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| China-Japan-Koreas |
| SKor stock market shrugs off nuke test |
| 2009-05-26 |
| The Korean financial market underwent a roller coaster ride Monday on the North Korea's nuclear test and missile launch but ended up shrugging off the provocative action and closing marginally lower than the previous close. The benchmark KOSPI closed at 1,400.9, down 2.85 points or 0.2 percent from Friday, while the tech-heavy Kosdaq fell by 12.01 points or 2.17 percent to 542.08. The local currency lost 1.6 won to end at 1,249 won per dollar. The North's nuclear test sent a shudder through the financial market at first, with the KOSPI once dipping by 88.54 points to a daily low of 1,315.21, sending the Korean won to 1,269.4 won per dollar. But the local market regained stability and recovered most of its earlier losses, as investors gauged the nuke threat as ``short-lived'' after global ratings agencies, including Standard & Poor's (S&P) and Fitch Ratings, announced that the action would have no immediate impact on South Korea's sovereign ratings. |
| Posted by:Steve White |