There’s something of the spirit of the blitz about South Korean equities. As relations across the demilitarised zone have grown more strained, investors appear to have become more sanguine. Rather than bolting at the first signs of trouble, investors are simply reshuffling portfolios within Korea. Morgan Stanley notes that sector rotation so far this year is more than twice the previous five years’ average. That has had a soothing effect on market volatility, a third lower than the five-year average. Meanwhile, the
韓國股市有著一種不畏“空襲”的精神。朝鮮半島非軍事區(qū)的關(guān)系雖然日益緊張，投資者似乎卻變得愈加樂觀。他們沒有在麻煩跡象剛剛露頭時拔腿就跑，而只是對投資組合內(nèi)的韓國資產(chǎn)進行了調(diào)整。摩根士丹利(Morgan Stanley)指出，今年迄今為止韓國市場各板塊之間輪動的速度，是前5年平均水平的兩倍以上。這對于市場波動起到了安撫效果，今年市場波動率較5年均值低了三分之一。與此同時，存在已久的“韓國貼水”(Korea discount)現(xiàn)象——即韓國綜合指數(shù)(Kospi)市賬率與其它亞洲基準指數(shù)（不包括日本）之間的差距——正穩(wěn)步縮減，已經(jīng)不到5年均值的一半。