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Hungary's Debt Woes Rock Seoul's Financial Market

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공표년도

창작년도

2010-06-07

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Korea's financial market took a beating on Monday over fears that Southern Europe's debt problems could spread to Eastern Europe.
The Korea Composite Stock Price Index‚ or KOSPI‚ fell 26 points to finish at 1‚637.9-7.
The plunge was due to concerns that Hungary's mounting budget deficit could turn in to a Greek-type debt crisis.
The KOSPI was also pulled down by losses on Wall Street last Friday as the Dow Jones Industrial Average slid over three percent on disappointing job market data in the United States.
[Interview : Suh Dong-pil‚ Strategist
Hana Daetoo Securities
] "Europe's debt crisis has reemerged and US unemployment numbers turned out to be worse than expected‚ weighing down investor sentiment."
The junior KOSDAQ also fell 11 points to finish at 483.1-2.
The won dollar exchange rate was no exception to Europe's deteriorating fiscal health.
The won closed at 1‚235.9 won to the US dollar up 34.1 won from Friday.
Meanwhile‚ the country's financial watchdog says Hungary's debt problems are expected to have a limited impact on Korea as the nation's financial institutions have minimal exposure.
The Financial Supervisory Service says Korean financial firms' exposure to Hungary stood at 540 million US dollars as of the end of April which is about one percent of the nation's overseas exposure.
But it added that it will closely monitor the situation.
Now despite the government's assurance that Hungary's debt woes will have little effect on Korea market watchers have a more cautious outlook.
Analysts say until Europe's debt woes are fundamentally resolved Korea's financial market is expected to undergo a period of volatility as investor confidence remains low. They forecast unfavorable financial conditions to persist until July in the short term and throughout the latter part of year in the long run.
Kim Seok‚ Arirang News.
Reporter : seok@arirang.co.kr

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