[Special Stock] Bank Stocks Rise... Impact of Market Interest Rate Increase

[Asia Economy Reporter Hwang Junho] On the 5th, bank stocks on the KOSPI showed a rise of over 3%.

As of 9:42 AM, Jeju Bank recorded a 5.44% increase at 9,500 KRW, and KB Financial Group rose 3.06% to 47,200 KRW. Following them, Hana Financial Group rose 1.81%, Shinhan Financial Group 1.17%, and Woori Financial Group 0.21%.

The rise in bank stocks is analyzed to be due to strengthened market expectations following the increase in market interest rates. On the previous day, Jerome Powell, Chairman of the U.S. Federal Reserve, reaffirmed that there would be no changes to the current policy, but did not present any specific measures regarding the rise in long-term interest rates, causing the U.S. 10-year Treasury yield to surge intraday to 1.566%.