Goldman Sachs' sales trading desk cautions that Samsung Electronics shares could experience greater volatility on Thursday as several market events align.

The firm notes that Samsung's upcoming third-quarter preview coincides with options expirations and the rebalancing of multiple semiconductor-focused exchange-traded funds, a combination that could amplify price moves.

In an institutional client briefing, the desk said seven semiconductor ETFs with a combined asset base of around 19 trillion won are due to rebalance. Market participants are expected to passively trim Samsung exposure while increasing passive holdings in SK Hynix, SK Square, and semiconductor equipment stocks. Samsung's share buyback is anticipated to be completed by October 6.

Key factors to monitor include whether foreign capital returns and whether Samsung can sustain its earnings momentum and guidance going forward.

Trading activity in September skewed toward selling, with long-only funds roughly balanced between long and short positions, and hedge funds displaying a stronger selling tilt.