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Korea conflict fuels overblown market reaction
Wednesday, 26, May. 2010



South Korea's benchmark Kospi dropped nearly 6% last week but may soon show signs of recovery, along with the nation's currency, as analysts see the market's concerns over conflict with North Korea and potential spread of European debt troubles as overdone."The Kospi and the [won] have seen significant sell-offs over the past several days on recent signs of increased contagion risk from the fiscal debt woes facing several weak [European Union] countries, impacting global credit markets and global growth, and growing geopolitical tension," analysts at Credit Suisse said in a note to clients Wednesday.

The benchmark Kospi has already logged declines in five out of the previous eight sessions and lost nearly 6% last week.On Wednesday in Seoul, the index opened higher but moved 0.2% lower in late morning trading.The South Korean won has also weakened, with the U.S. dollar gaining nearly 4% against the won on Tuesday alone. In Wednesday morning trade, however, the won regained some lost ground with the greenback buying 1,251.90 won, down from 1,256.65 won Tuesday afternoon in Seoul. Read more about the won's decline.




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