◆Aju Economy Major News
▷Brokerage firms' overseas stock commission revenue reaches 1 trillion won for the first time
- The commission revenue from overseas stocks for 12 domestic brokerage firms in the second quarter reached 1.0176 trillion won, marking a 59.7% increase from the previous quarter and surpassing 1 trillion won for the first time on a quarterly basis.
- Toss Securities showed the most significant growth, with commission revenue soaring from 124.4 billion won to 219.3 billion won, a 76.3% increase, while Mirae Asset, Kiwoom, and Samsung Securities also exceeded 100 billion won each.
- The surge in commission revenue is attributed to the increased trading volume of overseas stocks by retail investors, known as 'Seohakgaemi,' with trading volume in U.S. stocks rising from $149.2 billion in the first quarter to $170.5 billion in the second quarter.
- Although Seohakgaemi turned to net selling of $775.74 million in U.S. stocks in the second quarter, the overall trading volume, including both buying and selling, actually increased.
- The heightened market volatility has led to active buying and selling, which is believed to have significantly boosted brokerage firms' overseas stock commission revenue despite the net selling.
◆Major Reports
▷Speed of Retracement [SK Securities]
- Last week, the KOSPI rose for five consecutive trading days, nearing the 7,000 mark, as improvements in U.S. employment and inflation indicators coincided with expectations for AI infrastructure investment, leading to a strong performance in technology stocks across Asian markets, including South Korea, Japan, and Taiwan.
- The expansion of shareholder returns by Micron and SanDisk, along with NVIDIA's push for a $500 billion AI infrastructure financing platform, alleviated concerns over free cash flow damage from big tech AI investments, improving investor sentiment.
- In terms of supply and demand, foreign investors led the upward trend by net buying 6.5 trillion won in KOSPI spot and 1.4 trillion won in futures, with a significant portion of the net buying focused on semiconductor stocks such as SK Hynix, Samsung Electronics, SK Square, and Samsung Electronics preferred shares.
- The VKOSPI dropped sharply by 20.3 points to 55.3, easing volatility concerns; however, expected volatility is decreasing faster than realized volatility, indicating that market expectations may be ahead of actual conditions.
- With the KOSPI and KOSDAQ's 20-day ADRs entering overheating territory at 125% and 118%, respectively, next week’s scheduled earnings report from NVIDIA, the Jackson Hole meeting, and the Bank of Korea's monetary policy committee could lead to renewed market volatility.
◆Key Disclosures After Market Close (14th)
▷NG Chem Life Science reports 'disclaimer of opinion' for first half consolidated and separate reviews
▷Jongkundang Bio applies for product approval for botulinum toxin 'Timeverse' in China
▷EoFlow adds reasons for substantial review of listing eligibility due to revenue shortfall and capital erosion
▷Samsung Electronics sees a surge in exports to China amid semiconductor boom, reaching 88 trillion won
▷Medipost reports a consolidated operating loss of 41.2 billion won in the first half, with global clinical costs rising
▷Dunamu Chairman Song Chi-hyung's compensation for the first half is 3.9 billion won, with an average employee salary of 140 million won
◆Fund Trends (as of the 13th, excluding ETFs)
▷Domestic equity: -24.6 billion won
▷Overseas equity: -3.9 billion won
◆Key Schedule for Today (18th)
▷Germany: ZEW Economic Sentiment Index (August)
▷U.S.: Import and Export Price Index (July), Housing Starts, Building Permits (July), Industrial Production (July)
* This article has been translated by AI.
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