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Securities Firm Stocks Surge on the Return of Bull Market

March 17, 2017 15:22|March 17, 2017 15:22
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The stock prices of securities firms rose sharply amid the return of a bull market.  On March 16, the securities industry index closed at 1,897.60, up 3.59 percent or 65.78 points from the previous day, the second highest growth among all KOSPI industrial sectors, behind the steel and metal industry (3.94%).


The share price of Kiwoom Securities jumped 7.34 percent to 86,300 won, hitting the highest since November 2007. The stock prices of NH Investment & Securities, eBest Investment & Securities, Mirae Asset Daewoo, Samsung Securities, Meritz Securities, and Hanwha Investment & Securities also rose 4.47 percent, 4.07 percent, 3.96 percent, 3.41 percent, 2.14 percent, and 2.37 percent, respectively.


Despite the U.S. Fed's decision to raise its policy rate, expectations are high that Korea's stock market would continue an upward trend since the Fed declared its intention to raise rates on a step by step basis.


Many analysts recommended Kiwoom Securities as the best pick. Kiwoom posted a net profit of 47.6 billion won in the fourth quarter of last year, beating the market consensus of 33.1 billion won.