Korea's top 10 brokerages post combined Q2 net profit of nearly $4.356 billion, yet share prices remain under pressure

Odaily News: South Korea's major securities firms recorded a record net profit of nearly 6 trillion won (approximately $4.356 billion) in the second quarter of this year, but brokerage stocks have recently shown weakness. According to industry sources in the Korean financial investment sector on the 29th, the top 10 brokerages (Mirae Asset, Korea Investment, Samsung, KB, NH, Shinhan, Meritz, Kiwoom, Hana, Daishin) posted a combined net profit of 5.9362 trillion won (approximately $4.31 billion) on a consolidated basis in the second quarter, up 37% from the previous quarter and up 141% year-on-year. Despite the solid earnings performance of Korea's major brokerages, their stock prices have been relatively sluggish. The Korea Exchange's securities industry index closed at 9,804.97 points on May 9, hitting a yearly high, but subsequently pulled back sharply. The index fell to the 6,400–7,400 point range in June, further declined to the 4,700–6,400 point range in July, and has been fluctuating in the 5,000–5,500 point range this month.