Asian markets opened the final full trading week of August under a familiar tension: targeted support from corporate buybacks versus macro headwinds from rising oil prices and higher US yields. In Seoul, Samsung Electronics and SK hynix have filed combined repurchase orders of approximately ₩1.6 trillion for today's regular session, a visible attempt to cushion the index amid global stress.
The buybacks are substantial but concentrated. Samsung's order covers roughly 1.8 million shares, valued at about ₩0.5 trillion, while SK hynix plans to acquire 650,000 shares worth around ₩1.1 trillion. Together, they represent one of the largest single-day repurchase filings by Korea's two biggest semiconductor firms, underscoring their commitment to support share prices at a time when the sector faces valuation concerns.
However, the support is narrow. While direct demand in these two heavyweights can lift the KOSPI, it does not necessarily signal broad risk appetite across the wider market. The KOSPI closed Friday at 6,912.95, up 0.9%, but the benchmark now faces a key psychological test at the 7,000 level. Whether it can break through depends on participation beyond the chip duo.
Meanwhile, external pressures are mounting. Brent crude settled at $94.39 on Friday, with $95 seen as the next risk marker. A sustained move above that could stoke inflation fears and force central banks to maintain tighter policy. The US 10-year Treasury yield stood at 4.73% at Friday's US close, near the 4.75% threshold that has historically triggered equity volatility. These levels keep the discount-rate backdrop tight across Asia.
Japan's markets are also in focus. The Nikkei 225 closed Friday at 66,016.36, down 0.3%, while the broader TOPIX edged up 0.2% to 4,067.29. Nikkei futures were pointing to a slightly lower open, down 0.12% at 66,010. The 66,000 area is a critical support level; if it fails, the selloff could accelerate. But if it holds, the market may find footing.
Elsewhere, Hong Kong's Hang Seng rose 1.2% on Friday to 26,009.46, led by Tencent, AIA, and HSBC, while China's CSI 300 added 0.6% to 4,618.89. Singapore's STI gained 0.3%, and India's Nifty 50 was flat at 24,252.00, with the Sensex unchanged. These mixed closes reflect a market that is cautiously optimistic but wary of macro risks.
Looking ahead, the key catalyst is NVIDIA's earnings on 27 August, which will provide a critical read-through for Asian AI-memory demand. The Bank of Korea also meets that day, with the policy rate at 2.75%; any hawkish signal could pressure domestic duration. For now, the market's direction hinges on whether the chip buybacks can hold Seoul up against the oil-and-yield test, and whether Japan can defend the 66,000 level. As the session progresses, traders will watch semiconductor breadth after Taipei opens at 09:00 SGT and China's response at 09:30 local time.
The bottom line: Korea has an unusually visible flow catalyst at the open, but index strength is only higher quality if it spreads beyond Samsung and SK hynix. The cleanest cross-market checks remain Japan's 66,000 area, Brent at $95, and the US 10-year near 4.75%.
