South Korea’s exchange traded fund (ETF) iShares MSCI South Korea Index (EWY) continues to thrive when many other markets are worried about a credit crunch. Currently, EWY is up 36.5% year-to-date.
Earlier this week, South Korea’s vice finance minister said the U.S. subprime mortgage issues will have a limited impact on the country, because of their low exposure in Korean institutions, reports Kim Joo-young for Yonhap News. The vice finance minister also said that the U.S.’s interest rate cut could boost U.S. economic growth, which would help South Korea’s exports, according to Korea.net.
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