KOSPI Record Rally Lifts Brokerages as Three-Month Earnings Match Half of Last Year

Korean brokerages posted a clear earnings improvement from the first quarter as the domestic stock market continued to hit record highs and the KOSPI approached the 8,000 mark. According to the original report, securities firms earned in three months an amount comparable to half of last year’s profit. Given that the sector generated earnings in the 9 trillion won range last year, a full-year net profit above 10 trillion won is seen as within reach. Mirae Asset Securities was reported to have exceeded 1 trillion won in quarterly earnings. The bullish market is raising expectations for major brokerages as trading and investment-related income improves. Source: mk.co.kr