Trading activities on the mobile stock platforms in South Korea saw a huge increase in 2020, reaching a new ATH. Based on the news from The Korea Herald, the activities of the retail investors made the daily amount of stock transactions on an average worth $23.03 billion last year. On a yearly basis, this represents a 219.6% increase.
A report from the Bank of Korea reported that the average number of trades carried out on mobile trading platforms during the year the COVID-19 virus broke out in the country was 116.3. This figure means the average number of transactions daily in the country increased by 44.8% from the previous year, which was 80.31. The last time the figure reached an all-time high was 2013, and the bank reported that research is ongoing to gather data responsible for such figures.
To explain the sudden increase in mobile stock trading, the media outlets referenced the preference of smartphones among South Koreans over computers because they are extremely portable. Another inference drawn from these figures recorded is that the COVID-19 pandemic did not in any way affect trading activities in the country. Actually, in the midst of the pandemic, the country has been bolstering effective contactless solutions.
As a matter of fact, as reported by The Korea Herald, the average number of transactions related to banking executed daily has increased by 13.2% on a yearly range, having reached 13.78 million.
The news outlet also reported that the number of workers in information technology-related financial companies has increased by 3.9% in just a year as opposed to the reduction of workforce in the companies. This confirms that the local banks are making efforts to increase their pace in achieving digital transformation.
The Increase in Stock Trading Globally
The global interest in the stock markets has seen a rapid increase recently as PayPal. A payment giant reported that it is making entry into the market. It was reported earlier that the firm is looking to launch a stock trading channel for its users in the United States.
The signal of achievement given by PayPal recently along that line is the appointment of Richard Hagen Jr., who is an experienced executive in that sector, having worked as the President of Ally invest.