She serves them through the telecom and utility companies that use credit scoring for lower income clients.

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Currently, the top five companies that account for a third of stock holdings, he says, are non-Hyundai blue chips SK Telecom, power utility KEPCO, Samsung Electronics, Samsung Fire and Marine Insurance, and steel giant POSCO.

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UBS's Mr. Zirin says investors who have too much money in the utility and telecom sectors, which investors tend to seek out for high yields, might want to diversify into consumer staples and industrials, which have lower yields but stronger growth characteristics.

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Meanwhile, Hongkong Telecom proposes a scheme that will cut bonuses for most of the utility's 14, 700 employees if earnings rise by less than 3% next year.

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