Timothy Moy, chief stock strategist at Goldman Sachs Asia Pacific, said he is still optimistic about the hard-hit South Korean stock market and maintains its target of 12,000 points for the Korea Composite Stock Price Index. Moy said, “If volatility can be reduced, then we think fundamentals will come back into play, and we think these fundamentals are very attractive.” He said, “Currently, the market, which is expected to have a price-earnings ratio of five times, is seriously undervalued. The market actually indicates that it does not believe that the semiconductor memory cycle can continue, and we think so. We think we're currently in a larger and longer semiconductor cycle than normal.”

Timothy Moy, chief stock strategist at Goldman Sachs Asia Pacific, said he is still optimistic about the hard-hit South Korean stock market and maintains its target of 12,000 points for the Korea Composite Stock Price Index. Moy said, “If volatility can be reduced, then we think fundamentals will come back into play, and we think these fundamentals are very attractive.” He said, “Currently, the market, which is expected to have a price-earnings ratio of five times, is seriously undervalued. The market actually indicates that it does not believe that the semiconductor memory cycle can continue, and we think so. We think we're currently in a larger and longer semiconductor cycle than normal.”