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S.Korea regulator sees market volatility lasting

Thu Nov 29, 2007 8:21pm EST

SEOUL, Nov 30 (Reuters) - South Korea's financial industry has little exposure to the U.S. subprime mortgage sector but its financial markets will likely remain volatile for a long time, the head of the financial regulatory agency said on Friday.

"Nobody knows exactly who owns how much. This is uncertainty, and uncertainty is a difficult thing for markets," Financial Supervisory Commission Chairman Kim Yong-duk said during a programme on SBS radio. "Therefore, I think this will last for a considerable amount of time. Experts also think so, and domestic markets will continue to be indirectly influenced," he added.

Kim also heads the commission's implementing agency, the Financial Supervisory Service.

Despite worries the U.S. subprime mortgage crisis and a slowdown in the world's top economy would spook the global economy, South Korea's main stock market is holding firm and up 33 percent since the beginning of the year. (Reporting by Yoo Choonsik; Editing by Sei Chong)



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