Korean Stocks Plunge After Trump-Kim Summit Collapses
- Thursday afternoon sell-off was a knee-jerk reaction: Oanda
- Offer to dismantle main nuclear facility not enough: Trump
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The slide in Korean stocks and the won following the failure of the Trump-Kim summit Thursday has all the signs of being a one-day wonder, with little longer-term impact on global markets.
“This whole sell-off this afternoon has been a knee-jerk ahead of the public holiday,” said Jeffrey Halley, senior market strategist with Oanda Corp. in Singapore. “If stocks hold up over the weekend, I believe we’ll see the Kospi make all those losses back on Monday.” South Korean markets are closed Friday for a public holiday.