Korean Online Gaming Arcades Offer Stock Trading
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Korea's online stock trading is expected to soar as online gaming arcades will be allowed to offer stock trading through the Internet starting from late this month.
Korea Internet Multi-Culture Association, an interest group for online gaming arcade owners, announced recently that it concluded an agreement with the nation's 12 major securities companies to allow its 3,000 member arcades as online stock trading places for the local securities firms.
Officials of the association said that it will provide member arcades with a CD that contains lots of browsers and other security related software required to access the online stock trading services of the 12 participating securities firms.
"Cyber stock trading is rapidly gaining popularity among the general public and online stock trading of the top five securities firms hit 10 trillion won (US$8.2 billion) last month," said an official of Daishin Securities, the leader in online stock brokerage service.
"It is believed that the tie-up between online gaming arcades and securities firms will bring us a opportunity to promote online stock trading." he added.
During the first four months of this year, online trading of stocks by Korea's 5 major securities firms, including Daewoo Securities, Hyundai Securities, LG Securities, totaled 24.73 trillion won (US$20.28 billion), showing a whopping 10-fold increase over the same period of last year, according to Daishin Securities.
Last month, the 5 major securities firms' online stock trading totaled 10.42 trillion won (US$8.54 billion).
By companies, Daishin Securities posted 3.94 trillion won (US$3.23 billion) of trading during the same period, LG Securities posted 2.91 trillion won (US$2.38 billion), and three other securities firms -- Samsung Securities, Hyundai Securities and Daewoo Securities -- posted 1.79 trillion won (US$1.46 billion), 1.36 trillion won (US$1.11 billion) and 1.23 trillion won (US$1 billion), respectively.
Analysts predict that cyber trading of stocks will increase continuously thanks to the recent cut in commission charges, coupled with promotion by domestic online gaming arcades.