Daishin Securities lower Korean bank stock prices

01 December 2008 @ 03:52 am EDT

Daishin Securities (SEO:003540), a South Korean financial services company, said the economic slump will cause Korean banks to have more bad debt, prompting them to lower their target stock price on Monday.

Daishin analyst Choi Jung wook said the allowance of bad debts in the month of October was the highest this year due to the increasing number of construction business filing for bankrupt.

"Most of economic research centers and IMF said that South Korea’s economic growth rate will be lower than expected," he added.

Wook forecasted profit for the year of 2009 and 2010 will be cut by 17.9 percent and 18.9 percent respectively.

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