Customer deposits at South Korean securities companies have hit a new high, data showed Tuesday, as investors search for high-yielding vehicles amid record-low interest rates.

In a blitzkrieg move, the Bank of Korea slashed its key interest rate by a quarter percentage point to 1.25 percent on June 9 in an apparent bid to cushion any fallout from the ongoing corporate restructuring drive and bolster the sputtering economy.

It was the first rate cut in 12 months.

According to the data by the Korea Exchange and the Korea Financial Investment Association, outstanding customer deposits for stock investments reached a fresh all-time high of 26.2 trillion won ($22.6 billion) as of Friday.

Customer deposits refer to funds that investors put in securities companies to buy stocks or to withdraw after selling holdings. Such funds are called floating money, which can be invested in stocks at any time.

Market watchers pointed out that ultra-low interest rates are forcing investors to move their money to higher-yielding investment tools.

"The reduction in the benchmark interest rate will spur a shift in household assets from bank deposits to investment-type products," said Chung Hwa-tak, an analyst at Dongbu Securities Co.

Indeed, customer deposits at local securities companies surged more than 1 trillion won on the day when the central bank cut the key rate.

Hwang Se-un, a researcher at the Korea Capital Market Institute, echoed the view.

"The rate cut is the prime driver of the recent jump in customer deposits," Hwang said. "Funds will increasingly move to risky assets down the road, given the low bank deposit rates."

The data also showed the number of stock accounts renewing new highs on a daily basis. As of Friday, the figure stood at 22.47 million, marking an increase of more than 1 million this year alone.

Deposits at money market funds, which usually focus on short-term debt securities, such as Treasury bills and commercial papers, exceeded the 120 trillion-won mark, reaching a new yearly high and nearing the all-time high of 126.8 trillion won set on March 16, 2009.

"Short-term floating funds can be poured into stocks at any time. More funds are expected to flow into the stock market once concerns over Britain's possible exit from the European Union subside," Hwang said.

Britain is slated to hold a referendum on Thursday on whether to stay in the EU or leave it, with analysts warning that a "leave" vote will have far-reaching repercussions on the global financial market. (Yonhap)