# Korea Market Briefing | November 2, 2026: Institutions Lift Stocks as the Won and Bonds Weaken

The first trading day of November looked very different in the afternoon from the way it began. Korean stocks opened under the weight of the US technology sell-off, then recovered enough to leave the KOSPI up 2.24%. The won and government bonds did not join that recovery. Rising share prices, demand for dollars and higher bond yields arrived together. Reading all three is more useful than treating the equity gain as a verdict on the entire market.

**Trading session: November 2, 2026. Research cutoff: 2026-11-02 21:50 KST.** Equity prices are KRX regular-session closes. USD/KRW is the Seoul daytime close at 3:30 p.m. KST, separate from subsequent trading.

## A better day inside a difficult month

| Measure | November 2 | Daily change | Five sessions | Twenty sessions |
| --- | ---: | ---: | ---: | ---: |
| KOSPI | 5,859.08 | +2.24% | +7.12% | −15.95% |
| KOSDAQ | 734.36 | +1.38% | +0.98% | −17.88% |
| USD/KRW | KRW 1,343.80 | +KRW 9.50 | +KRW 20.70 | −KRW 14.60 |
| Three-year KTB yield | 3.740% | +2.5bp | — | — |
| Ten-year KTB yield | 4.034% | +2.6bp | — | — |

The five-session comparison starts at the October 26 close; the twenty-session comparison starts on October 1. Calculations exclude exchange holidays. USD/KRW means won per US dollar: an increase indicates a weaker won. Bond figures are KOFIA final quoted yields; one basis point is 0.01 percentage point. Sources: [KRX][krx], [KOSPI][kospi] and [KOSDAQ history][kosdaq], [today's FX report][fx], [October 26 FX][fx5], [October 1 FX][fx20] and [bond closing report][bond].

![Twenty-session KOSPI and KOSDAQ trends from 21 actual closes, October 1 to November 2, indexed to 100: −15.95% and −17.88%. Daily changes below: KOSPI +2.24%, KOSDAQ +1.38%, Samsung Electronics +1.78%, SK hynix +3.81%.](/briefing-assets/kr-market-briefing-2026-11-02.en.e83e3ab2bd5d.png)

*The upper panel uses 21 actual closes from October 1 through November 2, with the first observation set to 100. It excludes dividends and spaces trading sessions equally. The lower panel compares only today's percentage changes. Sources: Yahoo Finance, KRX and NewsPim. Calculations and original chart by Space.*

The KOSPI gained 128.34 points and the KOSDAQ 9.98 points. Yet both remain well below their starting levels twenty sessions ago. Their shorter recoveries also differ: the KOSPI has gained 7.12% over five sessions, against just 0.98% for the KOSDAQ. Large-company shares have recovered faster. A strong daily return does not tell us how much of an earlier loss has been repaired.

The overseas comparison needs its own date. On **October 30, the preceding US regular session**, the Nasdaq-100 fell 3.46% to 28,384.85 and the S&P 500 fell 1.82% to 7,580.07. Those were Friday's US results reaching Korea on Monday morning, not the result of the coming US session. Concerns about returns on AI investment provided an uncomfortable starting point; Korean semiconductor exports and domestic institutional buying offered counterweights. [Nasdaq-100 history][ndx], [S&P 500 history][sp], [closing coverage][close]

Samsung Electronics finished at KRW 229,000, up 1.78%, and SK hynix at KRW 1,472,000, up 3.81%. Their recovery matters to a market weighted toward large companies. It is less informative about every smaller company or industry. A broad-index ETF holder should consider the contribution of its largest holdings; an investor in a narrower sector fund needs to check whether that fund's own constituents participated. [Samsung closes][samsung], [SK hynix closes][hynix]

## Who supplied the buying?

KRX's approximately 3:45 p.m. snapshot showed KRW 1.2331 trillion of institutional net buying in KOSPI cash equities. Financial investment firms accounted for KRW 577.8 billion, investment trusts KRW 264.4 billion and the pension-fund-related group KRW 169.9 billion. Foreign investors and individuals were net sellers of cash shares.

| KRX market; KRW 100 million | Foreign investors | Institutions | Individuals |
| --- | ---: | ---: | ---: |
| KOSPI cash equities | −3,697 | +12,331 | −13,466 |
| KOSDAQ cash equities | −321 | +623 | −261 |
| KOSPI 200 futures | +4,081 | −1,016 | −2,866 |

Positive numbers indicate net purchases. Futures figures are **trading values, not contract counts**. Omitted groups, including other corporations, mean the three columns need not sum to zero. The pension-related category includes government and postal entities; it is not a direct measure of purchases by the National Pension Service alone. These figures consistently use the same [KRX snapshot][krx], rather than mixing venues or later estimates.

Foreign investors sold cash equities while buying index futures. There is no single intention we can safely attach to that combination. Futures can express a directional view or reduce the risk of another position. Aggregate trading records establish what an investor class bought and sold, but do not identify a particular manager's reasoning.

Participation offered a second view of sentiment. KRX reported gains of approximately 2.3%, 2.0% and 1.7% for KOSPI large-, mid- and small-cap groups. The recovery reached beyond a few heavyweight stocks. However, KOSPI turnover was about KRW 14.9 trillion, down KRW 5.4 trillion from the preceding session. Wider gains and lower trading activity coexisted. That supports a cautious description of returning buying interest, while leaving the durability of participation open. It does not establish universal confidence.

## Strong exports, and a closer look at shareholder cash

The real-economy report released over the weekend told a different part of the semiconductor story. On **November 1**, the trade ministry reported preliminary **October exports** of USD 115.28 billion, up 93.7% from a year earlier. Semiconductor exports reached USD 56.44 billion, up 259.4%, representing about 49% of the total. Average exports per working day rose 76.0% to USD 5.24 billion. More working days alone cannot account for the increase. [Official trade release][export]

Exports record products already shipped; stock prices put a value on future earnings. Customers can be questioning the profitability of their AI spending even while current demand for the chips inside that equipment remains strong. The two observations are compatible. What matters next is whether selling prices and shipment volumes hold up, and whether customers' investment plans become actual orders. The release reviewed here did not provide a consensus comparison, so these figures should not automatically be called an upside surprise.

How corporate earnings reach shareholders also mattered. SK Square disclosed plans to return at least 60% of recurring dividend income through 2028, up from its previous threshold of at least 30%. It also plans to pass on all special dividend income received from SK hynix relating to Kioxia. Its shares closed at KRW 950,000, up 5.91%. The precise size, method and timing will be determined through subsequent procedures after its 2026 financial statements are finalized. **This is an announced policy, not money already distributed today.** [SK Square filing][square], [closing coverage][close]

KRX's first publication of a low-price-to-book list raised a related capital-allocation question. The list covers 151 companies: 96 on the main board and 55 on KOSDAQ. Price-to-book compares a company's share price with its net assets per share. A low ratio is not automatically a bargain. Profitability and the use of capital may need to change before a valuation improves. The exchange's list should not be confused with a recommendation to buy those companies. [KRX announcement][pbr]

## Why did the won and bonds weaken as stocks rose?

USD/KRW closed at 1,343.80, up 9.50 won. That was 20.70 won above October 26 but still 14.60 won below October 1. Recent won weakness sits inside a longer comparison in which the won remains stronger. As with stocks, the starting date changes the story.

Yonhap Infomax reported approximately 105,000 contracts of foreign net buying in dollar futures. Dealers pointed to hedging associated with equity positions and the pace of exporters' dollar sales. This connects an observed trading figure with participants' explanations; it does not establish that every dollar purchase hedged the same investors' stock holdings. [FX closing report][fx]

An overseas investor can gain on a Korean share and still lose part of that return when translating it into dollars if the won falls. Transactions intended to reduce that exposure can create dollar demand alongside equity buying. Exporters converting their receipts provide dollar supply in the other direction. The exchange rate is where those different needs meet. The dollar index, which measures the US currency against major currencies, stood at 101.874 at the same reported time. USD/KRW alone cannot determine whether the dollar is broadly strong or weak around the world.

In government bonds, the three-year yield rose from 3.715% to 3.740%, and the ten-year yield from 4.008% to 4.034%. Higher yields put downward pressure on existing bond prices. Closing coverage pointed to a partial reversal of the preceding week's rapid yield decline and renewed risk appetite alongside the equity rebound. Foreign investors bought roughly 8,800 three-year and 2,000 ten-year bond-futures contracts on a net basis, without reversing the market's direction. One investor group's buying does not determine the clearing price on its own. [Bond closing report][bond]

For someone who treats a bond ETF like a deposit, this is a useful distinction. The underlying bonds may pay interest, but the fund's market value can still move. Other things equal, longer-dated bonds are more sensitive to changes in yields. A rise in market yields should also not be mistaken for an announcement that the Bank of Korea has raised its policy rate.

## Questions to carry into the next session

The US ISM manufacturing PMI for October is scheduled for **November 2 at 10 a.m. EST, or midnight at the start of November 3 in Korea**. It had not been released at this briefing's cutoff. New orders and the prices component will help test whether stronger activity can coexist with manageable inflation pressure. Korea's official schedule also places the October consumer-price release on **November 3**. Scheduled reports must remain separate from already observed outcomes. [ISM calendar][ism], [official Korean release schedule][cpi]

Three questions follow from today's session. Does institutional buying continue and spread more convincingly to KOSDAQ? Does exporters' dollar supply help stabilize the won? How do government yields respond after the inflation and US manufacturing releases? Improvement across those areas would make today's recovery easier to sustain. If stocks alone rise while currency and interest-rate pressures increase, the same headline return would carry a different meaning.

*This briefing is for financial education, not a recommendation to buy or sell a particular security.*

### Sources and calculation basis

The [official KRX holiday calendar][calendar], current notices and dated closing report were checked. Prices and comparisons use the dates and conventions stated above. Tables and charts were calculated from source observations. Same-day investor flows and companies' announced future policies are identified separately.

<!-- source references -->

[krx]: https://open.krx.co.kr/contents/MKD/01/0101/01010000/MKD01010000.jsp#view=2026110211
[calendar]: https://open.krx.co.kr/contents/MKD/01/0110/01100305/MKD01100305.jsp
[close]: https://www.newspim.com/news/view/20261102001377
[export]: https://www.motir.go.kr/kor/article/ATCL3f49a5a8c/172360/view
[fx]: https://news.einfomax.co.kr/news/articleView.html?idxno=4442591
[bond]: https://news.einfomax.co.kr/news/articleView.html?idxno=4442596
[kospi]: https://query1.finance.yahoo.com/v8/finance/chart/%5EKS11?range=3mo&interval=1d
[kosdaq]: https://query1.finance.yahoo.com/v8/finance/chart/%5EKQ11?range=3mo&interval=1d
[samsung]: https://query1.finance.yahoo.com/v8/finance/chart/005930.KS?range=3mo&interval=1d
[hynix]: https://query1.finance.yahoo.com/v8/finance/chart/000660.KS?range=3mo&interval=1d
[fx5]: https://news.einfomax.co.kr/news/articleView.html?idxno=4441169
[fx20]: https://news.einfomax.co.kr/news/articleView.html?idxno=4437450
[square]: https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20261102800271
[pbr]: https://open.krx.co.kr/contents/OPN/05/05000000/OPN05000000.jsp#fe3647848b826aa1ddee224c4b5526f4=1&view=261115868
[ism]: https://www.ismworld.org/supply-management-news-and-reports/reports/rob-report-calendar/
[cpi]: https://www.kostat.go.kr/boardDownload.es?bid=5146&list_no=442797&seq=3
[ndx]: https://query1.finance.yahoo.com/v8/finance/chart/%5ENDX?range=3mo&interval=1d
[sp]: https://query1.finance.yahoo.com/v8/finance/chart/%5EGSPC?range=3mo&interval=1d

## Sources
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- https://open.krx.co.kr/contents/MKD/01/0110/01100305/MKD01100305.jsp
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