All the top performers but one in the MSCI Asia ex-Japan index were Korean, led by Hanmi Pharmaceutals (+10.3%), Hyundai Mobis (+7.88%), Hanmi Science (+7.41%) and LG Electronics (+7.39%).
Apart from the Korean stocks, the shipping conglomerate Sinotrans (+8%) jumped on reports that it would benefit from the next round of reform of state-owned enterprises, that is, from a mysterious change in sentiment.
Korea has been one of our favorite markets. It is the only place in the world where investors can buy world-class companies at less than 10 times earnings.