KOSPI dipped below 5,000 at times as the release of US inflation data, earnings from an AI infrastructure company and options expiry simultaneously put pressure on the market.
Last week, KOSPI fell 671.05 points from the previous week's close of 5,730.74 to finish at 5,059.69, with the index also dipping below 5,000 at times. The trend in US inflation data and concerns over tighter AI data-center regulations were cited as factors, while foreign investors increased their net selling and individuals and institutions absorbed the market's supply-demand imbalance through buybacks.
Attention now turns to dates including the release of US October CPI on 10 November, CoreWeave's third-quarter results on 11 November and the expiry of KOSPI200 monthly options on the 12th. These events are expected to immediately reflect market views on interest rates and AI investment, and the direction of the equity market could be determined by the inflation data.
Amid continued increases in bond yields and CDS premiums, CoreWeave's funding plans and cash flow are drawing market attention. Experts point out that a renewed debt burden and revisions to investment plans could create additional adjustment pressure across the AI value chain.
The concentration of supply and demand around options expiry is also being watched closely. At the simultaneous expiry on 10 September, net selling of KOSPI200 calls and net buying of puts were observed. There is a view that risk management, including staggered stock purchases, will be given greater weight alongside the impact of these dates.
The release of US CPI and PPI and developments at AI-related companies will be key market focuses as the next events, and supply-demand changes may continue, particularly in semiconductor stocks.