[Featured Stock] Banking Sector Anxiety Rekindled... Shinhan Financial Group Down 1.8% and Others 'Weak'

As the stock price of the U.S. First Republic Bank plummeted, raising concerns about a banking crisis, domestic bank stocks also showed weakness on the 26th.

At 9:27 a.m. that day, KB Financial Group was trading at 48,850 won, down 1.81% from the previous trading day. Shinhan Financial Group also fell 1.82%, while Hana Financial Group (-1.31%) and Woori Financial Group (-2.01%) were also weak.

First Republic plunged nearly 50% on the New York Stock Exchange on the 25th (local time). The trigger was the announcement of its earnings the previous day, which revealed that the total deposits as of the end of the first quarter were 104.4 billion won, significantly below market expectations of 145 billion won. Following the Silicon Valley Bank (SVB) crisis, the liquidity crisis expanded, causing more funds to flow out than the market had anticipated.

Meanwhile, domestic financial companies are expected to record better performance compared to last year. Woori Financial Group, which announced its earnings on the 24th, posted a net profit of 911.3 billion won, an 8.6% increase compared to the first quarter of last year. KB Financial Group and Shinhan Financial Group are scheduled to announce their earnings on the 27th.