Securities and insurance stocks rally in tandem as market rebounds after eight trading sessions [Stock NOW]

[Financial News] As the KOSPI attempts a modest rebound following consecutive sharp declines in the stock market, securities and insurance stocks have ranked among the top-performing sectors.
Unlike the sharp selloff, during which selling was concentrated in large-cap semiconductor stocks, buying appears to be flowing into financial sectors broadly. This is seen as the result of bargain hunting after excessive losses coinciding with expectations of a stock market recovery.
According to the Korea Exchange, at around 9:24 a.m. on the 16th, the KOSPI Securities Industry Index stood at 4,242.44, up 3.44% from the previous day. The Insurance Industry Index was at 41,854.13, up 3.85%, ranking among the sectors with the largest gains. At the same time, the KOSPI was attempting to rebound around the 5,550 level.
By stock, Daishin Securities rose 3.76%, while SK Securities Co., Ltd. and Hanwha Investment & Securities Co., Ltd. gained 3.07% and 3.05%, respectively. Hyundai Motor Securities and NH Investment & Securities also posted gains in the 2% range.
In the insurance sector, Samsung Life Insurance rose 4.39%, while Hyundai Marine & Fire Insurance and Samsung Fire & Marine Insurance gained 4.24% and 4.14%, respectively. Mirae Asset Life Insurance Co., Ltd. and Hanwha General Insurance also posted gains in the 3% range, while Hanwha Life and DB Insurance joined the upward trend.
The simultaneous strength of securities and insurance stocks is noteworthy as it shows buying spreading into the financial sector during the rebound following the sharp selloff. For the gains to continue, securities stocks will likely need a recovery in trading value and a lull in foreign selling, while insurance stocks will need confidence in their earnings and capital soundness.
Securities stocks could see greater expectations for improved brokerage commission revenue if stock market trading picks up and investor sentiment recovers. Buying aimed at a rebound may have flowed in as share prices were undergoing a correction following the recent sharp decline.
Insurance stocks are generally influenced by various factors, including interest rates, the value of assets held, insurance earnings and the outlook for capital soundness. 

[email protected] Kang Jung-mo Reporter