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Weekly Market Review: Week 36 (September Week 1)

Listed-company buybacks entered the tape at more than 1.5 trillion won a day and reversed the intraday declines of the first two sessions, but on September 2 foreign investors and institutions sold a net 3.9534 trillion won as the US-Iran conflict reignited and KOSPI fell 3.99%, and that single session produced the entire weekly loss of 1.50%

HHaelangdal·Founder AnalystSeptember 5, 202616 min readWeekly Review
Bottom Line

KOSPI's entire weekly loss landed on September 2. That session fell 3.99% and the other four all rose. Chained together those four sessions produce a gain of 2.60%, and a single day's -3.99% erased it, leaving -1.50% for the week. What supported the other four sessions was listed-company buybacks. Net buying by other corporations ran to 6.4684 trillion won from August 31 to September 4, while over the same period foreign investors sold 2.5365 trillion won, institutions 870.1 billion won and individuals 3.0618 trillion won. While all three of those categories sold, what held the index up was listed companies buying their own shares. On September 2 that structure broke once. The US-Iran conflict reignited, West Texas Intermediate rose 9.64% over the week and the US 10-year Treasury yield passed 4.8%. Other corporations bought their usual 1.6505 trillion won that day and it did not offset the 3.9534 trillion won sold by foreign investors and institutions. The direction changed again late in the week. On September 4 foreign investors and institutions turned net buyers together for the first time in six sessions and KOSPI rose 1.64%. That same night, however, US August payrolls came in at three times the expected figure and concern about a September hike returned.

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Reader's Brief — 30-second TL;DR

Intermediate
Why Now

8/31 KOSPI falls 3.55% to 6,547.76 within six minutes of the open and closes +0.46% (6,820.02), Samsung Electronics opens at 249,000 won and closes at 260,000 won (+1.17%), SK Hynix opens at 1,596,000 won and closes at 1,674,000 won (+1.27%), other corporations buy a net 1.579 trillion won, Samsung discloses an on-market purchase of 2 million shares and SK Hynix 650,000 shares -> 9/1 KOSPI falls to 6,732.47 (-1.28%) intraday then closes +0.23% (6,835.80), August total exports of 98.25 billion dollars (+68.7% year over year) with chip exports of 46.65 billion dollars (+209%) at a record, a further US strike on Revolutionary Guard facilities lifts West Texas Intermediate 5.20% to 90.22 dollars, the US 10-year yield reaches 4.79% and the volatility index 16.34 (+9.52%) -> 9/2 KOSPI -3.99% (6,562.72, -273.08 points), foreign investors sell 1.9173 trillion won and institutions 2.0361 trillion won, Samsung -4.02%, SK Hynix -4.73%, KOSDAQ -2.10% (803.98), the US 10-year yield reaches 4.818%, its highest since November 2023, and Broadcom reports fiscal 2026 third-quarter results after the close -> 9/3 KOSPI +0.26% (6,579.48) after travelling 243.48 points between a high of 6,682.97 and a low of 6,439.49, other corporations net sell 600 million won while securities firms buy 1.0281 trillion won, Fed Governor Waller says he would prefer to hold in September and the S&P 500 rises 1.06%, Nvidia announces a 12.9 billion dollar acquisition of Hugging Face -> 9/4 KOSPI +1.64% (6,687.21), foreign investors buy 479.6 billion won and institutions 1.6694 trillion won while individuals sell 3.7229 trillion won, KOSDAQ +2.95% (813.50), the Seoul FX daytime close is 1,350.4, US August nonfarm payrolls come in at 162,000 against an expected 55,000 and futures-implied expectations of a September hike rise

Winners ?? Losers

Up - West Texas Intermediate +9.64% for the week (83.44 to 91.48 dollars), Nvidia +5.89% (217.55 to 230.36 dollars), bitcoin +2.35% (77,839 to 79,672 dollars), the Nasdaq +0.40%, the S&P 500 +0.09%, and the won (USDKRW 1,375.67 to 1,345.99, with the Seoul FX daytime close moving from 1,372.5 to 1,350.4). Down - KOSDAQ -2.97% (838.41 to 813.50), KOSPI -1.50% (6,788.88 to 6,687.21), Broadcom -2.95% (368.79 to 357.90 dollars), Samsung Electronics -0.58% (257,000 to 255,500 won), SK Hynix -0.36% (1,653,000 to 1,647,000 won). The two large-cap chip names moved less than 1% for the week while the index fell more than that.

Watch For

Reading depth

Mon 8/31 - Tue 9/1 - Two Sessions That Reversed Early Declines, and the Buyback Bid

On two consecutive sessions KOSPI fell sharply early and closed higher. It gained 0.46% to 6,820.02 on August 31 and 0.23% to 6,835.80 on September 1.

Monday - six minutes decline and a full-session reversal

KOSPI opened at 6,613.58, down 2.58%, carrying the rate concern left by Chair Warsh's Jackson Hole speech the previous Friday. Within six minutes it fell 241.12 points to 6,547.76, a decline of 3.55%.

It turned there. The close of 6,820.02 was up 31.14 points, 4.16% above the intraday low.

Samsung Electronics opened at 249,000 won, down 3.11%, and closed at 260,000 won, up 1.17%. SK Hynix opened at 1,596,000 won, down 3.45%, and closed at 1,674,000 won, up 1.27%. Both recovered more than 4% from their opening prices.

On flows, individuals sold a net 146.4 billion won, foreign investors 643.4 billion won and institutions 789.1 billion won. All three categories sold. bought a net 1.579 trillion won the same day. Samsung Electronics disclosed an on-market purchase of 2 million shares and SK Hynix 650,000 shares.

Tuesday - trade data held the floor

KOSPI fell to 6,732.47 intraday, down 1.28%, and closed at 6,835.80. Samsung Electronics closed at 261,000 won and SK Hynix at 1,693,000 won, up 0.38% and 1.13%.

The Ministry of Trade, Industry and Energy released August trade data that day. Total exports were 98.25 billion dollars, up 68.7% from the same month a year earlier and the third largest monthly figure on record. Semiconductor exports were 46.65 billion dollars, up 209%, a record and a third consecutive month above 40 billion dollars. Imports were 63.51 billion dollars, up 22.5%, and the trade surplus was 34.75 billion dollars. Average daily exports adjusted for working days were 4.47 billion dollars, up 72.5%.

Flows took the same shape as the previous session: individuals sold 540.2 billion won, foreign investors 496.8 billion won and institutions 628.6 billion won, against net buying of 1.6656 trillion won by other corporations.

Oil and yields rose together that night

The United States struck further Revolutionary Guard facilities. West Texas Intermediate rose 5.20% in a session to 90.22 dollars. The US 10-year Treasury yield reached 4.79%, its highest in 20 months. The volatility index rose 9.52% to 16.34. The S&P 500 fell 0.71% and the Nasdaq 1.03%.

PRIMER·What net buying by other corporations contains

The exchange divides investors into individuals, foreign investors, institutions and other corporations. Other corporations covers domestic legal entities outside the first three, and when a listed company buys its own shares on the market the purchase appears as net buying here.

From August 31 to September 4 other corporations bought a net 6.4684 trillion won of KOSPI stock. Over the same period individuals sold 3.0618 trillion won, foreign investors 2.5365 trillion won and institutions 870.1 billion won. The three categories' combined net selling of 6.4684 trillion won went to a single counterparty category.

By session the figures were 1.579 trillion won on August 31, 1.6656 trillion on September 1, 1.6505 trillion on September 2 and 1.5739 trillion on September 4. The spread across those four sessions is about 90 billion won. This is not buying that responds to the tape; it is buying executed at the same size each day under a plan.

Two properties follow. One is that it makes the floor predictable, which is what the intraday reversals of August 31 and September 1 were. The other is that its size is fixed. When selling pressure exceeds that size it is not offset. September 2 was that case.

What turned the index on August 31 and September 1 was listed companies buying their own shares. Individuals, foreign investors and institutions sold through both sessions.

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This report is provided for informational purposes only and does not constitute a recommendation to buy or sell any financial instrument. Investment decisions should be made based on your own judgment and responsibility. The analysis and opinions contained herein are based on information available at the time of writing and are subject to change.

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