KOSPI Rebounds 1.37% as Institutions Buy KRW 1.21 Trillion and Chips Reclaim 6,700

The KOSPI rebounded 90.71 points, or 1.37%, to 6,717.97 after losing roughly 6% over the previous four sessions. It opened lower at 6,611.24, touched 6,598.87, and finished at the day’s high. The KOSDAQ also reversed sharply from an intraday low of 801.12 to close at 815.98, up 0.44%. The two-index advance looked encouraging, but the underlying message was more selective: institutions, corporate buying and semiconductors powered the recovery rather than a market-wide return of risk appetite.

Domestic balance sheets absorbed another day of foreign selling

Institutions bought a net KRW 1.2116 trillion on the KOSPI, while other corporations purchased KRW 1.6572 trillion. Foreign investors sold KRW 1.6808 trillion and individuals sold KRW 1.1863 trillion. This was the sixth consecutive session of foreign cash-market selling, taking the six-day total to KRW 11.946 trillion. Foreigners nevertheless bought KRW 301.4 billion of KOSPI 200 futures, suggesting that their positioning was defensive but not a clean bet on another immediate leg down.

On the KOSDAQ, individuals and institutions bought KRW 13.5 billion and KRW 16.4 billion respectively, against KRW 28.4 billion of foreign selling. Turnover remained light at KRW 15.855 trillion on the KOSPI and KRW 6.188 trillion on the KOSDAQ. A rebound on thin activity needs confirmation from follow-through flows.

Why the market rose despite oil, yields and a weaker won

The macro backdrop was still difficult. WTI crude rose 4.38% to USD 105.83 as supply disruptions intensified, the U.S. 10-year yield touched 5.041%, and USD/KRW stood at 1,368.6 at 3:30 p.m., 9.2 won above the previous day. Those inputs normally pressure Korean duration assets. The offset was a 0.40% gain in the Philadelphia Semiconductor Index and a domestic market that had already priced in a steep four-day selloff.

The late-session catalyst was a report that SK hynix was exploring ways to manufacture memory in the United States with Intel, including leasing space at Intel’s Ohio site or forming a venture with Intel and cloud customers. The discussions remain preliminary and no product has been selected, so this is not a confirmed investment decision. Still, the story connected three investable themes—memory scarcity, U.S. localization and tariff risk—and helped SK hynix gain 4.08%. Samsung Electronics rose 2.01%.

Leadership broadened within semiconductors, not across the whole market

The strongest confirmation came from the supply chain. Wonik IPS advanced 10.15%, Jusung Engineering 4.77%, EO Technics 4.82% and Simmtech 4.14%. Reports that lead times for critical semiconductor-equipment components have doubled in some cases reinforced the view that AI-driven capacity spending is still straining supply. Buying that begins in memory leaders and spreads to equipment, packaging and substrates is more durable than a two-stock index bounce, but it remains a semiconductor-specific signal.

Two event-driven pockets also stood out. LS Eco Energy and Gaon Cable rallied after disclosing the supply of medium-voltage underground cables to a U.S. solar project, linking Vietnamese production with a U.S. sales platform. In gaming, Me2on hit its 29.95% daily limit after Kakao Games agreed to acquire 39.56% for about KRW 98 billion. Kakao Games itself fell, so the move should be treated as target-specific M&A arbitrage rather than a sector re-rating.

This was not a broad risk-on day

KOSPI information technology rose 4.78% and electrical/electronics gained 2.81%, while construction fell 2.37% and utilities lost 1.60%. On the KOSDAQ, semiconductor equipment advanced even as EcoPro, EcoPro BM, Alteogen, Rainbow Robotics and Robotis declined. Both benchmarks closed higher, but capital concentrated in chips and a handful of news-driven names.

KSI view and the next-session test

The market appears to be pricing three ideas: much of the near-term FOMC, oil and yield shock may already be reflected in prices; AI-memory scarcity and a possible U.S. production option can support earnings expectations; and institutional plus corporate buying can temporarily offset foreign outflows. The test comes quickly. Investors should track the Federal Reserve decision and projections, the U.S. 10-year yield around 5%, USD/KRW near 1,370, and whether foreign cash selling slows.

If semiconductor equipment and substrate turnover holds while the KOSDAQ defends the 801 area, the rebound can move into a second phase through the supply chain. If foreign selling continues and the won weakens further, today’s advance may remain a concentrated relief rally rather than the start of a durable market-wide recovery.

Related KSI Research

• KOSPI Falls 0.85% as Foreigners Sell KRW 1.57 Trillion, While KOSDAQ Rebounds
• KOSPI Drops 3.26% as Foreigners Sell KRW 3.29 Trillion and Defense Stocks Rise

Key Data Sources

• 연합뉴스 — 코스피, FOMC 경계감 속 1%대 상승…닷새만에 반등(종합)
• Naver Finance — KOSPI real-time and closing index data
• Naver Finance — KOSDAQ real-time and closing index data
• Naver Finance — KOSPI investor flow
• Naver Finance — KOSDAQ investor flow
• Naver Finance / Hana Bank — USD/KRW Hana Bank notice-round data
• 이데일리 — SK하이닉스 美서 메모리 만드나…인텔과 현지 생산 협상 중
• 머니투데이 — LS에코에너지, 가온전선과 美 태양광 케이블 공급
• 머니투데이 — 미투온 상한가…카카오게임즈 피인수 효과
• 전자신문 — 반도체 장비 부품 납기 2배로…최대 40개월도 걸려