Cell-therapy developers led a Kosdaq rebound on Friday even as Samsung Electronics, SK hynix and LG Energy Solution dragged the Kospi to a 3,953.76 close, widening the performance gap between Korea’s startup board and its chip-dominated main index.
Flows on a volatile week
Foreign portfolios unloaded roughly 7.28 trillion won of Kospi shares during the five sessions through Friday, with more than 4.3 trillion won of that total coming from SK hynix alone, exchange data show. Retail accounts bought a similar amount, concentrating on the same chip tickets that institutions were shedding ahead of an uncertain U.S. tech earnings calendar.
On Kosdaq, the story looked different. Names tied to chimeric antigen receptor work and domestic contract manufacturing picked up foreign and retail bids after two mid-cap sponsors announced U.S. phase-two readouts and Korean manufacturing slots for 2026. The sub-index finished the week down only modestly versus Kospi’s 359-point intraweek range.
Why spread trades appeared
Desk strategists described pair trades that long selected Kosdaq health-care tickets against short Kospi chip beta. National Pension Service officials told reporters the fund is close to its policy ceiling on domestic equities, limiting a buyer that often smooths index plunges. That left Kosdaq’s smaller free float to price optimism on cell therapy while Kospi still priced AI demand risk.
What Monday opens with
Futures markets enter the week with sidecar memories fresh: Kospi200 contracts triggered a halt earlier in the week when they fell more than five percent intraday. Kosdaq has its own circuit rules, but thinner liquidity means single-name moves can still outsizes index prints. Traders said they will watch whether foreign selling persists in chips while Kosdaq volumes stay elevated on any new clinical milestone—exactly the two-track market Korea’s retail-heavy structure has been flirting with all year.
IPO window
Two Kosdaq follow-ons filed confidentially this week, both contract manufacturers serving U.S. biotech sponsors. Book runners said foreign anchors asked for revenue visibility beyond 2027, a question less urgent on Kospi memory names where earnings are front-loaded but cyclical.