Trump’s Win Drives up Korean Bank Stocks

0
58
Bank of Hope directors are ringing the opening bell at the New York Stock Exchange on Aug. 24.
Bank of Hope directors are ringing the opening bell at the New York Stock Exchange on Aug. 24.

As Donald Trump’s win over Hillary Clinton in last week’s presidential election continues to raise bank stocks across the country, Korean-American financial institutions are seeing a similar hike in value.

For example, Hanmi Bank’s stock broke into the $30-mark for the very first time.

The New York Stock Exchange closed Monday after the Down Jones industrial average hit an all-time high, gaining 21.03 points.

Bank of Hope and Hanmi Bank, two of the leading Korean-American banks, also
continued their winning streak. Industry experts say that the recent surge of financial institutions is due to last week’s victory for Trump, whose pol
icy is expected to ease trigger a surge in the sector.

After closing on Nov. 8’s Election Day at $15.76, Bank of Hope finished Monday with a 19 percent increase at $18.79.

Hanmi Bank closed Monday at $30 after hitting $30.85 at one point to mark a 19 percent increase since Election Day.

“Bank stocks are on the rise as expectations for new opportunities continue to surface after the election,” said Hanmi Bank president Chong-guk Kim. Between Monday and last week’s Election Day, we’ve seen a 19 percent increase. This reflects the expectation that Hanmi can expand its revenue.”

By Sung Cheol Jin

Facebook Comments