South Korean financial stocks jump on tax cuts for dividend payouts

Shinhan Financial

03/07/2024 03:13

** South Korean financial stocks jump on government
announcement of tax benefits for corporate reforms
    ** Hana Financial Group  086790.KS  jumps more than 7%, KB
Financial Group  105560.KS  gains over 6%, Shinhan Financial
Group  055550.KS  adds 5%, and Woori Financial Group  316140.KS 
climbs more than 3%
    ** President Yoon Suk Yeol says the government will provide
tax benefits to companies actively raising dividend payouts, in
a follow-up to the "Corporate Value-up Programme" introduced in
February
    ** Financial firms have been cited among major stocks that
have potential to pay more dividends to shareholders
    ** The finance-major index  .KS49  is up 2.1%, the
securities-minor index  .KS53  up 1.5% as of 0152 GMT; the
broader KOSPI market  .KS11  up 0.1%

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