S Korean brokerages awash with cash
Seoul - Yonhap
South Korean securities companies have ample cash reserves as they struggle to secure liquidity amid the eurozone debt crisis and a protracted economic slowdown, data showed Friday. According to the data by the Financial Supervisory Service, 62 local brokerage houses had a combined 55.4 trillion won (US$49.3 billion) in cash as of the end of June, up 26 percent from a year earlier. Tongyang Securities Co. held the highest amount of cash with 6.7 trillion won, followed by KDB Daewoo Securities Co. with 6.4 trillion won, the data showed.
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