Today’s KOSPI Market Briefing — 2026-06-28
After a 7% plunge last week, the KOSPI is expected to continue its roller-coaster ride between 8,400 and 9,500. Semiconductor earnings remain the key pivot, while massive sell-offs by foreign and institutional investors continue to rattle the market.
Today’s KOSPI Market Briefing — 2026-06-28
Key Market Issues
1. Record-high Volatility Index — VKOSPI hits 95.09 The domestic stock market is experiencing unprecedented volatility. On the 25th, the VKOSPI (KOSPI 200 Volatility Index) reached 95.09, marking its highest level since the financial crisis. Last week (June 22–26), the KOSPI closed at 8,411.21, down 641.21 points (7.08%) from 9,052.42 the previous week.
2. Q2 Semiconductor Earnings to Dictate Index Direction Following strong results from Micron, expectations for Q2 earnings from Samsung Electronics and SK Hynix are high, and the sector's performance will likely determine the KOSPI’s trajectory. Concerns over surging AI memory prices and interest rate pressures are acting simultaneously on the market.
3. 20 Trillion Won Sell-off by Foreigners/Institutions — Retail Investors Hit Last week, foreign and institutional investors offloaded a massive 20 trillion won, leading to the worst market conditions, including 10 sidecars and 3 circuit breakers. The sell-off is primarily attributed to capital outflows following first-half rebalancing.
Rising Themes and Notable Stocks
1. Honam Semiconductor & Power Crisis Themes Even amidst the KOSPI’s drop on the 26th, themes related to Honam semiconductors and power shortages hit the daily limit. 11 stocks, including Gwangju Shinsegae and Kumho Construction, surged to the daily limit, serving as a safe haven for the market.
2. Focus on Samsung Electro-Mechanics — 1.9 Trillion Won in Foreign Net Buying Despite the record volatility, some stocks saw large-scale foreign net buying. Samsung Electro-Mechanics, in particular, drew interest for its strengths in next-generation semiconductor substrates, such as next-gen FC-BGA, embedded PCBs, and glass core substrates.
Macro Context
1. A Volatile June for KOSPI — Rebalancing and Rate Decisions Ahead After a month of volatility throughout June, the KOSPI enters the earnings season at the start of the second half. With interest rate decisions from various countries and the National Pension Service’s rebalancing scheduled, the market’s direction for July remains uncertain.
2. KOSDAQ Hits New Annual Low for 4 Consecutive Sessions — Dropping to 845.10 The KOSDAQ also saw a sharp decline. As of 2:20 PM on the 26th, the KOSDAQ index was at 845.104, down 41.77 points (4.82%) from the previous trading day, continuing to set new annual lows since the 891.52 level on the 23rd.
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