Futures firms' earnings soar amid stock slump

SEOUL, Nov. 23 (Yonhap) -- Earnings of futures companies in South Korea climbed
more than 40 percent in the first half of fiscal 2008, as more investors sought
out futures trading amid a stock market slump, according to financial authorities
Sunday.
Combined net profit of 14 local futures firms reached 59.6 billion won (US$39.6
million) in the April-September period, up 43.6 percent from a year earlier, the
Financial Supervisory Service said in a report.
Samsung Futures Inc.'s bottom line was the largest, standing at 13.3 billion won,
followed by Woori Futures Co. and NH Investment & Futures Co., with 10.8 billion
won and 6.9 billion won, respectively.
Combined commission income for the companies climbed 27.4 percent on-year to 24.3
billion won, as investors increasingly flocked to the futures market as stock
trading remained sluggish, the report said.
South Korea's share prices fell more than 15 percent, mainly due to heavy foreign
selling in the April-September period.
odissy@yna.co.kr
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