Korea Banks and Builders Slide as JPMorgan Warns of Risks
- Shinsegae Engineering bond price slumps most since October
- Maeil reports Korea mulling raising size of bond market fund
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Jitters about South Korea’s credit market extended into Tuesday, with bank and developer shares sliding and JPMorgan Chase & Co. warning of insolvency risks for financial firms and developers due to real estate exposure.
Leading the drop among lenders was Shinhan Financial Group Co., which recorded its biggest intraday decline in a year. Shares of builders including Samsung Engineering Co. Ltd. also retreated on a day the country’s stock benchmark hit a 19-month high.