In the morning of August 28, the stock markets in Asia including Japan (-1.51%) and Hong Kong (-1.60%) saw a rapid fall following a plunge in markets in the United States and Europe. The market in the Philippines has once declined more than 5 percent during the day.
Kim Hak-kyun, senior analyst with KDB Daewoo Securities, said, "If international oil prices go up due to the Syrian civil war, most emerging economies in Asia will suffer from high fiscal deficits."
As soon as the market opened at 9 am, KOSPI quickly suffered a setback of 1.23 percent to 1,862.51. But it gained steadily as foreign investors began their net-buying. In the afternoon session, institutional investors have moved in to buy up shares, resulting in a slight drop of 0.07 percent (1.32 points).
Kiwoom Securities analyst Ma Ju-ok said, "The weakness exhibited during the morning session may have been affected by skittish domestic investors who feared an exodus of foreign investors. But it turned out foreign investors have confidence with the Korean economy that they believe would be okay if some Asian nations fall prey to a currency crisis."
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