The financial district of Yeouido in Seoul. (Yonhap).
SEOUL, July 11 (Korea Bizwire) — Brokerage firms in South Korea are engaged in a marketing war, offering commission discounts to attract individual investors interested in trading stocks overseas.
Mirae Asset Securities Co. has launched a promotional event, allowing individual investors to buy U.S. stocks online without paying any commissions until the end of this year.
Hi Investment & Securities Co. has decided to exempt commissions for new and dormant clients who buy U.S. stocks online until the end of this year.
Samsung Securities Co. and Shinhan Investment & Securities Co. are also hosting a zero-commission event for individuals investing in overseas stocks.
Some brokerage houses provide incentives to those trading overseas stocks. Kiwoom Securities Co. offers up to 300,000 won (US$231) to individuals who transfer their overseas stock accounts to the firm.
Hanwha Investment & Securities Co. announced that it will offer up to $30 to individuals who apply for the company’s overseas stock trading service and trade more than 5 million won by August 31.
The primary reason behind the commission war among brokerages is the increasing volume of overseas stock trading.
According to the Korea Securities Depository, domestic individual investors bought and sold U.S. stocks 4.79 million and 3.91 million times, respectively, last year, showing a significant increase from 820,000 and 510,000 in 2019.
J. S. Shin (js_shin@koreabizwire.com)
