Nikada
Futu Holdings (NASDAQ:FUTU), an online brokerage operating in China, finished the holiday-shortened week ending Jan. 6 as the biggest loser among financial stocks (with market cap over $2B), cratering 30%, after Bank America downgraded the stock on the basis that Chinese authorities said they will rectify its “illegal” business activities.
China’s statement on Dec. 30 caused FUTU to decline the most in the financial sector in the last week of 2022.
Subprime auto lender Credit Acceptance (NASDAQ:CACC) took second place, falling 15.5%, after both New York’s attorney general and the Consumer Financial Protection Bureau sued the company over allegedly tricking tens of thousands of low-income New Yorkers into adopting unaffordable, high-interest auto loans;
Nu Holdings (NYSE:NU), a Brazilian digital bank, slid 12.3% after the Brazilian real weakened markedly against the U.S. dollar;
Regional lender Independent Bank (NASDAQ:INDB) drifted down 4.2%; and
India’s ICICI Bank (NYSE:IBN) dipped 3.8%.
For the five biggest financial winners, South Korea’s KB Financial Group (NYSE:KB), took the lead, climbing 15.8%;
Argentina-based lender Grupo Financiero Galicia S.A. (NASDAQ:GGAL) ascended 15.5%;
Shinhan Financial Group (NYSE:SHG), another South Korean bank, took the third slot, driving up 14.5%;
Chinese fintech firm 360 DigiTech (NASDAQ:QFIN) gained 13.1%; and
Argentine lender Banco Macro S.A. (NYSE:BMA) advanced 11.1%.
On Friday, Morgan Stanley said Wells Fargo (WFC), JPMorgan (JPM) and Northern Trust (NTRS) are the most preferred banks into Q4 results.
Image and article originally from seekingalpha.com. Read the original article here.