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Thu, Aug. 14, 3:38 PM
- The Bank of Korea cut its benchmark rate for the first time since May, slashing the 7-day repurchase rate 25 basis points to 2.25%, but Barclays says not to expect this to be the start of an easing cycle.
- For one, the decision was not unanimous, with one bank member voting to stay on hold. Second, the bank cut only and when sentiment indicators unexpectedly dropped in July, "suggest(ing) to us that the decision to act was not as obvious as the market expected."
- Capital Economics agrees, expecting the economy to bounce bank strongly in H2, and wouldn't be surprised to see the cut reversed next year. "The recent weakness of the economy is in large part due to the Sewol ferry disaster in April ... Growth should slowly start to recover as consumer spending patterns return to normal. The government’s recent fiscal stimulus package, as well as an expected recovery in exports, should also help support growth."
- EWY +0.9%
Fri, Aug. 8, 4:22 PM
Fri, Aug. 1, 4:24 PM
Fri, Jun. 27, 4:12 PM
Fri, Jun. 27, 11:21 AM
- Emerging market equity funds reported $1.3B of inflows for the week ended June 25, with Asia funds - $1.5B in inflows, the largest since February 2013 - being the biggest beneficiaries. LatAm and CEEMMA funds continued to see outflows.
- On a country basis, Taiwan (EWT), Korea (EWY), and China (FXI) saw the largest inflows, while Egypt (EGPT), Mexico (EWW), and Turkey (TUR) reported the largest outflows.
- Broad EM ETFs: EEM, VWO, EDC, EDZ, SCHE, IEMG, EEV, ADRE, EUM, EET, GMM, EEME, DBEM, EMCR, FEM, EWEM, EMLB, EMSA, EMDR, EMFT
- Broad LatAm ETFs: ILF, LBJ, GML, EEML, FLN
Wed, Jun. 25, 12:48 PM
- The iShares MSCI South Korea ETF (EWY -0.4%) is off 0.5% YTD vs. the EEM 4% gain - this despite a 3.3% rise in the won which should boost the dollar-denominated ETF.
- Looking for a story behind the price action, Credit Suisse comes up with a few ideas, the first one being the slowdown in Korea's largest export market China.
- Other reasons include downward Q1 earnings revisions of 19%, a record low except for during the financial crisis, and the dampening consumer effect of the sinking of the MV Sewol.
- Finally, there's sluggish action in Samsung (22.6% of EWY's holdings) after an earnings miss and concern over the company's restructuring plan.
Fri, May. 16, 4:14 PM
Sun, Apr. 27, 3:25 AM
- South Korean markets are set to be on watch tomorrow following the resignation of Prime Minister Chung Hong-won in the wake of his government's much criticized response to the ferry disaster. President Park Geun-hye has accepted Chung's resignation.
- Over 300 people have died or are missing and presumed dead after the ship sunk on a routine trip on April 16, with most of them being high-school students and teachers. Initially, it was announced that all the pupils had been rescued.
- ETFs: EWY, FKO, KORU, DXKW, KORZ, HKOR, DBKO
Mon, Mar. 3, 3:02 PM
- After launching 2 S&P 500 centric ETFs within the last 9 months, Horizons is expanding its reach and bringing the the Horizons Korea KOSPI 200 ETF (HKOR) to market on March 4th.
- The ETF will track the KOSPI 200 Index, a free-float-adjusted, market-capitalization-weighted index comprising 200 blue chip companies listed on the Korea Stock Market.
- With an expense ratio of 0.38% HKOR will be the least expensive South Korean investment vehicle in the ETF universe.
- Other ETFs with pure exposure to South Korea: EWY, FKO, KORU, DXKW, KORZ, DBKO
Mon, Feb. 24, 11:03 AM
- Hardest hit of late among regional currencies by the tumble in China's yuan is South Korea's won, reflecting the growing trade between the two countries. Correlations between the yuan and won have grown increasingly tighter over the past year, says Credit Agricole global currency chief Mitul Kotecha, and other Asian currencies have even become negatively correlated with the Chinese unit.
- Morgan Stanley data shows export exposure to China accounts for 13% of South Korean GDP - high, but not as much as Singapore (20%) and Taiwan (17%).
- South Korean ETFs: EWY, FKO, KORU, DXKW, KORZ, DBKO
Fri, Feb. 21, 4:17 PM
Fri, Jan. 31, 2:45 PM
- "We expect emerging market equities to form a base over the next few weeks, and eventually have a better year," says UBS, the team's optimism coming from a belief emerging market economies will generate solid growth in 2014.
- Earnings will be key, says UBS, noting EPS growth has collapsed since 2010, but a pickup to low double-digit growth seams feasible this year thanks to better GDP growth, currency weakness, and margin expansion. Trading at 10.1x forward earnings, EM equities are cheap.
- Favorite countries: China (FXI), Korea (EWY), Mexico (EWW), Peru (EPU), Hungary (GUR, ESR).
- EM ETFs: EEM, VWO, DEM, EDC, DGS, EDZ, EEMV, SCHE, EEB, EDIV, IEMG, DVYE, EEV, EWX, BIK, BKF, PIE, ADRE, HILO, EUM, FNI, EET, GMM, PXH, BBRC, EEMS, EELV, FEMS, DGRE, EEME, EMDD, BICK, DBEM, EMCR, FEM, EWEM, EMBB, EMLB, EVAL, TLTE, EEHB, EGRW, FNDE, EMDG, EMHD, EMSA, EMDR, EMFT, QEM, QDEM
Wed, Jan. 22, 4:18 PM
- The db X-trackers MSCI All World ex U.S. Hedged Equity Fund (DBAW) is designed to provide exposure to the global ex U.S. equity markets, both developed and emerging, while mitigating exposure to the fluctuations between the U.S. dollar and a basket of global currencies.
- The db X-trackers MSCI South Korea Hedged Equity Fund (DBKO) is designed to provide exposure to the South Korean Equity markets, while mitigating exposure to the fluctuations between the U.S. dollar and South Korean won.
- The db X-trackers MSCI Mexico Hedged Equity Fund (DBMX) is designed to provide exposure to the Mexican Equity markets, while hedging exposure to the fluctuations between the U.S. dollar and Mexican peso.
- All 3 funds will begin trading on January 23rd.
- Other ex U.S. ETFs: VEU, VXUS, SCHF, IXUS, ACWX, CWI, GWL, AADR, RTR, ACIM, VIDI
- Other ETFs covering South Korea: EWY, FKO, KORU, KORZ, DXKW
- Other ETFs covering Mexico: EWW, UMX, SMK
Fri, Jan. 3, 4:20 PM
Thu, Jan. 2, 10:40 AM
- The Korean won's strong performance over the last six months is leading a growing number of analysts to worry Samsung's (SSNLF, SSNGY) Q4 results will miss estimates.
- The company's chip business is especially vulnerable to forex swings, since it relies on dollars for order settlement. BNP Paribas estimates every 1% change in the won/dollar exchange rate hurts the op. profit of Samsung's chip division by 4%.
- Citing exchange rates and (to a lesser extent) margin pressure for Samsung's OLED display business, IBK Investment is now expecting the electronics/display/chip giant to post a Q4 op. profit of KWT9.5T ($9.04B), below a KWT10.3T Thomson Reuters consensus.
- Korean automakers Hyundai (HYMLF -5.1%) and Kia (KIMTF -6.1%) also fell hard in Seoul overnight. South Korea's benchmark KOSPI index fell 2.2%.
- Korean ETFs: EWY, FKO, KORU, KORZ, DXKW
Nov. 29, 2013, 1:27 PM
EWY vs. ETF Alternatives
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