Daily Pulse: September 29, 2026
KOSPI -0.27% | KOSDAQ +0.38% | Foreign cash net sold KRW 3.13 trillion (~$2.3B): SK Hynix and Samsung Electronics absorbed KRW 2.24 trillion (~$1.7B), 72% of foreign selling, while the KOSPI opened at 6,844, touched 6,898, and closed at 6,871
The Number That Matters
The KOSPI opened below its close, rallied to 6,898, then settled at 6,871, a 0.40% give-back from the session high. The headline of negative 0.27% obscures the structure: foreign investors sold KRW 3.13 trillion (~$2.3B) net in cash while simultaneously buying 1,077 futures contracts, the two legs moving in opposite directions. The intraday reversal and the cash-futures split are the story.
Where the Money Went
Foreign sellers concentrated in SK Hynix at KRW 1.56 trillion (~$1.2B) and Samsung Electronics at KRW 681B (~$503M), together accounting for 72% of total foreign cash selling against KOSPI turnover of KRW 18.96 trillion (~$14.0B). Against that, foreign buying in Hanmi Semiconductor, Samwha Capacitor and Jusung Engineering totalled KRW 129B (~$95M), roughly 6% of foreign selling in the top three names. Institutions bought KRW 110B (~$81M) net; investment trusts led at KRW 189B (~$139M), with pension funds at KRW 23B (~$17M), while financial investment sold KRW 40B (~$30M). Non-arbitrage program trading sold KRW 2.33 trillion (~$1.7B) net, the dominant institutional flow on the day. Retail absorbed KRW 1.39 trillion (~$1.0B) net, with SK Hynix at KRW 401B (~$296M) the largest single entry. Hanmi Semiconductor and HPSP were the only names where foreign and institutional conviction overlapped, with retail selling into both.
Why the Market Moved
1. Foreign cash and futures moved in opposite directions; SK Hynix and Samsung Electronics absorbed 72% of foreign net selling at KRW 2.24 trillion (~$1.7B) combined.
2. Non-arbitrage program trading sold KRW 2.33 trillion (~$1.7B) net, the largest single institutional flow on the session.
3. SOX fell 1.61% overnight, sustaining downward pressure on Korean semiconductor names.
The Uncomfortable Question
Foreign investors sold KRW 1.56 trillion (~$1.2B) of SK Hynix and KRW 681B (~$503M) of Samsung Electronics while buying 1,077 futures contracts in the same session. Retail absorbed KRW 401B (~$296M) of SK Hynix alone. Whether retail is accumulating at a durable entry point or absorbing a foreign exit that has no near-term reversal catalyst cannot be answered from this session's data.
KoreaAlpha Take
Sell-side desks will note that futures buying and institutional support prevented a larger decline. Both readings miss the point. The watchpoint carried from the prior session was whether foreign net cash in SK Hynix would turn positive. It came in at negative KRW 1.56 trillion (~$1.2B), the single largest foreign sell on the day. The two-stock concentration in semiconductor selling held at 72% again today. The unresolved question is who absorbs this foreign selling once the price-insensitive corporate buyers complete their programs, both of which have scheduled end dates before November 22. 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 1.62 trillion (~$1.2B) net bought on this session, sits with other corporations and other foreign investors, categories this report does not collect.
