South Korean investors were crushed by the market crash that swept the world three years ago. The Seoul stock exchange’s Kospi Index lost 41 percent during 2008, while the most popular mutual fund fell 39 percent.
Billionaire Richard Chandler, who became one of New Zealand’s richest men by pushing for reforms at South Korea’s SK Group, disclosed he’s one of the biggest shareholders in Sino-Forest Corp., the Chinese company targeted by short-seller Carson Block.
Lee Bok Sun is ready to shut her 28- year-old fruit store in Seoul, after her customers switched to a new hypermarket owned by one of South Korea’s chaebol, the family-controlled business groups that dominate the economy.
Hynix Semiconductor Inc. fell to the lowest level in three weeks in Seoul trading on concern the sale of a 20 percent stake in the chipmaker will collapse after the last likely bidder became entangled in a probe by prosecutors.