Recent sharp volatility in the KOSPI, which peaked at a closing high of 9,114.55 in June 2026 before plunging over 44% to close at 5,059.69 on November 6, underpins the 76.5% implied probability for “No.” Heavy concentration in Samsung Electronics and SK Hynix, which together comprise nearly half the index’s market capitalization, amplified downside from global AI valuation concerns and post-U.S. midterm fears of tighter data-center regulation. Foreign net selling exceeding 247 trillion won year-to-date has compounded pressure, while the index’s forward P/E near historic lows signals limited near-term rebound potential. Strong semiconductor export momentum offers some support, yet analysts highlight risks from U.S. inflation data, earnings reactions, and persistent supply-demand imbalances that could delay a sustained recovery above prior peaks before year-end 2027.