South Korea is closely monitoring the country's financial markets to prevent market turbulence from exacerbating the nation's problems, the vice finance minister said Thursday."Due to renewed concerns about the U.S. subprime mortgage loans, domestic financial markets have been fluctuating,"
Lim Young-rok said at a weekly press briefing."We will closely monitor the market situations and move preemptively against risks."Lim's comment came a day after the domestic stock market index plunged nearly 3.5 percent due to concerns about the U.S. subprime problem and record-setting global oil prices.
Bond prices also fell Wednesday, while the won's value compared to the U.S. dollar fell to its lowest level in two months as foreign investors sold local stocks.Lim said global financial market jitters are having an adverse impact on the domestic stock markets. "Even though domestic companies performed well and exports kept rising, international financial market jitters have become a burden on the domestic stock markets,"
he said."Stability in global financial markets, China's further tightening measures and foreign investors' stock sales will continue to influence the stock markets."
Source: http://www.koreatimes.co.kr/www/news/biz/2007/11/123_14252.html
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