South Korea’s financial market has been relatively insulated from global financial instability originating in Russia compared to other emerging countries, market data showed Thursday.

The benchmark KOSPI dropped 3.9 percent in the first 16 days of December, placing South Korea 11th among 35 major economies in terms of decline in stock price indices, according to the data.

Russia’s stock market nosedived 37.2 percent over the cited period, as a sharp drop in oil prices coupled with crippling Western sanctions for its incursion in Ukraine dealt the country a heavy blow. Russia raised its interest rate by 6.5 percentage points Wednesday to defend its currency against the U.S. dollar.

The Russian jitters boosted demand for safer assets, spurring investors to pull out their investments from major developing countries.

Argentina’s stock market plunged 24.2 percent, and its neighbor Brazil saw its index slide 14.1 percent. Greece shed 12.3 percent, and Portugal 10.3 percent. Thai shares retreated 8.6 percent, and Malaysia fell 8.5 percent over the 16-day period. (Yonhap)