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SINGAPORE — Tensions between the U.S. and China have been one of the biggest risks to corporate earnings in South Korea — and that's not likely to go away under a Joe Biden presidency, according to Citi Research.
"We see limited fundamental implications on the Korea equity market from a Biden presidency," said the report published on Friday, before NBC News declared Biden president-elect. The report had assumed a Biden victory and Republicans taking control of the Senate.
Citi said four South Korean stocks — which the bank rated as "buy" — could benefit from Biden's policies, such as his "green recovery" and infrastructure investment plans.