KOSPI rebounds 2.24% as pension funds buy and retail investors sell

What happened. On Monday, November 2, KOSPI rose 128.34 points, or 2.24%, and closed at 5,859.08. It reached 5,910.83 during the day. It opened lower, down 1.62% at 5,637.77, and touched 5,616.50.

Where the blow came from. On Friday, October 30, Intel shares fell 28.58% in New York after a weak fourth-quarter revenue outlook. The SOX semiconductor index lost 7.20%. KOSPI also fell 3.48% on October 30, and the exchange triggered a sell-side "sidecar" (a temporary pause on program sell orders).

Who bought and who sold. Yonhap reports that foreigners and retail investors together sold a net 1.72 trillion won, while institutions bought a net 1.23 trillion won. Other reports give other numbers. Alpha Economy has institutions buying 1.2329 trillion won and retail investors selling 1.3475 trillion. Hankyung and Money Today have institutions buying 1.3451 and 1.3352 trillion won, and retail investors selling 1.8836 and 1.8659 trillion. Foreigners were net sellers in every report, but the amount differs: from 7.1 to 368.4 billion won.

Pension funds. Pension funds bought a net 169.9 billion won on Monday and 896.5 billion on Friday. According to Money Today, Friday was their second-largest daily purchase, after 1.2 trillion won on January 27, 2022. Over two days that is about 1.07 trillion won (our sum). Before Friday they had been sellers in October: a net 76 billion won for the month excluding October 30.

A limit on buying. Analysts quoted by Money Today say the pension funds are unlikely to stay the main buyer if the index keeps rising. Korea's National Pension Service (NPS) raised its target share of Korean stocks in May from 14.9% to 20.8%. At the end of August, with KOSPI near 6,820, the share was 25.8%, and the upper limit with a 6 percentage point band is 26.8%. A Yuanta analyst says near 5,000 points the funds still have room to buy, but above 6,000 they are unlikely to buy actively.

Why the market rose, according to analysts. Lee Kyoung-min of Daishin Securities says the market read the Intel report differently: as higher costs for PC makers because memory got pricier, not as a collapse in memory demand. Export data helped too: Korean chip exports in October were up 259.4% from a year earlier. Hankyung adds that worries about the Middle East eased a little, and Money Today notes a share buyback by SK hynix. SK hynix rose 3.81% to 1,472,000 won and Samsung Electronics rose 1.78% to 229,000 won.

What is not known. We do not know how the sell-off in chipmakers and AI stocks will end. One good day does not mean the drop is over. This is an overview, not advice.

已确认的事实

• KOSPI closed on November 2 at 5,859.08, up 128.34 points, or 2.24%, after reaching 5,910.83 during the day.^[1][2][3][4]
• The index opened lower, down 1.62% at 5,637.77, fell to 5,616.50, and turned positive in the morning.^[2][4]
• On October 30 KOSPI fell 3.48% and a sell-side sidecar was triggered. The same day Intel shares fell 28.58% in New York on a weak fourth-quarter revenue outlook, and the SOX index fell 7.20%.^[2]
• Institutional investors bought a net 1.23 trillion won on November 2 (Yonhap), 1.2329 trillion (Alpha Economy), 1.3352 trillion (Money Today) or 1.3451 trillion (Hankyung).^[1][2][3][4]
• Retail investors sold a net 1.3475 trillion won (Alpha Economy), 1.8659 trillion (Money Today) or 1.8836 trillion (Hankyung). Yonhap says foreigners and retail investors together sold 1.72 trillion won.^[1][2][3][4]
• Foreigners were net sellers: 368.4 billion won per Alpha Economy and 7.1 billion won per Hankyung.^[2][4]
• Pension funds bought a net 169.9 billion won on November 2 and 896.5 billion on October 30, the second-largest daily amount after 1.2 trillion won on January 27, 2022.^[3]
• In October excluding the 30th, pension funds were net sellers of 76 billion won.^[3]
• NPS's share of Korean stocks was 25.8% at the end of August against a 20.8% target (raised in May from 14.9%) and an upper limit of 26.8%.^[3]
• Daishin Securities analyst Lee Kyoung-min tied the rebound to the market reading Intel's weak report as higher PC-maker costs from pricier memory, not a collapse in memory demand.^[2][4]
• Korean chip exports in October rose 259.4% from a year earlier.^[1][2]
• SK hynix rose 3.81% to 1,472,000 won and Samsung Electronics rose 1.78% to 229,000 won.^[1][2]
• Trading volume was light at 14.9 trillion won, with 651 advancing stocks against 229 declining. The won was weaker at 1,343.8 per dollar at 3:30 p.m.^[1]
• Hankyung also names a slight easing of Middle East worries as a reason for the turn.^[4]

影响

• 已确认On the rebound day institutional investors, including pension funds, were the main buyers while retail investors sold.
• 我们的解读Analysts say pension funds are unlikely to stay the main buyer as the index rises, because of the cap on their share of Korean stocks.
• 我们的解读One up day does not prove the sell-off is over. This is our view.

仍未知

• Final buy and sell totals by investor group: the sources give different numbers
• How much more the pension funds are ready to buy
• Whether the sell-off in chipmakers and AI stocks continues
• How the market will read the next chip reports

影响到谁

South Korea, Asia. People who follow Asian markets, Korean chipmakers and money flows

来源

1. Yonhap News Agency: (LEAD) Seoul stocks rebound over 2 pct on bargain hunting 2026年11月2日 · 媒体
2. Investing.com Korea (Alpha Economy): [마감] 코스피, 기관 저가 매수에 2.24% 반등…'인텔 쇼크' 딛고 5850선 2026年11月2日 · 媒体
3. Money Today: "연기금이 또 샀다" 이틀새 1조 '줍줍' 돌변...구원투수 될까? 2026年11月2日 · 媒体
4. Hankyung (Korea Economic Daily): '검은 월요일' 없었다…코스피 상승 전환해 5800선 탈환 2026年11月2日 · 媒体