Franklin Templeton Sees Kospi at 3,000, Unfazed by Missiles
- There won’t be massive profit-taking because of the launch
- Kospi could reach 3,000 within ‘two or three years,’ Kang says
U.S. Confirms North Korea Rocket Was ICBM
North Korea’s renewed missile threat won’t stop Seoul’s benchmark stock index from rising more than 25 percent in the next two to three years, provided that there’s peace, Franklin Templeton Investments said.
The company, which managed $744 billion as of end-May, predicts the Kospi will reach 3,000 as technology companies including Samsung Electronics Co. continue to lead the gauge higher, according to JJ Kang, head of equities at Franklin Templeton Investment Trust Management in Seoul. The North fired an intercontinental ballistic missile on Tuesday, spurring the Kospi’s steepest drop in three weeks on concern the totalitarian state crossed a line that may draw a U.S. response. The index gained 0.3 percent to close at 2,388.35 on Wednesday.