.

U.S. cash session on Friday, Oct 23 (local time) · Korea's Oct 23 session had already absorbed Thursday night's chip selloff · Oil and yields moved after the Korean close and will be priced in on Oct 26

OCT 23 · MIDDLE EAST · OIL

Brent $116.72/bbl · Highest since April

CRUDEBrent: +3.14%· WTI $103.27/bbl (+3.80%)

CATALYSTSFurther Houthi strikes on Saudi Arabia · Reports that the U.S. and Israel are considering renewed strikes against Iran after the midterm elections

IRANWarned that any renewed attack would prompt strikes on Gulf energy infrastructure

OCT 23 · U.S. EQUITIES

Dow: -1.23%· Semiconductors edge higher

INDICESDow: -1.23% · S&P500 -0.52%· Nasdaq: -0.21%

CHIPSPhiladelphia Semiconductor Index: +0.44%· Micron: +2.46%· Nvidia: -0.59%

SK HYNIXU.S. depositary receipts: +4.05%· After an Oct 23 gain in Seoul of +4.42%, the U.S. receipts rose further

OCT 23 · YIELDS · THE FED

10-year yield back at 5.00% · Fed expected to hold

TREASURIES10-year: 4.96% on Oct 22 → 5.00% on Oct 23 · 2-year: 4.65% → 4.69%

CONSUMERSUniversity of Michigan consumer sentiment: 48.0 · One-year inflation expectations: 4.7%

FED OUTLOOKAbout 71% implied probability of a 25 bp December rate hike · Fed funds futures near the Oct 23 U.S. close

05DATES TO WATCH

From GDP
to the Fed and semiconductor earnings

Next week's calendar · All times Korea Standard Time (KST) · We will score all three questions next week· For methodology, see section 02

FRIDAY OIL MOVE HITS THE OPEN

Brent reached $116.72 after Korea's close · HD Construction Equipment earnings at 15:00 · Fifth Plenum of the Chinese Communist Party opens

KOREAN Q3 GDP

Bank of Korea advance estimate · Q/Q growth expected at 0.8% · Hanwha Ocean and HD Hyundai Electric at 14:00 · Hanwha Systems at 15:30 · Hanmi Pharmaceutical at 16:30 · U.S. consumer confidence at 23:00

SK HYNIX EARNINGS

SK hynix at 09:00 · Samsung Electro-Mechanics at 13:00 · HD Hyundai Heavy Industries and HD Korea Shipbuilding & Offshore Engineering at 14:00

THE FED · SAMSUNG · U.S. INFLATION

Fed decision at 03:00 · Microsoft and Alphabet results early morning · Samsung Electronics and Samsung SDI at 10:00 · SK Innovation at 11:00 · Samsung Heavy Industries at 14:00 · Hanwha Aerospace at 15:30 · U.S. Q3 GDP and September PCE inflation at 21:30

AMAZON · AUTO EARNINGS

Amazon results early morning · Kia · Hyundai Mobis at 10:10 · September industrial activity data · Score Q3 against the Oct 30 U.S. 10-year Treasury yield

Q1
Will semiconductors outperform the KOSPI in earnings week?

Met if Semiconductor Top 15 beats KOSPI · Partly met if it trails by at most 1 pp · Not met if the shortfall exceeds 1 pp

Q2
Will the advancing-stock share exceed 50% on at least two days?

Oct 26–30: two or more KOSPI sessions above 50% = met · One = partly met · None = not met

Q3
Will the U.S. 10-year yield finish below 5%?

Oct 30 U.S. Treasury publication: below 5.00% = met · 5.00–5.10% = partly met · Above 5.10% = not met

Thursday, October 29 · Four checkpoints from dawn to night

03:00Fed decisionMorningMicrosoft · Alphabet results10:00Samsung Electronics21:30U.S. GDP · PCE

The Fed and Big Tech reports arrive before Korea opens · Samsung reports during the session · U.S. inflation comes after Korea closes

THE CLOSING LINE

A week whipsawed by AI headlines.
Next week, we ask: Do chips outperform? Does the rally broaden? Can the 10-year yield stay below 5%?

DATA & SOURCES

METHODOLOGY · REFERENCES
Weekly indices · October 19–23
INDEXOCT 16 CLOSEOCT 23 CLOSEWEEKLY
KOSPI5,668.055,550.30-2.08%
KOSDAQ794.78751.69-5.42%
DATEOPENCLOSECHANGEADVANCING SHARE
10/195,488.415,768.01+1.76%74.0%
10/205,733.575,552.74-3.73%13.1%
10/215,666.345,735.66+3.29%40.7%
10/225,670.115,533.77-3.52%19.0%
10/235,403.175,550.30+0.30%19.1%

KOSDAQ DAILY+1.78% · -3.33% · +1.38% · -3.62% · -1.62%

TRADING VALUEKOSPI: KRW 17.2174tn · 15.9997tn · 17.1664tn · 13.7003tn · 16.4742tn

SIDECARKOSPI buy-side program-trading sidecar triggered at 10:51 on Oct 21

DAILY MOVESSum of absolute daily close-to-close point changes: 716.57

Weekly stocks · Top 10 by market capitalization
STOCKOCT 16 CLOSEOCT 23 CLOSEWEEKLY
Samsung Biologics1,298,0001,466,000+12.94%
Samsung Life Insurance238,500245,000+2.73%
Samsung Electronics (pref.)167,200167,900+0.42%
SK hynix1,272,0001,277,000+0.39%
Samsung Electronics215,500215,5000.00%
SK Square784,000775,000-1.15%
KB Financial Group160,000153,000-4.38%
LG Energy Solution403,000383,000-4.96%
Hyundai Motor312,000295,500-5.29%
Samsung Electro-Mechanics1,188,0001,122,000-5.56%
Weekly investor flows · KOSPI net buying
DATEFOREIGNINSTITUTIONALRETAILOTHER CORPORATIONS, ETC.
10/19−KRW 38bn+KRW 575bn−KRW 1.086tn+KRW 549bn
10/20−KRW 530bn−KRW 1.005tn+KRW 898bn+KRW 637bn
10/21+KRW 660bn−KRW 72bn−KRW 2.131tn+KRW 543bn
10/22+KRW 61bn−KRW 462bn+KRW 380bn+KRW 21bn
10/23−KRW 994bn+KRW 872bn+KRW 53bn+KRW 69bn
TOTAL−KRW 841bn−KRW 92bn−KRW 886bn+KRW 1.819tn

FUTURESForeign investors' KOSPI 200 futures: −KRW 93bn · −KRW 351bn · −KRW 817bn · +KRW 314bn · +KRW 451bn

NON-ARBITRAGEProgram trading: +KRW 521.7bn · −KRW 277.5bn · +KRW 873.1bn · −KRW 292.3bn · −KRW 721.6bn

Weekly sectors · Thematic indices
CATEGORYNAMEWEEKLY
KOSPI SECTORPharmaceuticals+5.42%
KOSPI SECTORGeneral Services+3.92%
KOSPI SECTORInsurance+1.34%
KOSPI SECTORFinancials-2.68%
KOSPI SECTORTransportation Equipment-8.05%
KOSPI SECTORMetals-9.39%
KOSPI SECTORChemicals-9.40%
KRX THEMEBiotech Top 10+2.40%
KRX THEMEKOSPI High Dividend 50-3.43%
KRX THEMESemiconductor Top 15-5.31%
KRX THEMESecondary Battery Top 10-7.22%
KRX THEMEAI Power Infrastructure-7.94%
KRX THEMEShipbuilding Top 10-10.76%
KRX THEMEK-AI Defense Top 5+-11.98%

Only four of 24 KOSPI sectors gained this week: Pharmaceuticals, General Services, Insurance and Real Estate · KOSDAQ Pharmaceuticals: -3.27%· Electrical & Electronics: -7.16%

Next week's earnings · Korea Standard Time

MON, OCT 26HD Construction Equipment at 15:00

TUE, OCT 27Samsung Card at 10:00 · Hanwha Ocean and HD Hyundai Electric at 14:00 · Hanwha Systems at 15:30 · Hanmi Pharmaceutical at 16:30

WED, OCT 28SK hynix at 09:00 · Hanmi Science at 10:00 · Samsung Electro-Mechanics at 13:00 · HD Hyundai Heavy Industries and HD Korea Shipbuilding & Offshore Engineering at 14:00 · Doosan Fuel Cell at 16:30 · Visa early morning

THU, OCT 29SKC and ISC at 09:00 · Samsung Electronics and Samsung SDI at 10:00 · SK Innovation at 11:00 · Samsung Heavy Industries, Samsung SDS and Hanwha Solutions at 14:00

THU AFTERNOONTaihan Cable & Solution at 15:00 · Hanwha Aerospace and OCI Holdings at 15:30 · Doosan Robotics at 16:00 · Doosan Bobcat at 16:30

THU · U.S. RELEASESMicrosoft, Alphabet and KLA early morning · Caterpillar and Mastercard at night

FRI, OCT 30Amazon early morning · Kia · APR at 10:00 · Hyundai Mobis at 10:10 · LG CNS at 10:30 · Hyundai Engineering & Construction and Kbank at 14:00 · Hyundai AutoEver at 15:00

Sources · Data definitions

Indices, market breadth, turnover, investor flows, futures and program trading: final regular-session figures from Korea Exchange (KRX), collected in-house · Investor-flow snapshot at 15:38 KST · Foreign investors include the KRX 'other foreign' category · Weekly comparison base: Oct 16 close

Foreign investors' KOSPI 200 futures: KRX snapshot at 15:49 KST · For Oct 22, our figure is +KRW 314bn, while some closing reports gave −KRW 64.2bnfor the same day · Different products or contract scopes may explain the discrepancy · Our weekly total of −KRW 496bnfollows the KRX series

Other corporations, etc.: approximately derived as the negative sum of foreign, institutional and retail net flows · Advancing-stock share = advancing stocks (including limit-up stocks) divided by all stocks, including unchanged ones · Roughly 717 points is the rounded sum of absolute daily closing-point moves (716.57, calculated in-house), not the weekly intraday high-to-low range of 510.45 points · Comparison with 20-session average turnover uses in-house data

Individual stock weekly returns use Oct 16 and 23 regular-session closes · Sector and theme returns are calculated from KRX industry and thematic indices · Sector returns are based on market-cap-weighted indices, not actual net inflows into sectors

Daily catalysts: Snowshagal Daily reports for Oct 19–23 and their cited sources · SK hynix buyback completion and plans to disclose additional shareholder returns on Oct 28: Bloomingbit(Oct 21)

Hyundai Rotem Q3 results and segment figures: sources cited in the Oct 20 Daily (Aju Business Daily and filings) · Samsung Biologics court ruling (Oct 16) and postponement of a second union-wide strike (Oct 20): SBS Biz· German Chancellor Merz's Oct 29–30 Korea visit: Kyunghyang Shinmun(Presidential Office announcement, Oct 23) · SpaceX AI-business revenue: +830%includes the effect of the Cursor acquisition, per Let's Data Science· Meta Q3 operating cash flow of $32.79bn, purchases of property and equipment of $33.94bn, and finance-lease principal repayments of $0.96bn are from company filings (cited in the Oct 22 Daily); the hand-drawn bars are proportional to these figures · Saudi November selling-price data: investingLive

U.S. markets: Oct 23 (local time) Dow, S&P 500 and Nasdaq closes: wire-service closing roundup (published by La Nación)· Philadelphia Semiconductor Index, Brent and WTI, University of Michigan consumer sentiment, and individual-stock moves: CappNotes· The roughly 71% December hike probability comes from the same source's CME FedWatch reading near the Oct 23 U.S. close for a 25 bp hike at the December meeting; it changes with market pricing and is not a Fed plan · Reports on Houthi attacks, potential renewed U.S.–Israeli strikes against Iran, Iran's warning, and the highest oil price since April: TheStreet· Philadelphia Semiconductor Index closing levels on Oct 16–22 were collected in-house

U.S. Treasury yields: U.S. Treasury daily published rates

U.S. earnings dates: Microsoft investor release · Alphabet investor calendar · Amazon investor release· Visa, KLA, Caterpillar and Mastercard: earnings calendar

Korean earnings schedule: FactStock earnings calendar(based on corporate investor-relations disclosures) · Korean and international economic-calendar items: Financial News

Broker research (analyst, publication date): Daishin Securities — Lee Kyung-min (Oct 23: support at 5,170–5,233 and earnings week; Oct 22: CATL earnings shock), Ryu Hyung-geun (Oct 15: mobile DRAM pricing), Kim Gwi-yeon (Oct 20: North American ESS backlog)

Hana Securities — Kim Rok-ho (Oct 19: Q4 DRAM pricing and SK hynix Q3 estimates), Lee Kyung-soo (Oct 19: KOSPI and semiconductor Q3 profit estimates), Kim Sun-ah (Oct 19: biotech earnings schedule and FX), Yoon Jae-sung (Oct 19: Saudi selling prices and petrochemicals)

SK Securities — Han Dong-hee (Oct 21: forward P/E and free cash flow); DS Investment & Securities — Lee Soo-rim (Oct 19: citing TrendForce cloud capex outlook), Kim Soo-hyun (Oct 23: depositary-receipt conversion cap), Kang Tae-ho (Oct 19: European defense earnings); Hanwha Aerospace earnings headwinds: DS Investment & Securities (Oct 20, cited by Financial News)

Hanwha Investment & Securities — Lim Hye-yoon et al. (Oct 19: semiconductor export-growth peak and slowing DRAM-price increases), Park Joon-young (Oct 21: Big Tech capex); Mirae Asset Securities — Kim Seok-hwan (Oct 23: Azure growth and China's Fifth Plenum); Yuanta Securities — Shin Hyun-yong (Oct 23: changes in Samsung SDI and SK Innovation estimates)

Eugene Investment & Securities — Yang Seung-yoon (Oct 21: defense selloff drivers and order seasonality); Kyobo Securities — Jung Hee-ryung (Oct 21: ESMO conference); Kiwoom Securities — Kim Yoo-mi (Oct 23: Korean Q3 GDP, U.S. PCE forecasts and Fed meeting) · All dates are in October 2026

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