Kospi jumps 4.53% to 5,717 on retail money as foreigners sold $150 billion in 2026; Samsung reports Oct. 29
The Kospi's 4.53% jump on Anthropic's IPO filing masks a market where foreign sellers have been replaced by retail money sitting at a loss and a state program the exchange keeps suspending. Samsung's earnings on October 29 decide whether the bid has anything under it.
Richard Tang · 2 min read
South Korea's chip rally is being bought by the one market that cannot keep buying: Korean retail money, supported by a state stabilization program the exchange itself keeps pausing. On Tuesday morning the Kospi jumped 4.53% to 5,717.30, led by Samsung Electronics+4.23% — Samsung Electronics, up 4.23 percent today up 4.93% and SK Hynix+2.37% — SK Hynix, up 2.37 percent today up 7.14% after Anthropic's$350B — Anthropic, private, latest valuation $350B IPO filing revived confidence that AI investment turns into revenue 12. The Korea Exchange halted program buying for five minutes, its second brake in six days; the first, on October 21, gave back its entire rally within two sessions 1.
Foreign money has left, and it is not coming back on momentum
Foreign investors sold a net 695.5 billion won on Monday and more than $150 billion of Korean stocks net this year 12. That leaves retail, whose estimated 2026 entry sits near 6,550, some 13% above today's index 1. These holders are under water and their bid depends on the index rising.
Retail bought the Kospi 13% above Tuesday's close
Data
| Kospi index level | |
|---|---|
| Kospi, Oct 27 | 5,717.3 |
| Retail 2026 entry | 6,550 |
| Goldman target | 9,000 |
| Goldman prior target | 12,000 |
The clearest tell is Mirae Asset's top 1% traders 3. They bought Samsung Electronics on Tuesday morning and sold its preferred shares, a day after making SK Hynix their biggest buy, where they were net sellers on Tuesday 3. That is a momentum book flipping names overnight, not an earnings book.
Wednesday and Thursday decide whether the bid has anything under it
The fundamentals are genuinely contested. Goldman Sachs+1.92% — Goldman Sachs, up 1.92 percent today cut its Kospi target to 9,000 from 12,000, saying chip valuations already price a 65% fall in 2027 sector earnings 1. Hana Securities answers that daily memory exports are running at $1.58 billion, up more than threefold year on year, with DRAM prices above earlier forecasts 3. SK Hynix reports on October 28, Samsung on the 29th 12.
The AI buildout is real and Samsung's memory lines sit at the center of it. But the buyer keeping this rally alive today is the least durable one. As Fibonacci Asset Management's Jung In Yun puts it, the recovery needs reassuring guidance and sustained foreign buying; so far it has had neither 2. If the print does not bring the foreigners back, the retail bid is the last one standing, and the exchange has already shown it will pull the plug.
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