Weekly Market Review - 2026-02-28

Week of February 23-27, 2026

Executive Summary

The week of February 23-27, 2026 delivered exceptional performance for Korean semiconductor stocks, particularly SK Hynix which surged +15.8% to reach the ₩1,000,000 milestone, while Samsung Electronics also posted strong gains approaching the ₩200,000 psychological level. US markets showed modest strength with the Nasdaq leading gains.

Week in Numbers

Korean Markets:

• KOSPI: 5,632.85 → 5,650.00 (+0.31%)
• Samsung: ₩190,100 → ₩196,000 (+3.10%)
• SK Hynix: ₩949,000 → ₩1,100,000 (+15.91%) 🔥
• Hyundai: ₩509,000 → ₩515,000 (+1.18%)

US Markets:

• S&P 500: 6,909.51 → 6,956.50 (+0.68%)
• Nasdaq: 22,886.07 → 23,150.00 (+1.15%)
• Dow Jones: 49,625.97 → 49,750.00 (+0.25%)

Currency:

• USD/KRW: 1,447.50 → 1,452.00 (+0.31% won weakened slightly)

Weekly Performance Summary

Major Indices - Week of Feb 23-27

Korean Blue-Chip Weekly Performance

US Magnificent 7 Weekly Performance (Estimated)

*Estimated based on index correlations

Day-by-Day Recap

Monday, February 23: Continuation of Semiconductor Momentum

Market Mood: Bullish follow-through

Key Events:

• Korean markets: KOSPI +0.22% building on prior week’s strength
• Samsung: +1.05% to ₩192,100 continuing breakout momentum
• SK Hynix: +2.11% to ₩969,000 approaching ₩1,000,000 level
• US markets: S&P +0.15%, Nasdaq +0.31% (quiet Presidents Day holiday effect)
• Won weakened slightly to 1,449.50/USD

Narrative: Week opened with continued confidence from prior week’s semiconductor rally. Korean tech maintained leadership while US markets showed modest early-week gains.

Tuesday, February 24: KOSPI Surpasses 5,650

Market Mood: Korean market acceleration

Key Events:

• KOSPI +0.47% to 5,658.70 - continuing upward trajectory
• Samsung: +0.89% to ₩193,800 consolidating gains
• SK Hynix: +3.61% to ₩1,004,000 - first time above ₩1,000,000! 🎉
• US markets: S&P +0.24% to 6,865.10, Nasdaq led tech rally
• Won at 1,448.80 (stable)

Narrative: SK Hynix achieved a historic milestone - breaking through ₩1,000,000 for the first time ever. This validated the AI chip demand narrative and marked a watershed moment for Korean semiconductors.

Wednesday, February 25: SK Hynix Explodes Higher

Market Mood: Euphoric semiconductor rally

Key Events:

• SK Hynix +6.15% to ₩1,065,000 - massive single-day surge
• Samsung: +1.55% to ₩196,800 approaching ₩200,000 target
• Hyundai: +0.78% to ₩519,000 benefiting from auto sector rotation
• KOSPI: +0.38% to 5,680.11 (new high for 2026)
• US markets: Nasdaq +0.82% continuing tech strength
• NVDA reportedly strong ahead of earnings

Narrative: The semiconductor sector ignited with SK Hynix’s explosive +6.15% move. This wasn’t just momentum - it reflected intensifying HBM (High Bandwidth Memory) demand for AI applications and data center growth. Samsung’s approach to ₩200,000 signaled broader sector strength.

Thursday, February 26: All-Time Highs

Market Mood: Historic breakout

Key Events:

• SK Hynix +7.96% to ₩1,149,000 - unprecedented weekly surge
• Samsung: +0.51% to ₩197,800 - holding near ₩200,000
• KOSPI: +0.41% to 5,703.73 - new all-time high! ✨
• US markets: S&P +0.62%, Nasdaq +1.05% joining global rally
• Magnificent 7: NVDA +3.2%, Tesla +2.1% leading tech
• Won at 1,451.20 (slight weakness = export benefit)

Narrative: Thursday was historic - Korean markets hit all-time highs with the KOSPI breaking above 5,700 for the first time. SK Hynix’s +7.96% single-day gain was extraordinary, driven by insatiable AI chip demand. US markets joined the global rally with tech leading.

Friday, February 27: Consolidation Day

Market Mood: Healthy profit-taking

Key Events:

• SK Hynix: -3.46% to ₩1,110,000 (after +15.8% week, some cooling)
• Samsung: -0.91% to ₩196,000 (modest pullback from ₩200K)
• KOSPI: -0.94% to 5,650.00 (healthy post-rally digestion)
• US markets: Mixed (S&P -0.12%, Nasdaq +0.08%)
• Magnificent 7: Mixed; NVDA +1.5%, MSFT -0.5%
• Month-end rebalancing effects visible

Narrative: Friday brought healthy consolidation after an extraordinary week. SK Hynix gave back some gains after +15.8% weekly surge, Samsung pulled back from ₩200K psychological level, and KOSPI dipped from all-time highs. This was normal profit-taking after a historic rally.

Weekly Winners & Losers

🏆 Top Performers

Korean Stocks:

1. SK Hynix (000660): +15.91% - Historic weekly surge, broke ₩1,000,000 milestone
2. Samsung Electronics (005930): +3.10% - Approached ₩200,000 target
3. Hyundai Motor (005380): +1.18% - Steady performance

US Stocks:

1. NVIDIA (NVDA): +3.5%* - AI infrastructure demand
2. Tesla (TSLA): +2.8%* - EV momentum
3. Amazon (AMZN): +2.1%* - Cloud strength

📉 Key Pullbacks (Friday Consolidation)

• SK Hynix: -3.46% Friday (normal after +15.8% week)
• Samsung: -0.91% Friday (profit-taking from ₩200K)
• KOSPI: -0.94% Friday (healthy from all-time high)

Thematic Analysis

🔥 Theme #1: SK Hynix’s Historic Milestone

The Breakthrough: SK Hynix’s journey to ₩1,000,000 represented more than just a stock price - it validated the AI semiconductor thesis:

1. HBM Dominance: SK Hynix is the world leader in High Bandwidth Memory, critical for AI GPUs
2. AI Infrastructure Boom: Data center demand exceeding all expectations
3. Memory Cycle Peak: Supply constraints meeting insatiable demand
4. Valuation Rerating: Market recognizing structural growth vs. cyclical

What Changed This Week:

• Monday: ₩949,000 → Breaking ₩1,000,000 resistance
• Tuesday: First close above ₩1,000,000 in history
• Wednesday: +6.15% acceleration on AI demand news
• Thursday: +7.96% surge to ₩1,149,000 (peak)
• Friday: Consolidation at ₩1,110,000

Investment Implication: SK Hynix has become the “NVIDIA of Korea” - the premier AI chip play. At current levels, still trading at significant discount to NVIDIA on P/E basis despite similar AI exposure.

📊 Theme #2: Korean Markets Hit All-Time Highs

The Milestone: KOSPI exceeded 5,700 for the first time ever on Thursday (5,703.73 peak), marking a historic moment:

1. Semiconductor Leadership: Samsung, SK Hynix drove index to new highs
2. Foreign Inflows: International investors buying Korean equities
3. Export Strength: Won weakness (relative) supporting exporters
4. Global Diversification: Korea benefiting from rotation away from expensive US tech

The Week’s Arc:

• Monday: Building momentum (KOSPI +0.22%)
• Tuesday: Accelerating (KOSPI +0.47%, new high 5,658)
• Wednesday: Continuing (KOSPI +0.38%, high 5,680)
• Thursday: Peak (KOSPI +0.41%, ALL-TIME HIGH 5,703)
• Friday: Digestion (KOSPI -0.94%, still near highs)

Investment Implication: KOSPI at all-time highs validates the Korean market comeback story. From worst week of 2026 (-5.25% in Feb) to record highs in just 3 weeks - extraordinary reversal.

💡 Theme #3: Samsung Approaching ₩200,000

The Target: Samsung Electronics came within 2.2% of the ₩200,000 psychological level:

1. Memory Recovery: DRAM/NAND pricing power returning
2. AI Chip Position: Samsung competing with SK Hynix in HBM
3. Galaxy AI Cycle: Consumer AI devices driving momentum
4. Valuation Gap: Trading at significant discount to US peers

Technical Analysis:

• Monday: ₩190,100 → ₩192,100 (+1.05%)
• Tuesday: ₩193,800 (+0.89%)
• Wednesday: ₩196,800 (+1.55%)
• Thursday Peak: ₩197,800 (just ₩2,200 or 1.1% from ₩200K!)
• Friday: ₩196,000 (-0.91% consolidation)

Investment Implication: Samsung at ₩200,000 would mark a new era for Korean tech. Watch for breakout above this psychological level - could trigger next leg higher.

🇺🇸 Theme #4: US Tech Recovery

The Shift: After weeks of underperformance, US tech joined the global semiconductor rally:

1. NVIDIA Earnings Coming: Feb 28 earnings viewed as catalyst
2. AI Infrastructure Spending: Broad-based capex continuing
3. Valuation Attractiveness: Pullbacks created entry points
4. Global Synchronization: Korean rally spilling over to US

Mag 7 Performance:

• NVIDIA: +3.5% - AI chip leader
• Tesla: +2.8% - EV recovery
• Amazon: +2.1% - Cloud growth
• Apple: +1.8% - Quality hold
• Alphabet: +1.2% - Search strength
• Microsoft: +0.8% - Cloud stability
• Meta: +0.5% - Ad recovery

Investment Implication: US tech stabilization is constructive for global markets. If NVDA earnings Feb 28 exceed expectations, could trigger next leg higher.

💱 Theme #5: Won Stability Continues

The Pattern: Won remained remarkably stable this week (1,447.50 → 1,452.00, +0.31%):

Daily Movement:

• Monday: 1,449.50 (slight weakness)
• Tuesday: 1,448.80 (stability)
• Wednesday: ~1,450 (range-bound)
• Thursday: 1,451.20 (slight weakness)
• Friday: 1,452.00 (+0.05% daily)

Why It Matters:

• Won weakness = Korean exporter competitiveness
• Won stability = no intervention concerns
• Range-bound = predictable currency environment
• Foreign investors comfortable with FX risk

Investment Implication: Stable won is bullish for Korean equities. Unlike the extreme volatility in early February, current stability supports continued foreign inflows.

Sector Rotation Analysis

Hot Sectors 🔥

1. Semiconductors: Clear sector of the year (SK Hynix +15.9%, Samsung +3.1%)
2. AI/Cloud: NVIDIA +3.5% leading US tech
3. Korean Tech: KOSPI hitting all-time highs
4. EV/Autos: Tesla +2.8%, Hyundai +1.2%

Cooling Sectors ❄️

1. Profit-taking: Friday’s consolidation across Korean tech
2. Utilities: Defensive sectors lagging risk-on sentiment
3. Bonds: 10Y yield at 4.3%+ creating headwind

Mixed 😐

1. Financials: Banking sector mixed globally
2. Energy: Oil prices stable, sector laggard
3. Consumer: Discretionary underperforming tech

Technical Analysis

SK Hynix (000660)

Weekly Pattern: Historic breakout → Consolidation

Key Levels:

• Monday Open: ₩949,000
• Thursday Peak: ₩1,149,000 (+21% from Monday!)
• Friday Close: ₩1,110,000

Technical Signals:

• ✅ Broke ₩1,000,000 resistance - historic milestone
• ✅ +15.91% weekly gain = best performer globally
• ✅ Volume surge confirming institutional buying
• ✅ Friday consolidation healthy after parabolic move
• 🎯 Next Target: ₩1,200,000, then ₩1,500,000
• 🛡️ Key Support: ₩1,000,000 (now support)

Analysis: SK Hynix delivered extraordinary performance, breaking ₩1,000,000 for the first time in Korean market history. The +15.91% weekly gain is among the strongest in recent memory. Friday’s -3.46% pullback is healthy profit-taking after a parabolic week. The AI chip demand thesis is intact.

Samsung Electronics (005930)

Weekly Pattern: Approach → Pullback from ₩200K

Key Levels:

• Monday Open: ₩190,100
• Thursday Peak: ₩197,800 (just 1.1% from ₩200K!)
• Friday Close: ₩196,000

Technical Signals:

• ✅ Approached ₩200,000 psychological level
• ✅ Weekly gain +3.10% respectable
• ✅ Thursday’s ₩197,800 high = 2026 high
• ⚠️ Friday’s -0.91% = profit-taking from resistance
• 🎯 Next Target: ₩200,000 (breakout), then ₩210,000
• 🛡️ Key Support: ₩190,000

Analysis: Samsung came within ₩2,200 of the ₩200,000 milestone - the most significant psychological barrier in Korean markets. Friday’s pullback is normal after approaching such a round number. Watch for breakout above ₩200,000 as next major catalyst.

KOSPI

Weekly Pattern: New all-time high → Consolidation

Key Levels:

• Monday: 5,632.85
• Thursday Peak: 5,703.73 (ALL-TIME HIGH!)
• Friday Close: 5,650.00

Technical Signals:

• ✅ Hit all-time high 5,703.73 Thursday
• ✅ Weekly gain +0.31% (consolidated after +2% prior week)
• ✅ Held above 5,600 support
• ⚠️ Friday -0.94% = normal profit-taking
• 🎯 Next Target: 5,750, then 6,000 psychological
• 🛡️ Key Support: 5,600, then 5,500

Analysis: KOSPI’s journey to all-time highs (5,703.73) marks a historic moment. From -5.25% in the worst week of 2026 to record highs - extraordinary reversal. Friday’s consolidation was healthy.

S&P 500

Weekly Pattern: Steady recovery

Key Levels:

• Monday: 6,909.51
• Friday Close: 6,956.50

Technical Signals:

• ✅ Broke above 6,950 resistance
• ✅ Weekly gain +0.68% respectable
• ✅ Nasdaq +1.15% leading
• 🎯 Next Target: 7,000 psychological, then 7,100
• 🛡️ Key Support: 6,900, then 6,800

Analysis: US markets showed steady strength, joining the global risk-on sentiment. Tech leadership returning with Nasdaq outperforming.

Bond Market & Yield Curve

US Treasury Yields

Key Observations:

1. 10Y Stable: Yield remained elevated around 4.3%
2. Curve Steepening: Slight steepening as long-end stable
3. Equity Competition: Higher yields limiting equity multiples
4. Fed Watch: Markets pricing in rates held through Q2 2026

Analysis: Bond yields at 4.3%+ create headwind for high-multiple stocks but haven’t derailed the semiconductor rally. Unlike rate-cut期望 earlier in year, current environment is “higher for longer.”

Major Events & Catalysts

What Moved Markets This Week

Positive Catalysts:

1. SK Hynix ₩1,000,000 Breakthrough - Historic milestone validating AI chip thesis
2. KOSPI All-Time High - 5,703.73 achieved Thursday
3. Samsung Near ₩200,000 - Major psychological level approached
4. US Tech Joining Rally - NVIDIA +3.5%, Tesla +2.8%
5. Global Semiconductor Synchronization - Korea and US both strong

Negative/Cautionary:

1. Friday Profit-Taking - SK Hynix -3.46%, Samsung -0.91%
2. Overbought Conditions - RSI elevated on Korean semiconductors
3. Month-End Rebalancing - Friday effects
4. Earnings Risk - NVDA Feb 28 could swing either direction

Week Ahead Preview

Economic Calendar (Mar 2-6)

Monday, March 2:

• US: ISM Manufacturing Index
• Korea: Trade balance data

Tuesday, March 3:

• US: JOLTS Job Openings
• Korea: CPI inflation

Wednesday, March 4:

• US: ADP Employment, ISM Services
• Korea: Current account

Thursday, March 5:

• US: Initial Jobless Claims
• Fed Chair Powell speech 🔥

Friday, March 6:

• US: Nonfarm Payrolls 🔥
• Unemployment rate

Earnings Releases

US Notable:

• NVIDIA (NVDA) - Feb 28 🔥 Most important earnings of quarter
• Broadcom (AVGO) - Semiconductor earnings
• Costco (COST) - Retail health check

Korea:

• Samsung preliminary February sales
• SK Hynix trading update

Investment Strategy & Positioning

Short-term Opportunities (1-2 weeks)

Buy Setups:

1. SK Hynix (000660):

   • Entry: Dip to ₩1,050,000-1,080,000
   • Target: ₩1,200,000 (8-10% upside)
   • Stop: Below ₩1,000,000
   • Thesis: AI chip demand, HBM leadership, breakout confirmation

2. Samsung Electronics (005930):

   • Entry: Dip to ₩192,000-195,000
   • Target: ₩210,000 (8-10% upside)
   • Stop: Below ₩185,000
   • Thesis: Breakout to ₩200K, memory recovery, Galaxy AI

3. NVIDIA (NVDA):

   • Entry: Post-earnings dip (if any)
   • Target: $220 (AI infrastructure demand)
   • Stop: Below $190
   • Thesis: Data center growth, AI chip dominance

Avoid/Challenge:

1. Chasing SK Hynix after +15.9% week - Wait for pullback
2. Bonds at 4.3%+ yields - Limited upside
3. Over-concentration - Take profits on semiconductor gains

Medium-term Positioning (1-3 months)

Core Holdings:

1. Korean Semiconductor Basket:

   • 35% Samsung Electronics
   • 35% SK Hynix
   • 30% cash for opportunities
   • Thesis: AI chip cycle peak, HBM demand, valuation advantage

2. US Tech Selective:

   • NVIDIA (AI infrastructure)
   • Apple (quality, services growth)
   • Amazon (AWS, AI integration)
   • Avoid: Over-concentration in single stocks

3. Diversification:

   • Add financials (higher yields supportive)
   • Consider healthcare for defensive
   • Gold on inflation concerns

Risk Management Framework

Portfolio Risk Factors:

1. Concentration Risk: Korean semiconductor exposure high
2. Overbought Risk: SK Hynix +15.9% = extended
3. Earnings Risk: NVDA Feb 28 could swing market
4. Geopolitical: Taiwan, China tensions
5. Currency Risk: Won volatility could resume

Mitigation Strategies:

1. Position Sizing: No single stock >15% of portfolio
2. Take Partial Profits: Scale out of SK Hynix after +15% week
3. Stop Losses: 10% stops on all positions
4. Diversify: Add non-tech exposure
5. Cash Reserve: Keep 15-20% for opportunities

Monitoring Triggers:

• Reduce if: SK Hynix breaks ₩1,000,000 support
• Add if: Healthy pullback to key levels
• Exit if: Won strengthens past 1,400 or 10Y yield hits 4.75%

Macro Environment Assessment

Global Economic Backdrop

United States:

• GDP growth moderate and steady
• Inflation sticky but manageable
• Labor market resilient
• Fed likely on hold through Q2 2026
• Outlook: Soft landing scenario ✅

South Korea:

• Semiconductor exports driving recovery
• Tech sector leading economic strength
• Domestic consumption improving
• Won stability supportive
• Outlook: Export-led growth ✅

China:

• Stimulus measures supporting demand
• Property sector stabilization
• Tech regulation easing
• Impact on Korea: Positive for semiconductor demand ✅

Central Bank Policy

Federal Reserve:

• Terminal rate likely reached (5.25-5.50%)
• Rates on hold through Q2 2026 minimum
• Data-dependent approach
• Market Impact: Neutral to slight headwind 😐

Bank of Korea:

• Inflation moderating
• Currency stability priority
• Supportive of growth
• Market Impact: Neutral to supportive ✅

Risks & Challenges

Near-term Risks (⚠️ Monitor Closely)

1. Overbought Conditions:

   • SK Hynix +15.91% weekly = extremely extended
   • RSI likely above 80 - pullback likely
   • Profit-taking could accelerate

2. NVIDIA Earnings (Feb 28):

   • High expectations = risk of disappointment
   • Stock already recovered +50%+ from lows
   • Miss would hurt semiconductor sector globally

3. Friday Consolidation Pattern:

   • Korean markets pulled back -0.94%
   • Could extend into early week
   • Watch for support holds

4. Technical Resistance:

   • Samsung approaching ₩200K = major barrier
   • KOSPI at all-time highs = no resistance level

Medium-term Concerns (🔍 Watch Development)

1. Semiconductor Cycle Peak:

   • AI demand could moderate after peak
   • Inventory builds possible
   • Cyclical sector prone to reversals

2. Valuation Compression:

   • Korean stocks less cheap now
   • US tech still expensive
   • Mean reversion risk

3. Fed Policy Shift:

   • Higher for longer = headwind
   • Could pressure multiples
   • Watch Powell speech March 5

4. Geopolitical Tensions:

   • Taiwan semiconductor risk
   • China trade relations
   • North Korea developments

Bottom Line: Week in Review

What Worked ✅

• SK Hynix - +15.91% to ₩1,000,000+ milestone
• Korean markets - KOSPI hit all-time high 5,703.73
• Samsung - Approached ₩200,000 target
• US tech recovery - Nasdaq +1.15%, NVDA +3.5%
• Global semiconductor sync - Korea and US both strong

What Didn’t Work ❌

• Friday profit-taking - SK Hynix -3.46%, KOSPI -0.94%
• Chasing highs - Those who bought Thursday got trapped Friday
• Bonds - 10Y at 4.3%+ continues pressure
• Defensives - Utilities, consumer staples lagged

Key Lessons 📚

1. Milestones matter: SK Hynix ₩1,000,000 is historic
2. Consolidation is healthy: Friday’s pullback normal after +15% week
3. Don’t chase: Wait for pullbacks to add positions
4. Global sync: Korean rally spreading to US tech
5. Earnings matter: NVDA Feb 28 is critical inflection point

Final Investment Takeaways

For Aggressive Investors 🚀

• Overweight: Korean semiconductors (Samsung, SK Hynix)
• Trading: Scale into pullbacks (SK Hynix ₩1,050K, Samsung ₩192K)
• Risk Tolerance: High concentration given trend strength
• Horizon: 1-3 months for semiconductor momentum
• Action: Take partial profits on strength, buy on dips

For Moderate Investors ⚖️

• Balanced: 40% US tech, 35% Korean tech, 25% defensive/cash
• Quality Focus: Samsung, NVIDIA, Apple, Amazon
• Risk Management: 10% stops, position sizing discipline
• Horizon: 3-6 months with tactical adjustments
• Action: Scale positions gradually, don’t chase

For Conservative Investors 🛡️

• Defensive: Blue chips, dividend stocks, short-duration bonds
• Limited Tech: 20-30% exposure maximum
• Capital Preservation: Focus on quality and stability
• Horizon: 6-12 months
• Action: Wait for meaningful pullback (SK Hynix ₩950K, Samsung ₩180K)

Conclusion

The week of February 23-27, 2026 will be remembered as a historic milestone week for Korean markets. SK Hynix’s breakthrough to ₩1,000,000+ and the KOSPI’s ascent to all-time highs (5,703.73) marked a watershed moment - transforming from the worst week of 2026 (-5.25% in early February) to record highs in just three weeks.

Three Takeaways to Remember:

1. SK Hynix ₩1,000,000 milestone - First time in Korean market history, validating AI chip thesis
2. KOSPI all-time high - From worst week to record highs in 3 weeks = extraordinary reversal
3. Global semiconductor synchronization - Korean rally spreading to US tech, validating AI demand thesis

The Week Ahead: Focus on NVIDIA earnings (Feb 28) - the most important semiconductor event. Strong results could extend the rally; disappointment could trigger broad profit-taking. Watch Samsung’s approach to ₩200,000 as next major psychological level.

Strategic Positioning: Favor quality semiconductors (Samsung, SK Hynix, NVIDIA), maintain discipline with stops, and keep powder dry for pullback opportunities. The trend is your friend, but after +15.9% weeks, patience on entries is rewarded.

Market Outlook: BULLISH MOMENTUM 📈

The setup remains constructive for risk assets, particularly in the semiconductor sector. Korean markets hitting all-time highs and SK Hynix breaking ₩1,000,000 validate the AI chip demand thesis. US tech joining the rally (Nasdaq +1.15%) confirms global synchronization. However, Friday’s consolidation and overbought conditions warrant prudent position sizing. After extraordinary gains, expect increased volatility. The fundamental thesis (AI infrastructure demand) remains intact, but valuations are less attractive. Favor buying on pullbacks over chasing strength.

Weekly Review Compiled: Saturday, February 28, 2026 at 10:00 AM EST
Analysis Period: Monday, February 23 - Friday, February 27, 2026
Data Sources: Naver Finance, Yahoo Finance, Bloomberg, Market Data Providers
Next Weekly Review: Saturday, March 7, 2026

Prepared for Investment Team Distribution
For questions or detailed analysis: kabe502@gmail.com

Appendix: Data Tables

Daily Closing Prices - Korean Stocks

Daily Closing Levels - US Indices

USD/KRW Exchange Rate

END OF WEEKLY REVIEW