Daily Pulse: September 28, 2026
KOSPI -2.70% | KOSDAQ +0.25% | Foreign cash net sold KRW 3.23 trillion (~$2.4B): SK Hynix and Samsung Electronics absorbed KRW 3.15 trillion (~$2.3B) in foreign selling while the KOSPI opened at 7,057 and closed at 6,889, a 2.4% give-back from the open
The Number That Matters
The KOSPI opened at 7,057, touched 7,065, and closed at 6,889. The 2.4% give-back from the session high is the story, not the headline percentage. Foreign investors sold KRW 3.23 trillion (~$2.4B) net in cash while simultaneously selling 1,831 futures contracts, both legs moving in the same direction. SK Hynix and Samsung Electronics accounted for 97% of that foreign cash selling.
Where the Money Went
Foreign sellers concentrated entirely in two names: SK Hynix at KRW 1.77 trillion (~$1.3B) and Samsung Electronics at KRW 1.38 trillion (~$1.0B), with Samsung Electronics preferred shares adding KRW 433B (~$319M). Against that, foreign buying in Daewoo E&C, SK Innovation and Samsung SDI totalled KRW 144B (~$106M), roughly 4% of foreign selling in the top three names. Institutions sold KRW 1.09 trillion (~$802M) net; investment trusts led at KRW 499B (~$367M), with pension funds at KRW 180B (~$132M) and private equity at KRW 173B (~$127M). Program trading sold KRW 2.16 trillion (~$1.6B) net, with non-arbitrage accounting for KRW 2.11 trillion (~$1.6B) of that total. Retail absorbed KRW 2.66 trillion (~$2.0B) net, with Samsung Electronics at KRW 1.46 trillion (~$1.1B) and SK Hynix at KRW 1.21 trillion (~$888M) the two largest entries. LG Innotek and SK Innovation were the only names where foreign and institutional conviction overlapped, with retail delivering the volume to both.
Why the Market Moved
1. Foreign cash and futures moved in the same direction; SK Hynix and Samsung Electronics absorbed 97% of the foreign net sell at KRW 3.15 trillion (~$2.3B) combined.
2. Program trading sold KRW 2.16 trillion (~$1.6B) net, with non-arbitrage at KRW 2.11 trillion (~$1.6B) the dominant component; investment trusts led institutional selling at KRW 499B (~$367M).
3. SOX gained 1.41% overnight, making the two-stock foreign sell concentration the defining divergence of the session.
The Uncomfortable Question
SOX rose 1.41% and foreign investors sold KRW 1.77 trillion (~$1.3B) of SK Hynix and KRW 1.38 trillion (~$1.0B) of Samsung Electronics in the same session. Retail bought KRW 2.67 trillion (~$2.0B) of the two semiconductor names, more than its KRW 2.66 trillion (~$2.0B) net purchase across the whole market, so retail was a small net seller of everything else combined. Whether retail is accumulating at a structural entry point or absorbing a foreign exit that has no near-term reversal catalyst cannot be answered from one session's data alone.
KoreaAlpha Take
Sell-side desks will note that retail bought the dip. Retail absorbed KRW 2.67 trillion (~$2.0B) in the two semiconductor names on a day when the same two names drew KRW 3.15 trillion (~$2.3B) in foreign selling. That is not a floor. That is a transfer. The watchpoint established across the prior sessions was whether foreign net cash in SK Hynix would turn positive. Today it came in at negative KRW 1.77 trillion (~$1.3B), the single largest foreign sell on the day. The unresolved question is whether the 97% concentration of foreign selling in two semiconductor names tightens further or begins to distribute across the broader market. The trade is simple: watch whether foreign net cash in SK Hynix turns positive in the next session.
Data sources: Korea Exchange, DART, Bloomberg
Research only. Not investment advice. KoreaAlpha does not provide personalised recommendations.
Flow figures are KRX investor-type trading value across all listed boards (KOSPI, KOSDAQ, KONEX), common stock only, excluding ETF, ETN and ELW; institutions = the KRX institutional total investor type. Foreign, institutional and retail do not sum to zero: the balance, KRW 1.66 trillion (~$1.2B) net bought on this session, sits with other corporations and other foreign investors, categories this report does not collect.
