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Mobile stock transactions surge in April

(Yonhap)
(Yonhap)

Stock trades carried out through mobile transaction platforms accounted for nearly half of total transactions in April, data showed Thursday.

According to the Korea Exchange, the stock trading volume via mobile trading systems accounted for 47.6 percent in the Kospi market from April 1-17, followed by home trading systems on computers at 36.53 percent.

Smartphones overtook personal computers as the preferred stock trading platform last year. Not only due to the convenience, but also local brokerages’ aggressive marketing efforts such as waiving fees for mobile device users contributed to the growth.

Stock trading on mobile trading systems rose even more rapidly during the novel coronavirus outbreak, as retail investors flocked to the market to realize profits, despite plunges in the local stock indexes, according to market watchers.

The daily trading amounts in both the Kospi and Kosdaq markets hit a record high of 18.49 trillion won ($15 billion) last month, outpacing the previous record of 15.81 trillion won in January 2018, recent market data showed.

Some securities firms have been facing mobile trading system malfunctions, due to overloaded by the expanding number of users. Some individual investors have even blamed them for losses due to system errors.

By Jie Ye-eun (yeeun@heraldcorp.com)
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