Korean Ship Sinking Produces Cautious Trades In The iShares MSCI South Korea Index Fund
The iShares MSCI South Korea Index Fund declined up to 1.45 percent today, and gold spiked, as a South Korean naval vessel was sinking near the border with North Korea. The ship, said to have 104 crew on board, began sinking close to North Korea around 10:45 p.m. Friday night, and the exact cause was not immediately clear. Officials later said the ship had sunk. “It is not clear whether North Korea was involved,” Presidential Blue House spokeswoman Kim Eun-hye told Reuters. The Joint Chiefs of Staff also said it could not conclude that the reclusive North was behind the attack.
According to Businessweek, “Trading of put options that give the right to sell the ETF jumped to more than 33,000 contracts, or 20 times the four-week average. The most-active contracts were April $45 puts, which jumped 60 percent to 40 cents.”
The iShares MSCI South Korea Index Fund (EWY) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of publicly traded securities in the South Korean market, as measured by the MSCI Korea Index.
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According to the fund’s website the top holdings are as follows:
SAMSUNG ELECTRONICS CO LTD 18.04%
POSCO 7.63%
HYUNDAI MOTOR CO 3.90%
SHINHAN FINANCIAL GROUP LTD 3.68%
KB FINANCIAL GROUP INC 3.47%
LG ELECTRONICS INC 2.23%
SAMSUNG ELECTRONICS-PFD 2.22%
LG CHEM LTD 2.20%
HYNIX SEMICONDUCTOR INC 2.17%
KOREA ELECTRIC POWER CORP 2.09%
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