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G Sachs: Korean Stocks Fairly Valued, Seen Rebounding and Hitting New Highs After Current Turbulence
Recommend 18 Positive 29 Negative 36 |
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South Korea's KOSPI index once plunged as much as 8.8% today (8th), triggering a circuit breaker mechanism. However, Timothy Moe, Chief Asia Pacific Equity Strategist at G Sachs, said the South Korean stock market is poised for a rebound, with fundamentals remaining very strong. In the long run, this should be a technical correction. He noted that speculative activities by South Korean retail investors had increased previously, but leveraged ETF investors are now seen exiting the market. Heavyweight stocks Samsung Electronics and SK Hynix once fell below KRW300,000 and KRW2 million respectively this morning, but have since significantly pared their losses. Samsung Electronics was last at KRW312,750, down 5.17%, while SK Hynix fell 2.22% to KRW2.024 million. Moe said that after this bout of market volatility, the stock market will regain its footing and reach new highs again, as current valuations are very reasonable and potential earnings are expected to continue driving gains. In Hong Kong, XL2CSOPSMSN (07747.HK) was last at HKD163.3, down 12.16%; XL2CSOPHYNIX (07709.HK) was last at HKD103.3, down 3.37%, with turnover of about 96.7842 million shares, involving HKD9.565 billion.(mn/da) Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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