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S. Korea stock market among worst hit; economy remains sound

08-10-2011 09:08 BJT Special Report:After S&P Downgrades U.S. Credit Rating |

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South Korea's stock market has been among the worst hit by recent global volatility - even suspending trading at one point yesterday. The nation's top financial regulators have said they will closely monitor market movements and take action if necessary.

The country's financial regulator held a meeting earlier today to analyze the turbulence. Most attendees believe South Korea's economy remains sound, given the country's foreign reserves, debt structure and the health of its companies. The regular says the market is seeing short-term shocks, but that the financial system is fundamentally sound.

The government is also considering imposing a ban on the short-selling of shares to calm the current market instability. Meanwhile - no surprise here - South Korea's central bank played down the likelihood of an interest rate hike this week given all the uncertainties.

A currency trader watches monitors at the Korea Exchange Bank
headquarters in Seoul, South Korea, Tuesday, Aug. 9, 2011. Asian equity
markets were sharply down early Tuesday as investors fearing a possible
global economic slowdown continued to flee stocks.
(AP Photo/Ahn Young-joon)

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Editor:Li Wanran |Source: CNTV.CN

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