JPMorgan Chase noted in its Korea Equity Strategy report published on October 19 that the KOSPI recorded a 5-day decline of over 15% last week, hitting this threshold for the third time this year. Unlike the previous two rounds, corporate share repurchase programs by Samsung Electronics and SK Hynix have been completed or are nearing completion, meaning the buyback power, previously the market's most stable marginal buyer, is exiting. The bank believes that funding imbalances and the repair of global risk aversion sentiment still require time, thus tactically maintaining caution until the end of October, but reiterating a structurally bullish stance on the Korean stock market for the next 6 to 12 months.