South Korean Banking Stocks Rise 2.33% in Month as KOSPI Tumbles 20.19%, Driven by Rate Hikes

According to South Korean brokerages, the KRX Banking Index rose 2.33% over the past month as of July 21, making it the only industry index in the KRX to show gains, while the broader KOSPI declined 20.19% in the same period. The outperformance was driven by rising benchmark interest rates and market rates, positioning bank stocks as attractive for both earnings growth and defensive qualities amid the market downturn.
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