KOSPI Erases Its Rebound as SK Hynix Drops 6.6% and Brent Nears $111

KOSPI Erases Its Rebound as SK Hynix Drops 6.6% and Brent Nears $111

বাংলায় পড়ুন

South Korea's KOSPI erased Wednesday's rebound during the Asian midday session as selling accelerated in the memory-chip leaders. SK Hynix fell roughly 6.6%, Samsung Electronics lost about 4.4%, and KOSPI moved below its 20 October close. Japan's Nikkei 225 also reached the next support zone near 63,210, while Brent crude rose towards $111 a barrel.

This extends the signal described in our Bank of Korea and Asia sell-off analysis. The new information is not simply that markets remain red: KOSPI has now fully unwound the previous session's 3.29% rally, Japanese technology losses have broadened, and oil has moved closer to its recent high while equity futures weaken.

Midday snapshot: Indicative prices sampled between 04:40 and 05:02 UTC on 22 October 2026 (05:40–06:02 UK time; 10:40–11:02 Bangladesh time). Hong Kong and mainland China were in their midday break, while Japan and South Korea were trading. US index and commodity figures were futures. Quotes may be delayed and can change rapidly.

KOSPI completes the round trip

KOSPI traded near 5,532, down approximately 3.56% from Wednesday's 5,735.66 close. Its observed low near 5,525 moved below the previous close of 5,552.74 recorded on 20 October. Wednesday's rebound has therefore been fully erased on an intraday basis.

The size of the move in the two chip leaders is more important than the index percentage alone:

• SK Hynix: approximately 1,208,000 won, down 6.6%.
• Samsung Electronics: approximately 213,750 won, down 4.4%.

The Associated Press reported that investors remain concerned about whether expensive borrowing will slow data-centre construction. That concern fits the price action, but it is an interpretation rather than a complete causal explanation. The Bank of Korea's hawkish pause, profit-taking after Wednesday's sharp rebound and mixed US technology reactions are also part of the setup.

KOSPI's next support is the 5,493–5,525 zone, which includes Tuesday's low. Beneath it sits the 15 October low near 5,451. The first recovery barrier is 5,553, followed by the broken 5,590–5,627 area.

Nikkei tests the next daily support

Nikkei 225 traded near 63,279, down approximately 2.08% from the previous close. Its low around 63,208 reached the first support area identified in the prior update. The next reference is the mid-September zone around 63,067, followed by 63,000.

SoftBank Group fell approximately 5.4%. AP's earlier regional snapshot also reported heavy declines in Tokyo Electron and Advantest, strengthening the evidence that technology and semiconductor exposure is leading the Japanese move.

A recovery above 63,503 would be the first sign that the latest breakdown is failing. Reclaiming 63,883 would provide stronger evidence. Continued acceptance below 63,208 would leave 63,067–63,000 exposed.

Hang Seng holds below 23,000 at the break

The Hang Seng entered its midday break near 22,972, roughly 2.88% below Wednesday's verified close of 23,651.87. The index did not recover the 23,000 threshold during the morning session.

Because Hong Kong was not trading at the latest snapshot, that price is a paused live-session level rather than a continuously updating quote. The afternoon reopening will test whether the morning low attracts demand or whether sellers continue to accept prices below 23,000.

The first recovery level remains 23,000, followed by 23,221. A fresh low after the break would extend the three-month low. A sustained reclaim of 23,221 would invalidate the immediate breakdown thesis.

Nasdaq futures break deeper as breadth stays uneven

Nasdaq 100 futures traded near 29,612, roughly 1.32% below the 30,007 reference, after reaching an observed session low near 29,583. This places the contract below the 29,619 level from the previous hour and closer to the next daily support around 29,392.

S&P 500 futures were about 0.68% lower, while Dow futures were down approximately 0.34%. The gap between Nasdaq and Dow performance remains evidence that growth and technology exposure is bearing a larger share of the selling.

The next downside zone for Nasdaq futures is 29,392–29,226. A recovery above 29,675 would reduce immediate pressure; 29,731 remains the stronger invalidation level.

Brent approaches $111 while gold holds near its low

December Brent futures traded near $110.90, approximately 1.91% above the $108.82 previous reference. The contract reached roughly $110.96, leaving the recent $111.97 high as the next major test. December WTI traded near $98.67, up about 1.56%.

Gold futures remained near $4,107 per troy ounce, about 1.05% below the $4,150 previous reference. The session low around $4,103 sits just above the next daily support near $4,095.

This equity-down, oil-up, gold-down combination is not a textbook safe-haven pattern. It is more consistent with a market balancing technology valuation concerns against persistent energy-price and interest-rate pressure. That interpretation would weaken if Brent fell below $109.73 or gold recovered $4,123.

Bitcoin traded around $82,824, down roughly 1.43% from its $84,024 new-session reference. It remained below $83,000 but above the observed session low near $82,590.

Updated scenarios for the next session phase

Continuation into the Asian close

This scenario strengthens if KOSPI breaks 5,493, Nikkei holds below 63,208 and Hang Seng makes a new low after its midday break. Nasdaq futures below 29,583 would add confirmation.

Invalidation: KOSPI back above 5,590, Nikkei above 63,503, Hang Seng above 23,221 and Nasdaq futures above 29,731.

Midday exhaustion and recovery

Selling may be temporarily exhausted if KOSPI holds 5,493–5,525 while SK Hynix and Samsung stabilise, Nikkei reclaims 63,503 and Hang Seng recovers 23,000 after the break. A Nasdaq-futures recovery above 29,675 would support that path.

Invalidation: renewed lows with expanding chip-sector losses.

Oil adds a second pressure channel

Brent above $111.97 while Asian technology remains weak would combine valuation pressure with a stronger energy-cost signal. A fall below $109.73 would remove the immediate breakout even if equities stay under pressure.

The Money Man View

The market has moved beyond a mild earnings reaction. KOSPI's complete round trip and the 6.6% SK Hynix decline show that investors are actively reducing exposure to the AI memory trade. Nikkei testing 63,208 and Nasdaq futures below 29,619 make the signal international rather than Korea-specific.

The Bank of Korea's rate hold was expected, but its stronger growth and inflation outlook makes an immediate policy rescue less likely. Rising oil reinforces that constraint. At the same time, the orderly price action and relative resilience of Dow futures mean this is still best treated as a sector-led correction with macro pressure, not an indiscriminate liquidation.

For daily-timeframe traders, the Asian closing levels will be more informative than the midday extremes. For intraday traders, the next high-quality information comes from retests: whether KOSPI 5,553, Nikkei 63,503 and Nasdaq futures 29,675 become resistance. Chasing an already extended decline without allowing for rebound risk can create poor execution even when the broader view remains bearish.

What to monitor next

• KOSPI 5,493 and chip-leader performance into the Seoul close.
• Nikkei 63,208, followed by 63,067–63,000.
• Hang Seng's reaction when afternoon trading resumes.
• Nasdaq futures at 29,583 and the broader 29,392 support.
• Brent near $111 and the $111.97 recent high.
• Gold around $4,103–$4,095 and Bitcoin around $82,590.

Sources and methodology

Regional context and technology-sector moves were corroborated with the Associated Press Asia market report. Bank of Korea policy context was checked against the updated Reuters decision report. Prices were sampled from Yahoo Finance chart data for the KOSPI, Nikkei 225, Hang Seng, Nasdaq 100 futures, Brent, gold and Bitcoin.

This market analysis was prepared with AI-assisted research and editorial review. It is educational information, not personalised investment advice. Futures, equities, commodities and cryptocurrency can reverse sharply, and no scenario guarantees a return.