  In this study, we establish a network structure of the Korean stock market,
one of the emerging markets, with its minimum spanning tree through the
correlation matrix. Base on this analysis, it is found that the Korean stock
market doesn't form the clusters of the business sectors or of the industry
categories. When the MSCI (Morgan Stanley Capital International Inc.) index is
exploited, we found that the clusters of the Korean stock market is formed.
This finding implicates that the Korean market, in this context, is
characteristically different form the mature markets.
