GS Jee GS KOREA FINAL EXTENDS LOSSES

GS Jee - GS KOREA FINAL EXTENDS LOSSES 14 Oct 2026 Emily Jee · Goldman Sachs · FICC & Equities 14 Oct 2026

Change Index Turnover Foreign Locals Retail KOSPI -0.44% 6008.8 U$14.9bn -U$884mn +U$603mn - U$231mn KOSDAQ -1.57% 823.9 U$4.3bn -U$163mn -U$136mn +U$2

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| GS KOREA FINAL - EXTENDS LOSSES |

| | Change | Index | Turnover | Foreign | Locals | Retail | | KOSPI | -0.44% | 6008.8 | U$14.9bn | -U$884mn | +U$603mn | -U$231mn | | KOSDAQ | -1.57% | 823.9 | U$4.3bn | -U$163mn | -U$136mn | +U$288mn |

KOSPI initially rebounded from yesterday's lows, rising as much as +2.6% in the morning, but faded as Semis moved sharply lower post ASML earnings. Local insto (focus-buying in Tech +$400mn) and Other Corporates (+$512mn) were the only inflow supports today for KOSPI, while foreigners and retail investors jointly net sold throughout the session (focus-selling in Tech -$812mn/-$85mn). SK HYNIX(000660) -1.7% and SEC(005930) +0.0% started off higher, but Hynix eventually lost its 200DMA support as Semis sold off post ASML prints. Semi equipments, such as JUSUNG ENG(036930) -8.2% and EUGENE TECH(084370) -7.1%, also tumbled, while EV Supply Chain (GSXAKREV) +4.4% outperformed others on ongoing optimism around growth in ESS market and EU-China agreement. KOSPI turnover was -3.1% vs 20-day average. KRW appreciated by 41bps to W1,335.9.

| • | SEMIS (=): SEC(005930) closed flat and SK HYNIX(000660) -1.7%. Both initially bounced from their 200DMA support, but later gave back most their gains post ASML earnings {NSN TMVT6YKK3NY9}. That said, flows were light for both names on the pad, indicating cautious sentiment heading into TSMC earnings/US CPI prints. Semi equipment manufacturers, such as JUSUNG ENG(036930) -8.2%, HPSP(403870) -7.3%, WONIK IPS(240810) -6.8%, EUGENE TECH(084370) -7.1%, all tumbled in tandem. Foreigners extended their net-selling streaks in SK Hynix (-$550mn) and SEC (-$133mn), while local instos were net buyers in both (+$147mn in Hynix and +$54mn in Sammy) today. Retail investors net sold in Hynix (-$88mn), but net bought in SEC (+$77mn). |

| • | EV SUPPLY CHAIN (+): GS Korea EV Supply Chain (GSXAKREV) +4.4%. POSCO FM(003670) +4.6%, SAMSUNG SDI(006400) +5.5%, SK INNO(096770) +4.1%, L&F(066970) +6.5%, LS MAT(417200) +6.8%. 1/ ongoing optimism that Korean battery makers could regain share in the European market amid EU-China agreement to curb Chinese hybrid vehicle exports. 2/ Separately, a local broker published a fresh report on EV batteries, mentioning that AI-driven power demand is fueling structural growth in ESS market and that from next year, the combination of ESS expansion and EV demand is expected to drive a more meaningful earnings improvement across the sector. |

| • | AUTOS | US SEPT AUTO PRICING UPDATE: Kelley Blue Book September pricing data, released on Oct 13 local time, indicates a +1.4% YoY increase in net price for the industry at US$47,202 (vehicle price post-incentives). For HMK (Hyundai + Kia), the net price came in at US$35,028, which was +1.0% YoY and +0.5% MoM. Due to a more favorable pricing versus the industry, combined with a strong hybrid-oriented product lineup, we continue to expect HMC and Kia to increase their market shares in the US. For 2026, we expect HMC's US market share to be at 6.4%, and 5.6% for Kia, which represents a 0.4ppt increase in market share for each versus 2025 (6.0%/5.2%). (GIR) | Source: Goldman Sachs FICC & Equities, Marquee, as of 14 Oct 2026.