[Market] 2026-09-07 JADISS market

The domestic stock market underwent a correction due to global macro uncertainties and profit-taking, but strong semiconductor-led exports supported the Korean Won, maintaining the economy's core momentum.

Why it mattered: This clearly demonstrated the recovery of the semiconductor industry, a key driver of the Korean economy, raising expectations for improved external economic health.

Market impact: While it did not translate into an overall upward momentum for the domestic stock market, it was a major factor in the decline of the KRW/USD exchange rate, supporting the Korean Won's strength.

Why it mattered: Samsung Biologics' large-scale rights issue for M&A and Alteogen's consecutive successful technology transfers signaled the securing of growth engines and enhanced technological competitiveness for domestic bio companies.

Market impact: Investor interest in individual companies within the bio sector increased, raising long-term industry growth expectations.

Why it mattered: Korean shipbuilders continued to secure high-value vessel orders, such as Hanwha Ocean's 2 trillion won order in two days, boosting expectations for improved earnings.

Market impact: This created positive investment sentiment across the shipbuilding industry and positively impacted the stock prices of related companies.

This week, the KOSPI fell by 1.5% and the KOSDAQ by 2.97%, indicating an overall market correction. The larger decline in the KOSDAQ market is attributed to concerns over prolonged high interest rates and profit-taking in growth stocks that had previously risen.

Conversely, August exports surged by 68.7% year-on-year, reaching an all-time high, driven by robust performance in semiconductor products. This export boom contributed to the KRW/USD exchange rate falling to the mid-1350s, continuing the Korean Won's strengthening trend.

In global markets, the US 10-year Treasury yield slightly decreased, and the VIX also stabilized. This suggested a slight easing of short-term risk aversion, but market caution remained high ahead of key economic data releases next week.

The most significant focus in the market this week was Korea's August export performance. Semiconductor exports set a new record, significantly boosting overall exports, which confirmed the recovery of the semiconductor industry—a key engine of the domestic economy—and became a major factor behind the Korean Won's strength.

In the bio industry, Samsung Biologics pursued large-scale M&A through a 3 trillion won rights issue to secure new growth engines like obesity and diabetes treatments. Additionally, companies like Alteogen continued active operations based on technological competitiveness, signing its fourth subcutaneous (SC) formulation conversion platform technology transfer agreement this year.

The shipbuilding industry also saw positive news. Hanwha Ocean secured orders for six container ships worth 1.5 trillion won from a Taiwanese shipping company, accumulating 2 trillion won in orders in a short period, maintaining its momentum in high-value vessel orders. This acted as a factor raising expectations for improved earnings for domestic shipbuilders.

Next week, global financial markets will be keenly watching the release of key US inflation data. The PPI on September 10th and CPI on September 11th will provide crucial clues for the Federal Reserve's monetary policy direction and are expected to directly influence the FOMC interest rate decision scheduled for September 16th.

Despite robust export performance, the domestic stock market adjusted amidst global macro uncertainties. The semiconductor industry is expected to maintain positive momentum, but market volatility in Korea could expand depending on the US inflation data results, requiring cautious investor approaches.

The bio, shipbuilding, and secondary battery industries are likely to continue positive trends driven by individual company investments and order news. Particularly, the government's increased R&D budget could raise expectations for the mid-to-long-term growth of advanced industries like semiconductors and secondary batteries, maintaining interest in related sectors.