KOSPI Emergency Briefing — May 10, 2026

Market Snapshot

• KOSPI: 7,498 (All-time high, rebounded despite massive foreign selling)
• KOSDAQ: Near 1,200 (Closing near 1,200 for the first time in 25 years)
• USD/KRW Exchange Rate: 1,471.7 KRW (+17.7 KRW, hitting 1,471.8 KRW intraday)
• Market Sentiment: Trading concentrated in semiconductor large caps. Individual/institutional buying offsetting foreign outflows; warning lights on for leverage risks as credit and loan balances hit record highs.

Trading Trends (KOSPI)

• Foreigners: Net sold over 12 trillion KRW in two days (May 7–8), a record level; sold about 5.6 trillion KRW on May 8 alone, likely profit-taking in Samsung Electronics and SK Hynix.
• Institutions: Financial investment (brokerages) net bought 1.8 trillion KRW, providing support for the index via SK Hynix.
• Individuals: Actively absorbed foreign sell-offs, leading a late-session rebound in SK Hynix from -2% lows.

Top 5 News

① Foreigners offload 12 trillion KRW, yet KOSPI peaks

• What happened?: Despite the historic 12 trillion won foreign sell-off, the KOSPI climbed to an all-time high of 7,498, driven by retail and brokerage buying. Expert opinions on the future trajectory remain divided.
• Impact: Index-wide gains; SK Hynix and Samsung Electronics rebounded after initial dips.

② Middle East risks push USD/KRW up 20 won

• What happened?: Fears of US-Iran conflict reignited risk aversion. The exchange rate closed at 1,471.7 KRW, up 17.7 KRW. Reports suggest that despite the bull market, the exchange rate shows no signs of stabilizing.
• Impact: Increased volatility, concerns over rising import costs, and mixed outlooks for exporters.

③ Semiconductor "K-shaped rally": 44% of volume in Big 2

• What happened?: Total KOSPI volume surged 65% this month, but 44% of trading value is concentrated in Samsung Electronics and SK Hynix (and related securities). Only 200 out of 948 stocks rose, highlighting extreme polarization.
• Impact: Biotech and robotics investors express frustration as non-semiconductor stocks remain sidelined.

④ High-point vs. upside debate

• What happened?: While some argue the market has peaked, others suggest that with semiconductors accounting for 60% of operating profits but only 45% of market cap, they remain undervalued to foreigners.
• Impact: Continued tug-of-war between profit-taking and new buyers.

⑤ 12% jump in 5 days — leverage risk warning

• What happened?: The KOSPI spiked 12% in just two trading days. However, concerns remain regarding high P/E ratios (over 24x) for non-semiconductor firms and record-high credit/loan balances.
• Impact: Heightened caution for leveraged investors.

Leading Sectors & Themes

• Semiconductors: Massive volatility due to foreign profit-taking and institutional support. Samsung Electronics (005930) and SK Hynix (00660) remain the primary focus.
• Hyundai Motor Group: Shares surged despite geopolitical uncertainty, driving the KOSPI forward. Hyundai Motor (005380) saw strong foreign interest.
• Biotech/Robotics: Continues to lag behind the semiconductor rally; investors advised to focus on earnings-backed "so-bu-jang" (materials/parts/equipment) stocks.

Key Actions for Tomorrow

1. Exchange Rate: Watch if USD/KRW settles at 1,471 or breaks toward 1,480.
2. Foreign Flow: Check the first 30 minutes of trading to see if the 3-day selling trend reverses.
3. Volatility: Monitor if SK Hynix holds its rebound level.

Investor Checklist

• ✅ Check Foreign Sentiment: Monitor real-time flow in the first 30 minutes (9:00–9:30 AM).
• ✅ Manage Leverage: High credit/loan balances pose risk; review your exposure to avoid forced liquidation.
• ✅ Screen Earnings Stocks: Focus on non-semiconductor stocks with strong fundamentals and solid foreign interest.