Idle money hits record high on sluggish stocks, housing prices
Published : 2014-04-22 20:53
Updated : 2014-04-22 20:53
Investors are increasingly managing their money on a short-term basis on a lack of investment destinations that promise decent returns amid a bearish run on the local stock market and housing prices, data showed Tuesday.
The country’s short-term funds, including currency in circulation, all financial products with a maturity of less than six months and money parked for stock investment, amounted to a record 715.9 trillion won ($689.2 billion) as of April 15.
The figure reflects a 10 trillion won increase from the end of 2013, according to data compiled by Woori Investment & Securities.
Of the total, demand deposits and money market funds increased 2 trillion won and 9 trillion won, respectively, the data showed.
Market watchers said investors appeared to be refraining from long-term investment vehicles because of still-lingering economic uncertainties and the lackluster performance of the local stock market. (Yonhap)