Jan. 20 (Asia Today) -- Bank deposits in South Korea are falling sharply as investors shift cash toward the stock market during the KOSPI's rally, raising concerns in the financial sector about an accelerating "money move," industry data showed Tuesday.
Demand deposits at the five major banks - KB Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank and NH Nonghyup Bank - totaled 673.9145 trillion won ($455.6 billion), down 4.99% from the end of last month, a decline of 35.3973 trillion won ($23.9 billion), the financial sector said.
Time deposits also edged lower, slipping to 938.2555 trillion won ($634.3 billion) from 939.2863 trillion won ($635.0 billion) in December.
Market participants attributed the outflows to a shift into securities-related cash, including investor deposits - standby funds used directly for stock purchases - and cash management accounts.
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