By Mike Bird Aug. 31, 2019 9:03 am ET South Korean President Moon Jae-in this week made a public display of personal support for Korean companies by investing an unspecified quantity of his own money in a local equity fund.It is hard to think of a stock market with as many macroeconomic forces weighing against it. Four challenges stand out, some homegrown and others from overseas.
Third, the country’s domestic economy has weakened and trend growth has dropped sharply. Rapid increases in minimum wage levels to internationally elevated levels may have weakened the climate for employment. Finally, South Korea is engaged in an idiosyncratic economic conflict with the government of Japan.
Newsletter Sign-up Korean stocks look screamingly cheap on some metrics. A price-to-book ratio of just 0.8 is lower than at almost any time in the past 15 years, and testing levels touched in the middle of the financial crisis.
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Korea is now derailing from U.S.-leading bloc, wandering around N.Korea and China, which makes East Asia fragile
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