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Kim's death has little impact on S. Korean financial market: watchdog

12-20-2011 10:35 BJT Special Report:DPRK top leader Kim Jong Il dies |

SEOUL, Dec. 20 (Xinhua) -- The passing of Kim Jong Il, top leader of the Democratic People's Republic of Korea (DPRK) had minimal impact on South Korea's financial market, the financial watchdog said Tuesday.

According to the statement by the Financial Services Commission (FSC), the South Korean financial market showed significant volatilities right after the news that Kim died of mental and physical strain last Saturday on a train during a field guidance tour, but the market continued to trim its earlier fluctuations later.

"Kim's passing had no big impact on the local financial market. The news of Kim's death came together with negatives related to Europe's debt crisis, so the market was shocked at the early stage. But, investors came back to the market on recognition of overreaction," Jeong Eun-bo, director general of FSC's financial policy bureau, told reporters at a press briefing.

Following the news of Kim's passing, foreign investors sold a whopping 655.9 billion won (560 million U.S. dollars) worth of KOSPI200 index futures, but the amount decreased to 280 billion won (239 million U.S. dollars) after the market closed. In the local bond market, overseas investors bought bonds worth 57.4 billion won (48.8 million U.S. dollars).

Jeong said that foreigners, driven by European investors, flowed out of the local stock market on Monday due to Kim's death, but he stressed that they were on the lookout for opportunities to reinvest in the market except for some European investors.

Editor:Zhang Hao |Source: Xinhua

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