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KOSDAQ Rises 0.38%, but Equipment, HLB and Robotics Tell Different Stories

작성자:K jumma 마지막 수정일:

South Korea’s small-cap benchmark rose on September 29, 2026, but the recovery did not extend to most stocks. The KOSDAQ finished at 849.80, up 3.22 points or 0.38%, while the KOSPI slipped 18.93 points, or 0.27%, to 6,870.81. The contrast matters: a better index close was not evidence of a broad return to risk-taking.

A late recovery with weak breadth

The KOSPI recovered from an intraday low of 6,782.99 after opening at 6,844.41. The KOSDAQ’s rebound was more pronounced: it climbed from 833.62 to finish just below its 849.82 session high. Nevertheless, post-close Naver market data showed more declining than advancing stocks in both markets. Foreign investors were net sellers, while individuals and institutions were net buyers. These directions indicate opposing flows, rather than a clear resolution of selling pressure.

KSI reads the session as selective buying around identifiable events. An equipment order, a drug approval and a robotics listing offered different reasons to trade; they did not establish a single market-wide earnings recovery.

Equipment orders: distinguish the product from the theme

Hanmi Semiconductor (042700) closed the regular session at KRW251,000. Yonhap reported a disclosed order worth approximately KRW7.87 billion from UTAC’s Thai operation, equivalent to 1.37% of the company’s prior-year consolidated revenue. The contract runs from September 28 through December 31.

The equipment is micro SAW & VISION PLACEMENT, used for back-end processes including cutting, cleaning and inspection. This is not a disclosed HBM thermocompression-bonder order. A real contract provides firmer evidence than an industry narrative, but its value is neither immediate profit nor proof of recurring demand. Delivery, revenue recognition and repeat orders remain the relevant tests.

Drug approval: the group did not trade as one

The FDA records September 23 as the approval date for Elevar’s lirafugratinib, for previously treated adults with specified FGFR2-altered, unresectable locally advanced or metastatic cholangiocarcinoma. The indication should not be generalized to all cancer patients. Elevar is HLB’s US subsidiary.

HLB Pharma (047920) advanced from a previous regular-session close of KRW9,620 to KRW11,840. HLB (028300), however, finished at KRW40,000 against KRW39,700 previously, well below its KRW47,700 regular-session high. Approval remained a catalyst, but the price response differed sharply within the group. Commercial uptake, spending and the distribution of economic benefits across group entities are separate questions.

Robotics debut: the reference price changes the story

Bigwave Robotics (0035S0) ended its first KOSDAQ session at KRW30,200, 67.78% above its KRW18,000 offering price. Yet it opened at KRW56,000 and reached KRW60,000. An IPO allocation and a purchase after trading began therefore produced very different experiences.

The company supports the adoption, deployment and operation of robotic automation. Its volatile debut is a price-discovery event, not confirmation that the entire robotics industry has stronger earnings. The next test is whether supply can be absorbed after the initial listing excitement.

What would make the recovery more convincing?

Watch for less foreign selling, participation by more stocks and stronger retention of intraday gains at the close. Equipment shares need follow-through beyond one contract; HLB-related stocks need to be assessed individually; the robotics debut needs a more stable trading range. All index and stock prices above refer to the completed September 29 KRX regular session, excluding after-hours prices.

Key Data Sources

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