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S. Korea to implement market-stabilizing steps if needed: official

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South Korea plans to implement measures to stabilize the market in a timely manner if needed as market volatility has increased amid external economic risks, a senior government official said Thursday.

First Vice Finance Minister Lee Eog-weon said the Korean financial market has been “excessively” volatile in recent sessions despite the country’s strong macroeconomic fundamentals.

South Korea’s benchmark index, the Kospi, nosedived nearly 2 percent and the Korean currency fell to a 14-month low against the US dollar Wednesday over the debt crises of Chinese property developers and the impasse in the US Congress on raising the debt limit.

The Kospi traded higher Thursday on bargain hunting with the stock prices trading at 2,947.76, up 39.45 points, or 1.36 percent as of 10:02 a.m. The local currency was trading at 1,189.60 per the greenback, up 2.70 won from the previous session.

“There is a possibility that the global and local financial markets could see…

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