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Large-cap financial stocks are extending lukewarm performances as foreign investors have dumped their shares en masse amid expectations of an overall earnings slowdown in the financial industry here, analysts said Tuesday. Shares of major financial firms displayed a sharp rally early this year after reporting record profits in 2022. The unprecedentedly hawkish cycle of rate hikes enabled them to profit on massive interest margins throughout last year. ....
Securities stocks here are extending dismal performances. This is happening despite clear signs of a rebound in the local stock market, as investor sentiment has yet to recover due to weak earnings outlooks of brokerage houses and financial uncertainties overseas sparked by the sequential collapse of major financial institutions in the U.S. and Europe, analysts said. ....
Securities firms have reported drastic earnings falls in the wake of a marked slowdown in their commission profit and investment banking business. This situation was widely expected amid freezing stock market sentiment triggered by the rapid pace of rate hikes here and abroad. Data also showed that fewer investors are making aggressive investments in the stock market. The daily stock transaction volume reached 13.8 trillion won ($9.75 billion) on average in the third quarter, down 47.3 percent from a year earlier. This is also a drop of around 20 percent from a quarter ago. ....