Profits at South Korean securities firms dive 69.6%

08/15/2013 | (South Korea)

The combined operating profits of South Korea's 19 listed securities firms dropped 69.6% in the latest quarter from a year before, weighed down by a turn to huge losses in bond management. That was due in large part to the central bank's cut in the benchmark interest rate in May, which lifted long-term rates much higher than expected and sent bond prices plunging.

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