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A daily market brief, published each morning. Markets, stocks, industry, economy, global, and policy — sorted by category.

Markets·2026-07-10

KOSPI Up Nearly 5%, KOSDAQ Up 6%, Leverage-Driven Volatility Persists

The KOSPI extended intraday gains to approach the 7,600 level, closing near 7,671 points, up nearly 5% from the previous session, while the KOSDAQ rose about 6% to pass 844 points. The won stabilized around 1,506 per dollar. Foreign investors were net sellers of KOSPI and KOSDAQ cash equities but net buyers in futures, while institutions bought across both markets. However, the day's top names by trading value were again dominated by single-stock leveraged and inverse ETFs and SK Hynix futures-linked products, echoing the prior day's pattern when inverse and double-inverse products ranked first and second. Analysts noted the distortion: despite abundant positive semiconductor and AI ecosystem news plus SK Hynix listing optimism, the index gave back intraday gains before barely recovering. The rally was broad, with virtually no decliners among the top 50-100 KOSPI names by market cap; Samsung Electronics rose 5-6% and SK Hynix gained about 2%, while nearly all large-cap KOSDAQ names except HLB and Peptron advanced. Still, the market's direction proved unstable, with more than 800 KOSPI-listed names higher at one point in the morning before a herd-like buy-the-buyers, sell-the-sellers mechanism reasserted itself in the afternoon. Hosts described the current environment as a volatility regime in which a 4-5% daily KOSPI gain can still be followed by a roughly 3% pullback, calling it the new normal, with one host suggesting investors should recalibrate their sense of a 'flat' day to include swings of around minus 10%. Even so, the KOSPI's technical support around the 7,000 level was viewed as a positive sign.

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Markets·2026-07-10

[Global] Chip-Led Rally Sends All Three Wall Street Indices Higher

U.S. stocks closed higher overnight, with the Nasdaq up about 1.3%, the S&P 500 up about 0.8%, and the Russell 2000 up about 1.3%. The Philadelphia Semiconductor Index surged roughly 3%, driving the broader advance. After an early wobble, buying concentrated in semiconductors pushed indices higher through the session. Notably, flows broadened beyond chips to AI-adjacent names such as Meta, Tesla and SpaceX, after weeks of concern over excessive concentration in semiconductor stocks. The 10-year Treasury yield pulled back from a recent high, and the dollar index weakened. Gold rose about 1.3% and bitcoin gained about 1.9%, with most major asset classes trading favorably alongside equities. It later emerged that roughly $7.1 billion flowed into semiconductor-focused ETFs on Tuesday — the largest single-day inflow since the funds launched in 2001 — a flow pattern cited as one driver behind the rebound.

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Markets·2026-07-09

Kospi swings on Iran escalation headlines as leveraged ETFs amplify volatility

The Kospi opened higher but reversed to fall as much as 2% after breaking news that Iran's Revolutionary Guard had struck U.S. military bases in Kuwait and Bahrain. The index briefly broke below the 7,100 level, with some noting valuations had fallen to levels last seen around the global financial crisis. Concerns deepened further after U.S. Central Command confirmed strikes on roughly 90 Iranian military sites. Buying from foreign investors and pension funds in the afternoon helped the index recover. The Kospi closed up about 0.4% at 7,278 points and the Kosdaq rose about 1.3% to 795 points, while the won traded around 1,506 per dollar. Foreigners bought roughly 110 billion won of Kospi shares and 8 billion won of Kosdaq shares, extending three straight sessions of net futures buying. Leveraged and inverse ETFs continued to dominate the top of the trading-value rankings, raising concerns that the market is being distorted. Commentators noted that genuine positive news is failing to be reflected as fear sentiment gets amplified, with retail investors piling into inverse and leveraged products contributing to daily swings of around 10% in either direction.

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