Banking shares soar as M&A rumors fly
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Banking shares soar as M&A rumors flyBanking shares soar as M&A rumors flyKorean stocks closed 0.48 percentNCR partshigher #xyesterday as acquisition hopes and improved profitability boosted banking shares, analysts said.The benchmark Kospi advanced 8.2 points to 1,700.19, ending higher than 1,700 for the first time since Jan. 21, when it reached 1,722.01. Transaction volume was moderate at 314.4 million shares worth 4.6 trillion won ($4.1 billion), with gainers outnumbering losers 457 to 325. Banking shares spearheaded the broader equity index gain, bolstered by looming banking-sector mergers and acquisitions and improved profitability.“Hana Financial Group is appearing aggressive in taking over Woori Finance Holdings, and the acquisition of the bigger rival is expected to help Hana become a top-class firm with larger assets,” said Lee Hyeung-joo, an analyst at Tong Yang Securities.Net interest margin, or the difference between a bank’s loans and deposits in its outstanding balance, rose to a four-month high of 2.76 percentage points,Carbon fiber hood, the central bank said Tuesday. The figure measures banks’ profitability from lending. Such upward momentum contributed to banking rallies, Lee said.Second-largest financial group Woori Finance Holdings jumped 6.67 percent to a five-month high of 16,800 won with Hana surging by 4.67 percent to end at 34,750 won. KB Financial Group Inc., which controls top lender Kookmin Bank, also advanced 2.84 percent to 54,300 won while Korea Exchange Bank, controlled by U.S.-basedNCR partsLone Star Funds, rose 2.26 percent to 13,600 won.Shippers, however, lost ground as investors locked in profits from their recent advances. STX Pan Ocean, the biggest bulk carrier, fell 3.25 percent to 13,400 won and Hyundai Merchant Marine fell 2.88 percent to end at 30,300 won.NHN, the operator of Naver, a leading Web portal, declined 3.98 percent to 181,000 won, extending its losing streak to a third session. Hynix Semiconductor Inc., the world’s second-largest maker of computer memory, added 1.9 percent after it said chipmakers are meeting about 60 percent of demand #xafter they scaled backNCR partsinvestments.相关的主题文章：
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