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Seoul Economic Daily
  • 11분 전
Foreign investors returned to Korean equities after a heavy selling streak, but analysts warn that growth and earnings remain concentrated in semiconductors.
The KOSPI rebounded 4.39% on November 10, supported by foreign buying and a U.S. tech rally. Morgan Stanley cut its chip target prices sharply despite higher earnings forecasts, while the Korea Institute of Finance projected 3.1% growth for 2027 with risks tied to AI investment cycles.

Sources:
- KOSPI Rebounds 4.39% as Foreign Investors Return — Seoul Economic Daily, 2026-11-10
- Morgan Stanley Cuts Samsung and SK Hynix Targets on 2028 Earnings Concern — Seoul Economic Daily, 2026-11-10
- KIF Sees Korea Growing 3.1% in 2027 on Chip Exports — Seoul Economic Daily, 2026-11-10

AI PRISM is Seoul Economic Daily's WAN-IFRA award-winning newsroom AI series, delivering Korean economic news adapted for global audiences. Episodes are produced with AI assistance.
트랜스크립트
00:00Foreign institutional flows into Korea reversed this week. Here's the number that matters most.
00:05The KOSPI closed at 5,239, up 4.39%, after foreign investors bought 358.6 billion won
00:15in a single session. After seven straight sessions of heavy selling, that matters.
00:20It's Wednesday, November 11th. Here's why global investors are paying attention to Korea today.
00:25Korea's economy is set to grow 3.1% next year, according to the Korea Institute of Finance.
00:31The forecast rests on semiconductor exports, equipment investment, and a gradual recovery
00:37in household spending. But the growth engine is concentrated in chips, and that concentration
00:43is the risk. Here's what the numbers show. Foreign investors sold 12.58 trillion won of Korean
00:49equities over seven trading days before turning buyers on November 10th. Samsung Electronics
00:55rose 4.74% to 198,901. Sky Hynex gained 6.69% to 1,212,001, after falling 16
01:07to 20% the prior week.
01:09Morgan Stanley cut its target prices for Samsung Electronics by 19% and SK Hynex by 38%,
01:16even as it raised its 2027 earnings forecasts. The bank now sees SCUP Hynex's 2029-2035 average
01:24operating margin falling from 53% to 28%. Analyst Sean Kim is focused on whether memory makers can
01:32avoid a profit cliff around 2028. The bank expects a data center construction delay pushing roughly 5
01:38gigawatts of capacity from 2028 into 2029. A Senate-passed bill on data center permitting could ease that
01:46delay. Meanwhile, the Korean won and oil prices are easing, which lowers pressure on dollar strength
01:52and U.S. rates. Here's what the numbers show. So what does this mean for global investors weighing
01:57Korea exposure this quarter? The KOSPI rebound is real, but it has faded from its intraday high of
02:035,300 every time it has rallied. Foreign flows have returned, but they are sensitive to one sector.
02:10Semiconductor earnings in 2027 look firm, while 2028 margins are the open question. Position sizing
02:17should reflect that uncertainty, and hedging costs remain a practical consideration. Earlier, we said
02:23semiconductor concentration was the main risk. Here's what that actually means for you. If chip demand
02:29softens, Korea's growth, consumer spending, and equity earnings could weaken together. What to watch?
02:36The 2028 margin path for memory makers, and whether the Senate-passed data center permitting bill
02:42speeds construction. That's today's AI Prism, global investors. This episode was produced with AI
02:49assistance based on Seoul Economic Daily reporting. AI Prism is a Juan IFRA award-winning series.
02:56We'll be back tomorrow.

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