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Photo = Yonhap news |
[Alpha Biz= Reporter Kim Sangjin] Stocks of Major Korean Financial Groups Plunge Following Martial Law, KB Financial Drops Over 10%
Amid the aftermath of the martial law declaration, stocks of major domestic financial groups plummeted, with KB Financial, the leading financial group, seeing a sharp decline of more than 10% in a single day.
According to the Korea Exchange on the 5th, KB Financial closed at 85,800 KRW, a decrease of 9,600 KRW (10.06%) from the previous trading day. Other financial stocks also saw significant drops, including Shinhan Financial Group (-5.50%), Hana Financial Group (-3.25%), Woori Financial Group (-3.77%), Meritz Financial Group (-3.46%), Samsung Fire & Marine Insurance (-5.20%), Industrial Bank of Korea (-3.50%), Samsung Securities (-3.78%), and Kiwoom Securities (-5.32%).
Even the day before, financial stocks had shown a downward trend following the martial law declaration. Sector-specific changes showed that insurance (-3.69%) and finance (-3.59%) had the largest declines, while securities also dropped by -2.22%. Companies such as Hyundai Motor (-2.15%) and Kia (-4.18%), which had seen foreign buying due to dividend expectations, also weakened.
In particular, the rising won-dollar exchange rate and diminishing dividend expectations appear to have fueled foreign selling activity.
On this day, the top foreign net-sell stocks included Samsung Electronics (3.44 trillion KRW), KB Financial (1.43 trillion KRW), Shinhan Financial Group (582 billion KRW), Kia (253 billion KRW), and Hana Financial Group (245 billion KRW).
AlphaBIZ Kim SangJin(letyou@alphabiz.co.kr)
