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
韩国股市有着一种不畏“空袭”的精神。朝鲜半岛非军事区的关系虽然日益紧张，投资者似乎却变得愈加乐观。他们没有在麻烦迹象刚刚露头时拔腿就跑，而只是对投资组合内的韩国资产进行了调整。摩根士丹利(Morgan Stanley)指出，今年迄今为止韩国市场各板块之间轮动的速度，是前5年平均水平的两倍以上。这对于市场波动起到了安抚效果，今年市场波动率较5年均值低了三分之一。与此同时，存在已久的“韩国贴水”(Korea discount)现象——即韩国综合指数(Kospi)市账率与其它亚洲基准指数（不包括日本）之间的差距——正稳步缩减，已经不到5年均值的一半。