[Featured Stock] European Financial Turmoil... KakaoBank Drops Over 3% in Early Trading
On the morning of the 27th, KakaoBank's stock price showed a decline of over 3%, indicating a weak trend.
As of 10:25 AM that day, KakaoBank's stock price was trading at 24,050 KRW, down 3.02% compared to the previous trading day.
This is interpreted as a ripple effect following the recent bankruptcy of the U.S. Silicon Valley Bank (SVB) and the crisis rumors surrounding Deutsche Bank, Germany's largest bank, on the 24th (local time). The 5-year credit default swap (CDS) premium on Deutsche Bank's bonds surged above 220 basis points (bp), highlighting the risk of default.
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However, the stock prices of the four major domestic financial holding companies?Shinhan Financial Group (0.72%), KB Financial Group (-0.32%), Woori Financial Group (-0.09%), and Hana Financial Group (-0.12%)?remained steady.
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