Citigroup strategist reduces Korea stock market position and downgrades Asian emerging markets rating to neutral.

Citigroup research strategist Adam Pickett and others released a report on Friday stating that they have reduced their remaining long positions on the South Korean Kospi index and have downgraded their overweight rating on Asian emerging markets in global asset allocation back to neutral. This move is partly due to recent downgrades by Citigroup US strategists in the semiconductor sector, "Our concern is that when the semiconductor sector peaks, the overall market may also peak simultaneously." Citigroup still maintains an overweight rating on US stocks, while maintaining a tactical bullish view on European stocks.