South Korea Is Becoming Uninvestable, Too

Volatility is a killer.
Volatility is a killer. Photographer: SeongJoon Cho/Bloomberg
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South Korea is home to the world’s hottest and most volatile stock market this year. The Kospi’s near 40% tumble in just 27 trading days is comparable to China’s market crash in 2015. But with an easing of the global AI stock rout, it’s natural to ask if the benchmark index is destined for a rebound.

Bulls might argue that unlike China a decade ago, Korea’s business fundamentals are sound. The two memory chipmakers Samsung Electronics Co. and SK Hynix Inc., which make up more than half of the index, are direct beneficiaries to the AI infrastructure boom. The Kospi is starting to look seductively cheap, trading at a decade-low of 5.5 times forward earnings.

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