Warren Buffett Calls Korean Stocks "Still Attractive" Despite Gains
On the eve of an Asian trip that will include his first-ever visit to South Korea, Warren Buffett says the stock market there generally looks good, despite big price gains in recent years.
In an email interview, Buffett tells Korea's Maeil Business Newspaper:
"The Korean stock market a few years ago was by far the most undervalued market in the world. Since then, there has been a huge advance in the Korean market and the won has appreciated against the dollar. Nevertheless, many Korean stocks still sell at more attractive prices than stocks in other major countries."
The newspaper notes that while the Benchmark KOPSI stock index has surpassed 2,000 (it was under 1500 at the beginning of the year), the Korean stock market's overall price-to-earnings ratio is just 12.3. That's less than the emerging market average PE of 15.0 and 14.7 for the advanced markets average PE.
A reminder, that CNBC's Becky Quick will be traveling with Buffett on his trip to China and Korea. We'll have complete coverage here on Warren Buffett Watch and CNBC's Squawk Box will highlight her reports. The program kicks it all off with a preview of the Buffett trip tomorrow (Monday) morning. Squawk Box airs from 6a to 9a ET.
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