Korea Macro Daily(Beta Mode)
Exports Beat, KOSPI Slips
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| KOSPI | 6,244.13 | -1.00% |
| KOSDAQ | 1,192.78 | +0.39% |
| USD/KRW | 1,440.09 | +0.54% |
| Samsung | 216,500.00 | -0.69% |
| SK Hynix | 1,061,000.00 | -3.46% |
| Brent Crude | 72.87 | +3.00% |
| Gold | 5,247.90 | +1.38% |
| Bitcoin | 65,766.78 | -1.83% |
| Korea Short-term Rate | 2.53% | +0.04% |
| Korea Long-term Rate | 3.48% | +3.54% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| Exports Year-over-Year | 33.80 | 24 | 29 |
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| Tuesday (2026-03-03) | |||
| S&P Global Manufacturing PMI Index | 51.20 | - | 19:30 |
| Thursday (2026-03-05) | |||
| Inflation Rate Year-over-Year | 2 | 2.10 | 18:00 |
- South Korea's February exports rose 29% YoY, surpassing consensus of 24%, driven by strong global demand for semiconductors and tech goods.
- KOSPI fell 1.00% amid profit-taking in tech stocks, while KOSDAQ edged up 0.39% on small-cap resilience.
- USD/KRW strengthened 0.54% to 1,440.09, reflecting broader dollar gains and oil price volatility.
Yesterday's Recap
South Korea's exports for February grew 29% year-over-year, beating the consensus estimate of 24% and easing from January's 33.8%, highlighting robust demand for chips and machinery amid global supply chain recoveries. The KOSPI index declined 1.00% to close at 6,244.13, pressured by weakness in major tech names like SK Hynix, which dropped 3.46% to 1,061,000.00 won. In contrast, the KOSDAQ index rose 0.39% to 1,192.78, supported by gains in biotech and mid-cap sectors.
Samsung Electronics shares fell 0.69% to 216,500.00 won, reflecting investor caution over memory chip pricing amid rising global competition. The USD/KRW pair appreciated 0.54% to 1,440.09, influenced by higher U.S. yields and Brent crude's 3.00% surge to 72.87, which indirectly bolstered Korean energy importers.
Korea's short-term rate ticked up 0.04% to 2.53%, aligning with stable liquidity conditions, while the long-term rate jumped 3.54% to 3.48%, signaling inflation repricing. Overall, market moves underscored export strength offsetting equity volatility, with semiconductors remaining a key growth driver.
The Day Ahead
No major data releases are scheduled for March 1, providing a brief respite for markets to digest yesterday's export figures and global tensions. Attention shifts to March 2, when the S&P Global Manufacturing PMI is due at 19:30 ET, with the previous reading at 51.2 indicating expansion; a dip could signal softening industrial activity amid trade uncertainties. Later in the week, on March 5 at 18:00 ET, the inflation rate year-over-year will be released, with consensus at 2.1% versus previous 2.0%, potentially influencing Bank of Korea policy expectations.
Investors will monitor any unscheduled BoK comments on currency stability given recent won fluctuations. Broader events include ongoing geopolitical risks from Middle East conflicts, which could impact oil prices and Korean export routes. Markets may trade sideways without fresh catalysts, focusing on semiconductor order flows.
Other Economic Notes
South Korea's export-driven economy continues to benefit from global tech demand, particularly in semiconductors, where firms like Samsung and SK Hynix are expanding capacity despite competitive pressures from Japan offering incentives for new fabs. (cont...)
