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Brokerage profits soar as people pick stocks

Nov 19,2007
Ten major local stock brokerages saw operating profits jump an average 87.6 percent year-on-year in the April to September period as local investors continue moving their money from savings accounts to stocks and other assets that promise bigger returns, according to Korea’s top financial watchdog.
The Financial Supervisory Service yesterday cited reports submitted by 10 domestic brokerage firms, saying the combined operating profits of the companies rose to 1.8 trillion won ($1.9 billion) in the six-month period from 954.1 billion won in the same period last year.
Total sales soared 79.1 percent to 12.4 trillion won during the period, while the combined net profit increased 61.4 percent to 1.4 trillion won, the watchdog said.
Tongyang Investment and Securities saw the biggest operating profit increase, the reports said. Tongyang recorded a 323.7 percent rise, followed by Mirae Asset Securities at 190.2 percent, Kiwoom at 121.1 percent and Daishin at 106 percent. Daewoo led other brokerages in operating profits, which stood at 272.7 billion won at the end of September, outperforming Samsung’s 241.4 billion won and Woori Investment and Securities’ 225.8 billion won.
Daewoo was also biggest in terms of net profit at 195.7 billion won, the watchdog said.
Combined daily trading on the benchmark Kospi and the tech-heavy Kosdaq jumped more than 140 percent from 4.3 trillion won in January to 10.5 trillion won in October.

By Moon Gwang-lip Staff Writer [joe@joongang.co.kr]


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