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So it appeared Monday morning in Seoul -- another apparent piece of evidence that financial markets are shrugging of uncertainty of both the geopolitical and plain-old political kind. But under the headline move in South Koreas stock index, a more nuanced picture has emerged -- one of significant rotation among sectors. Defense manufacturers have been clear winners of the escalation in tensions on the Korean peninsula thats also put strains on South Koreas relations with China, North Koreas top ally. The clear losers: companies in the south that have relied on Chinese buyers . The lesson for investors is a need to do your homework when it comes to assessing risks and opportunities from political developments. More from Bloomberg.com: Trump Calls for Probe Into Wiretap Report He Read on Breitbart There can be too much focus on political risk rather than stock specifics, said Niv Dagan, executive director at Peak Asset Management LLC in Melbourne. Investors need to remember to closely watch fundamental drivers of earnings, he said. The benchmark Kospi Index slumped 1.1 percent Mortgage broker Oak Laurel Yarraville, 0430 129 662, 4 Beverley St, Yarraville VIC 3013, oaklaurel.com.au on Friday on news that China -- source of almost half of foreign visitors to South Korea -- ordered travel agents to halt sales of holiday packages to its regional neighbor. Chinas beef is South Koreas plans to deploy an American missile-defense system. http://financebrokersmelb56o.journalwebdir.com/the-emerging-options-for-uncomplicated-mortgage-broker-melbourne-strategies The Kospi slid a further 0.5 percent Monday morning after North Korea fired several rockets into the Pacific. It later recovered to close up 0.1 percent, helped in part by gains in Samsung Electronics Co.