The share values of Woori Finance Holdings dropped to its lowest levels in nearly a month. The company lead the decline in many companies from South Korea, after Woori had reported it had missed earnings estimates.
Woori is the largest financial group in South Korea in terms of assets fell 2.8% to KRW12,000 per shares. This was the lowest intraday price since October 10. Overall, the benchmark Kospi Index fell 0.6% while fellow firms Shinhan Financial Group Co and Hana Financial Group Inc each declined by more than 3%.
The third quarter profit of Woori fell 84% from last year's KRW86.4 billion or USD81 million. After market closure on Nov. 1, the company reported missing the revenue average estimate pegged by analysts surveyed by Bloomberg, which was set at KRW31.5.5 billion. The provisions as against bad debt rose to thrice its 2012 value due to the failure of a number of Korean firms, chief among them is the STX Group.
The Kospi Finance Index tracks 51 stocks declined by 1.8%, which is the largest fall since Aug.22. For the year, Kospi rose by 4.7% in 2013.
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