South Korea's KOSPI closed down 40.84 points, or 0.81%, at 5,018.85 on Monday, Nov 9. A morning rebound in chip stocks lifted the index as high as 5,172.94, but selling by foreign and retail investors wiped out the gain in the afternoon. The index, which fell more than 11% last week, has now declined for three straight sessions, and foreign investors were net sellers for a seventh straight day.
The KOSDAQ fell 5.30 points, or 0.82%, to 638.97. Battery and biotech large caps led both markets lower. The won strengthened, with USD/KRW down 9.5 won at 1,347.1 at the close of daytime trading.
Key takeaways
- The KOSPI reached 5,172.94 intraday, 2.24% above Friday's close, then finished down 0.81% at 5,018.85. The gap between the day's high and low (4,990.66) was 182.28 points.
- On the main board, foreigners sold a net 693 billion won and individuals 488.7 billion won, while institutions bought 720.4 billion won. Foreigners have sold more than 12 trillion won over seven sessions.
- Samsung Electronics (+0.64%) and SK hynix (+0.35%) closed slightly higher, well below their intraday highs.
- Battery stocks fell. Samsung SDI lost 11.32% and LG Energy Solution 5.78%; on the KOSDAQ, EcoPro BM fell 8.66% and EcoPro 8.46%.
- Alteogen, the largest KOSDAQ company by market value, dropped 16.01% on concern over a US Medicare drug-price negotiation rule. Elsewhere in Asia, Japan's Nikkei 225 rose 2.33% and Taiwan's Taiex 4.94%.
Index closes
Investor flows
Figures are the closing tallies reported by Seoul Shinmun and Global Economic. Korean outlets publish these numbers at different times of day, so they vary slightly: Newspim reported foreign net selling of 658.5 billion won and individual net selling of 511.1 billion won on the KOSPI.
Program trading on the KOSPI was a net 176.1 billion won of selling, made up of 43.2 billion won of arbitrage buying and 219.3 billion won of non-arbitrage selling. According to Seoul Economic Daily, financial investment firms bought 1.106 trillion won within the institutional total, while pension funds sold 151 billion won.
Foreigners have now sold for seven consecutive sessions. Global Economic put the total for that stretch at more than 12 trillion won. Last week's sell-off is covered in the Nov 6 KOSPI close.
How the session went: morning rally, afternoon reversal
The KOSPI opened 0.50% lower at 5,034.20. Chip large caps rallied early after the Philadelphia Semiconductor Index rose 4.21% on Friday, Nov 6 (ET), and the index climbed as high as 5,172.94, up 2.24%. Seoul Economic Daily counted 16 crossings of the previous close in minute-by-minute prices.
Selling picked up in the afternoon and the index turned lower, touching 4,990.66 at its low. On the main board, 340 stocks rose, 530 fell and 42 were unchanged. Seven stocks hit the daily upper limit and none hit the lower limit.
Seoul Shinmun said concern over restrictions on AI data-center construction, which surfaced after the US midterm elections, weighed on sentiment, and that profit-taking in battery stocks after their recent rally added pressure. The day those data-center concerns first hit Korean stocks is covered in the Nov 5 KOSPI close.
Chips: small gains held up the index
Samsung Electronics rose 0.64% to 189,900 won and SK hynix rose 0.35% to 1,136,000 won. According to Seoul Economic Daily, Samsung traded as high as 195,400 won and SK hynix as high as 1,193,000 won. Both gave back most of their intraday gains.
Lee Kyung-min of Daishin Securities said chip stocks rebounded on bargain buying, but other sectors stayed weak because investor sentiment had soured, leaving a market split by sector. Lim Jung-eun of KB Securities said Samsung Electronics and SK hynix partly supported the index with their small gains.
Chip equipment and materials names were strong on the KOSDAQ. Simmtech rose 6.84%, Jusung Engineering 6.70% and EO Technics 6.00%. Friday's US chip rebound is covered in the Nov 6 US market close.
Batteries: Samsung SDI falls 11.32%
Samsung SDI fell 53,000 won, or 11.32%, to 415,000 won. It was already down 6.52% around 9:20 a.m. KST and the loss widened into the close. It was among the biggest decliners on the main board.
Jaekyung Ilbo reported that no disclosure or news in the past week directly explained the drop. Aju Business Daily attributed the weakness to profit-taking after a short, sharp rally and to uncertainty over whether US clean-energy policy changes will translate into better earnings for battery makers. On Nov 4, the day US midterm results came in, Samsung SDI rose 11.57%, POSCO Future M 10.81% and LG Energy Solution 5.03%.
LG Energy Solution fell 5.78% to 318,000 won. On the KOSDAQ, EcoPro BM and EcoPro fell 8.66% and 8.46%.
| Stock | Market | Close | Change | Note |
|---|---|---|---|---|
| Samsung SDI006400 | KOSPI | 415,000 won | -11.32% | No company disclosure; rose 11.57% on Nov 4 |
| LG Energy Solution373220 | KOSPI | 318,000 won | -5.78% | Battery sector weakness |
| EcoPro BM247540 | KOSDAQ | - | -8.66% | Battery sector weakness |
| EcoPro086520 | KOSDAQ | - | -8.46% | Battery sector weakness |
| Alteogen196170 | KOSDAQ | 168,400 won | -16.01% | Concern over US drug-price negotiation rule |
| Samsung Electronics005930 | KOSPI | 189,900 won | +0.64% | Intraday high of 195,400 won |
| SK hynix000660 | KOSPI | 1,136,000 won | +0.35% | Intraday high of 1,193,000 won |
Biotech: Alteogen falls 16.01%
Alteogen fell 16.01% to 168,400 won after touching 152,500 won intraday, a 52-week low.
Newspim reported that a final drug-price negotiation rule published last week by the US Centers for Medicare & Medicaid Services (CMS) weighed on the stock. Under the rule, starting with prices that apply in 2029, a drug whose route of administration was changed by adding hyaluronidase or a similar agent can, under certain conditions, be negotiated together with the original formulation as one drug. That raised the possibility that Keytruda SC, which uses Alteogen's technology to turn an intravenous (IV) drug into a subcutaneous (SC) injection, could be reviewed together with the IV version.
In a note to shareholders, Alteogen said the effect of negotiated prices on actual sales varies by product and, after existing rebates and discounts, is generally estimated at under 20%. The company said its SC conversion strategy remains valid. According to Newspim, Keytruda SC sales in the third quarter of 2026 were $830 million, up about 79% from the previous quarter.
Rainbow Robotics (-5.76%) and HLB (-3.52%) also fell on the KOSDAQ. On the main board, Samsung Biologics (-0.40%) and Celltrion (-0.47%) slipped only slightly.
Other large caps
Samsung Electro-Mechanics fell 3.10% to 843,000 won and Hyundai Motor fell 2.86% to 271,500 won. KB Financial lost 0.07% and SK Square 0.28%, while Samsung Electronics preferred shares rose 0.40%.
The won and what analysts said
The won closed the daytime session at 1,347.1 per dollar at 3:30 p.m. KST, 9.5 won stronger than the previous session.
Han Ji-young of Kiwoom Securities said a repeat of last week's chain of sharp declines is unlikely unless new macro or AI-related negatives appear. She added that the main question is how much of last week's loss the market can recover, which depends first on this week's macro data and AI earnings. Kim Dae-jun of Korea Investment & Securities said a sideways trend is more likely than a V-shaped rebound in the near term.
Asian markets and overseas news
Japan's Nikkei 225 rose 1,340.73 yen, or 2.33%, to 58,775.50, and the TOPIX gained 2.97% to 3,818.16. Newspim reported that after the Nikkei's third-largest decline on record on Nov 6, buying spread through AI and chip stocks following gains in US tech. Taiwan's Taiex rose 4.94% to 41,661.70, fully recovering its 4.51% drop in the prior session. TSMC rose 4.7%, according to the Associated Press.
China's Shanghai Composite rose 0.32% to 3,660.79, while the Shenzhen Component and ChiNext indexes each fell 0.27%. Combined turnover in Shanghai and Shenzhen fell to 1.4946 trillion yuan, and more than 3,100 stocks declined.
China's National Bureau of Statistics reported that October consumer prices rose 0.7% from a year earlier, slower than September's 0.9% and below the 0.8% forecast. Producer prices rose 5.7%, above the 5.3% forecast and the biggest increase since June 2022.
US stock futures rose during Asian hours. According to the AP, S&P 500 futures were up 0.3% and Dow futures up 0.6% early Monday. Brent crude was down 1.8% at $96.60 a barrel and US benchmark crude down 1.3% at $89.67 at the same time.
What to watch next
- Tuesday, Nov 10, 8:30 a.m. ET (10:30 p.m. KST): the US Bureau of Labor Statistics releases the October consumer price index.
- Thursday, Nov 19: Korea's 2027 college entrance exam (Suneung). KOSPI and KOSDAQ regular trading opens an hour late at 10 a.m. and closes at 4:30 p.m. KST, and the Nextrade pre-market session does not run.
FAQ
Where did the KOSPI close on Nov 9, 2026?
The KOSPI closed at 5,018.85, down 40.84 points or 0.81%. Its intraday high was 5,172.94 and its low 4,990.66. It was the third straight losing session.
How much did foreign investors sell on Nov 9?
By the closing tallies from Seoul Shinmun and Global Economic, foreigners sold a net 693 billion won of KOSPI shares. Individuals sold 488.7 billion won and institutions bought 720.4 billion won. It was the seventh straight day of foreign net selling.
Why did Alteogen shares fall?
Alteogen fell 16.01% to 168,400 won. A final CMS rule allows a drug converted to a subcutaneous form to be negotiated together with its intravenous version, raising concern about royalties tied to Keytruda SC. The company estimated the sales impact at generally under 20%.
Why did Samsung SDI drop more than 11%?
Samsung SDI fell 11.32% to 415,000 won. The company made no disclosure explaining the drop. Korean media pointed to profit-taking after an 11.57% gain on Nov 4 and to uncertainty over whether US policy changes will lift battery earnings.
What are Korean market hours on Suneung day?
On Nov 19, the day of the 2027 college entrance exam, KOSPI and KOSDAQ regular trading runs from 10 a.m. to 4:30 p.m. KST, an hour later than usual. The Nextrade pre-market session does not open that day.
Sources
- Seoul Shinmun: KOSPI closes down 0.81% at 5,018.85
- Seoul Shinmun: KOSDAQ closes down 0.82% at 638.97
- Global Economic: KOSPI falls as retail and foreign investors sell
- Newspim: KOSPI slips to 5,018 as batteries and biotech lag
- MTN: Foreigners sell for seventh day, KOSPI holds 5,000
- Seoul Economic Daily: KOSPI Erases 2% Rally, Clings to 5,000 Line
- The Korea Times: KOSPI barely holds 5000
- Jaekyung Ilbo: Samsung SDI closes down 11% at 415,000 won
- Aju Business Daily: Battery stocks fall on profit-taking
- Newspim: Alteogen falls 16% on US drug-price concerns
- Global Economic: Alteogen falls on US regulation concerns
- Newspim: Nikkei rebounds
- Newspim: China stock market close
- AP via News4Jax: Asian markets bounce back
- Bloomingbit: China Producer Prices Rise 5.7%, Most Since June 2022
- FXStreet: China's CPI inflation eases to 0.7% YoY in October
- U.S. Bureau of Labor Statistics: CPI release schedule
- Newneek: Market hours on Suneung day, Nov 19