Indian market to emerge as a safe haven amidst EM turbulence, says Geoff Dennis
«Korea has been a very weak market this year. It is down about 19% in dollar terms within the EM index and so this is just more pain for the Korean market and we will have to see how the politics plays out,» says Geoff Dennis, Independent EM Commentator.
This morning we have woken up to those kind of news coming in from South Korea wherein, of course, there was that Martian law that was put on, then it was taken off. Now, there is news of impeachment, a lot going on as far as the Extraordinary General Meeting of the Central Bank in South Korea is concerned. But it begs the question whether India is one of those safe havens of sort where there is political stability, where there is economic stability, while even countries like, of course, China, South Korea, West Asia, and all of that are going through their own turmoil. Does that make India stand out as one of the best opportunities right now?
Geoff Dennis: Oh, yes, it does.
And I have argued this all the way along. Whether the markets are going up or markets are going down, I think India is a good place to be in relative terms. I mean, these events in South Korea are frankly extraordinary and came completely out of left field.
Nobody saw them coming. Korea has been a very weak market this year. It is down about 19% in dollar terms within the EM index and so this is just more pain for the Korean market and we will have to see how the politics plays out.
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