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[Alpha Biz=(Chicago) Reporter Kim Jisun] In the wake of President Yoon Seok-yeol's mention at a Cabinet meeting on the 30th that small business owners are "servants of banks," the stock price of financial holding companies has been hit hard.
At the Cabinet meeting on this day, President Yoon relayed remarks he had heard from people's livelihoods and said, "Small business owners who are struggling due to high interest rates sigh deeply, saying, 'It's as if they are slaves to the bank' at the reality of having to work hard and give all the money they earn to repay loan principal and interest.
After the remarks were made public, KB Financial Group is trading at 50,800 won on the stock market at 2:10 p.m., down 3.24% from the previous trading day's closing price.
Shinhan Financial Group (-2.57%), Hana Financial Group (-4.61%), and Woori Financial Group (-1.66%) also showed a downward trend.
The 'TIGER Bank High Dividend Plus TOP10' Exchange Traded Fund (ETF), which includes high dividend bank shares, fell 2.71%.
Recently, some media reports that financial authorities are considering introducing a "laterality tax" imposing levies on banks to recoup excess profits appear to have dampened investor sentiment for fear of reduced dividends by financial shareholders.
In response, the Financial Services Commission said, "The related legislative bill has been submitted to the National Assembly and no specific measures have been reviewed."
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
