S.Korea financial stocks rebound as authorities again back credit cooperative

Samsung Fire & Marine Insurance

10/07/2023 02:51

** South Korean financial stocks rebound on the government's
efforts to calm market worries about spill-over effects from a
trouble at a local credit union
    ** Top financial authorities pledged on Sunday to ensure
liquidity at a community credit cooperative whose branch had
been hit by withdrawals
    ** The Finance-Major Index  .KS49  rises 1.65%, while the
Securities-Minor Index  .KS53  gains 0.51%
    ** Last week, the indexes dropped 3.24% and 2.62%,
respectively, amid worries about real estate-related troubles
and a potential credit crunch in the money markets
    ** "It is an issue that can be resolved quickly when market
sentiment calms and sufficient liquidity is supplied. There is
no need to worry too much, as the government will utilise all
tools available to prevent it transfer to a systemic risk," says
Hana Securities 
    ** Samsung Life Insurance  032830.KS  and Hanwha Life
Insurance  088350.KS  gain 4.67% and 3.13%, respectively
    ** Samsung Fire & Life Insurance  000810.KS  jumps 4.73%, DB
Insurance  005830.KS  adds 3.88%, and Hyundai Marine & Fire
Insurance  001450.KS  climbs 2.85% 
    ** The benchmark KOSPI  .KS11  trades up 0.36% as of 0125
GMT

 (Reporting by Jihoon Lee)
 ((jihoon.lee@thomsonreuters.com))