KOSPI +0.90%, KOSDAQ -0.58% — KOSPI Gains, KOSDAQ Lags — Dongchun Korea Close 26/04/23

Hey, Dongchun here.

Here is how the Korean market closed today.

Today in 2 Lines
  • SK Hynix's record-breaking earnings boosted the semiconductor sector, and the KOSPI closed up 0.90%.
  • Since April, foreign investors have continued to make net purchases of approximately 4.6 trillion won on the KOSPI.

Previous post: Read it →

1. Korea Market Close

South Korea's benchmark KOSPI closed at 6,475.81, gaining 57.88 points (+0.90%), extending its historic rally that broke 6,400 for the first time just one session ago. The KOSDAQ, however, declined 6.81 points (-0.58%) to 1,174.31, diverging from the main board as small- and mid-cap growth stocks saw profit-taking. Today's KOSPI advance was primarily driven by Samsung Electronics surging +3.22% on sympathy with SK Hynix's blowout earnings, while energy and nuclear infrastructure stocks (Doosan Enerbility +5.09%) added further fuel. Market breadth was mixed — KOSPI large-caps dominated while KOSDAQ breadth weakened, suggesting the rally remains concentrated in index heavyweights. The KOSPI has now set multiple consecutive all-time highs, supported by returning foreign capital (over 4.6 trillion KRW net bought in April). Tomorrow's direction hinges heavily on tonight's Intel earnings result and overnight US futures movement.

IndexCloseChangeVolume
KOSPI6,475.81+0.90%1.03B shares
KOSDAQ1,174.31-0.58%1.67B shares

2. Foreign Flow Analysis

Foreign investors have been the dominant force driving Korea's market in April 2026, accumulating over 4.6 trillion KRW net bought in KOSPI since the start of the month. Their top picks have been SK Hynix (1.83 trillion KRW) and Samsung Electronics (1.04 trillion KRW), clearly tilted toward semiconductors and HBM beneficiaries. Institutions have been more selective, rotating into second-order plays including secondary batteries, shipbuilding equipment, and power grid stocks. Retail investors remain cautious, holding back amid the high index levels. Customer deposits have climbed to 121.2 trillion KRW (up ~11 trillion KRW from end-March), signaling dry powder remains available in the market. With US semiconductor futures softening slightly tonight, foreign flows tomorrow may show some caution at the 6,500 KOSPI resistance level.

InvestorNet Flow (April MTD)Key Stocks
Foreigners+~4.6 trillion KRWSK Hynix, Samsung Electronics
InstitutionsSelective buying2nd battery, shipbuilding, power
RetailCautious / light selling-

3. Sector Breakdown

Korea's sectoral landscape today was a tale of two stories: large-cap semiconductor and nuclear power surged, while autos and secondary batteries fell. The semiconductor sector was lifted by SK Hynix's historic 37.6 trillion KRW operating profit (72% margin), pulling Samsung Electronics up +3.22% even ahead of its own earnings confirmation. Nuclear/energy infrastructure was the second major winner, with Doosan Enerbility gaining +5.09% on continued global nuclear order momentum tied to White House pro-nuclear energy signals. The auto sector was the day's clear loser as Hyundai Motor reported a 30.8% drop in operating profit, squarely blamed on an 860 billion KRW tariff-related cost hit. Secondary batteries (LG Energy Solution -3.72%) continued to drag on KOSDAQ.

SectorDirectionKey StockReason
Semiconductors▲ StrongSamsung Electronics (+3.22%)SK Hynix earnings beat, HBM premium
Nuclear/Energy▲ StrongDoosan Enerbility (+5.09%)Global nuclear order momentum
Internet▲ MildNAVER (+1.64%)AI growth narrative
Autos▼ WeakHyundai Motor (-1.66%)Q1 earnings miss, tariff impact
2nd Battery▼ WeakLG Energy Solution (-3.72%)EV demand slowdown concerns

4. Stocks on My Radar

BMNR ($23.31, +7.37%): Bitmine Immersion Technologies, a Bitcoin mining company, rallied sharply as Bitcoin crossed $79,000, directly boosting the revenue outlook for mining operations. Crypto mining equities remain highly correlated to BTC spot price moves.

NVO ($39.15, -0.68%): Novo Nordisk continued its structural decline as the company faces unprecedented pricing pressure on its obesity/diabetes portfolio, guiding for a 5-13% drop in adjusted profits in 2026 — the first annual decline in 25 years. The announced 9,000-job global reduction has not been sufficient to restore investor confidence.

ZETA ($18.16, +1.97%): Zeta Global posted a moderate gain with the broader tech tape. No company-specific catalyst identified today; the move appears to reflect risk-on sentiment in the ad-tech and AI marketing space.

ORCL ($187.50, +3.49%): Oracle continued its momentum from its fiscal Q3 earnings beat, as cloud revenue growth and newly launched AI tools sustain the upward re-rating. The stock has been a consistent outperformer in the enterprise cloud transition trade.

SMR ($13.57, +16.28%): NuScale Power surged on news that the White House outlined plans for nuclear reactors in space by 2028 and on the Moon by 2030, supercharging the small modular reactor narrative. This is the single biggest mover in the portfolio today. The stock had received a Citi price target cut to $9 just days ago, making the +16% move even more striking.

COIN ($206.24, +5.25%): Coinbase benefited directly from Bitcoin clearing $79,000, as crypto exchange volumes and sentiment tend to follow BTC price strongly. The Crypto Clarity Act remains a background overhang, but today's BTC rally dominated.

LAES ($3.06, +3.38%): SEALSQ Corp rose as the AI advancement narrative drives demand for post-quantum cryptography solutions. Q1 2026 revenue came in at ~$4.1M (over +200% YoY), and the company guides for 50-100% full-year growth. The AI security risk angle continues to attract speculative interest.

ASTS ($84.66, +5.81%): AST SpaceMobile rebounded as FCC approval to deploy up to 248 satellites continues to underpin the bull thesis. The BlueBird 7 satellite de-orbit setback following a Blue Origin launch anomaly created a brief setback, but investors appear to be looking through near-term execution risks to the long-term connectivity opportunity.

TickerPriceSession %Key Event
BMNR$23.31+7.37%Bitcoin $79K rally, mining revenue uplift
NVO$39.15-0.68%Earnings guidance cut, 9,000 job cuts
ZETA$18.16+1.97%Broad tech sentiment, no specific catalyst
ORCL$187.50+3.49%Cloud AI momentum from Q3 earnings beat
SMR$13.57+16.28%White House space/Moon nuclear reactor plan
COIN$206.24+5.25%Bitcoin above $79,000
LAES$3.06+3.38%AI-driven quantum security demand, Q1 +200% rev
ASTS$84.66+5.81%FCC 248-satellite approval, de-orbit risk priced in

5. Tomorrow's Korea Open

Tonight's most important variable is Intel's Q1 2026 earnings, expected after the close with analyst consensus at EPS $0.01 and revenue of $12.39 billion. Intel has surged 74% YTD to ~$68, meaning the bar is elevated — a miss could send ripples through the Philadelphia Semiconductor Index and weigh on Samsung Electronics and SK Hynix at tomorrow's Korea open. US overnight futures are currently off a modest -0.34% to -0.39%, a natural exhale after the Nasdaq's +1.64% and S&P's +1.05% gains on April 22. VIX at 18.92 signals no systemic fear — this is a healthy cooldown, not a reversal. Oil remains elevated (Brent ~$104, WTI ~$95) on US-Iran Strait of Hormuz tensions, which could weigh on sentiment if escalation resumes. The bull case for tomorrow's Korea open: Intel beats, futures recover, and KOSPI gaps up toward the 6,500 psychological level with semiconductor stocks leading again. The bear case: Intel disappoints or guides lower, futures drop over 1%, and KOSPI tests the 6,400 support freshly established this week. Base case: flat-to-slight gap down open, consolidation around 6,430-6,480, with the market waiting for more US earnings data before its next directional move. For new investors, EWY (Korea ETF) and Samsung GDR are the most accessible proxies for this rally; current levels reflect peak earnings expectations, so position sizing matters.

IndicatorLevelSignal
Nasdaq 100 Futures26,989.75 (-0.34%)Mild bearish — healthy cooldown
S&P 500 Futures7,143.50 (-0.39%)Mild bearish — healthy cooldown
VIX18.92✅ Stable — no fear
Intel After-HoursPendingQ1 EPS $0.01 / Rev $12.39B expected
Bitcoin~$79,000+Bullish for crypto/risk sentiment
Brent Oil~$104Geopolitical risk — watch Iran

Base-case for April 24 KOSPI open: flat to -0.3% gap, range 6,430~6,480, semiconductor consolidation day. Watch Intel result above all else.

Bottom line: Watch US futures and overnight macro for the Korea open signal tomorrow.

That's the PM breakdown for April 23. Trade safe.

Sources

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