Debts for investing in stock market rocket

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Debts for investing in stock market rocket

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Korean households’ debt holdings for stock investment soared nearly twofold in 2012 from two years earlier, data showed yesterday.

According to the data compiled by Statistics Korea, the average amount of collateral loans for stock investment extended to households reached 312,000 won ($285.24) in 2012, rising sharply from 159,000 won tallied in 2010.

The average household loans for stock investment, including credit loans, also doubled over the cited period to reach 240,000 won last year, compared to 112,000 won tallied two years earlier.

Market watchers said the surge came as income in Korea has remained stagnant after the 2008 global financial crisis.

The average value of loans for stock investment soared at a steeper pace among the low-income bracket, which came in at 189,000 won last year, compared to 11,000 won tallied in 2010, the data showed.

Meanwhile, irregular workers’ debt for stock investment jumped nearly 13-fold over the cited period to reach 146,000 won, the data added.

Market watchers said local households should be provided with adequate financial education on the financial market, as the rally of debt-ridden stock investment may result in speculative movement on the stock market.

Yonhap

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