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Kim Jong Il’s death unhinges Asian stocks

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The trading week started on an ominous note as the death of North Korean dictator Kim Jong Il forced local governments to prepare for the eventuality of a power vacuum in the isolated but nuclear-armed nation.

Look to see South Korean stocks remain under pressure on Wall Street unless Seoul steps in overnight to reassure the markets.

No stock in Korea's blue-chip Kospi 50 ( EWY , quote ) was positive in mid-morning Asian trading. Leading manufacturers like Hynix, LP Display ( LPL , quote ) and Hyundai were down 7% to 10%.

In Japan ( EWJ , quote ), where the prime minister canceled a planned speech in the wake of Kim Jong Il's death -- reportedly a heart attack while traveling -- stocks opened the week down 1.45%.

The dollar ( UUP , quote ) surged as traders scrambled back to safe havens.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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