Confusion and angst swept across trading desks in South Korea as local stocks, by far the hottest in the world over the past year, extended their selloff into Wednesday.
Down another 6.7% following a 7.2% drop in the previous session, the high-flying Kospi Index entered a technical correction in just three sessions. The losses were driven by the heavyweights that had supercharged the market higher until last month 〞 Samsung Electronics, SK Hynix and Hyundai Motor.
※Moves are too extreme so forecasting feels almost impossible 〞 analysis doesn＊t really help,§ said An Hyungjin, chief executive officer at Seoul-based Billionfold Asset Management. ※Retail investors seem to hesitate as well, bids are fading since yesterday. While we＊re picking quality names and hedging, this isn＊t a clear opportunity.§
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