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Entered 2024.10.18 07:00 Modified 2024.10.18 07:00 Reporter Jinju Seo ([email protected])
From small and medium-sized companies to large companies… A drop of more than 0.25% points
Funds are ‘focused’ on interest rate adjustments… Highlighting profitability, convenience, etc.
“A decision made based on the belief in superiority compared to deposits.” Criticism of successive downgrades
Panoramic view of Yeouido Securities District in Seoul. ⓒYonhap News
As the Bank of Korea lowered interest rates for the first time in 4 years and 5 months, domestic securities companies are lowering their asset management account (CMA) yields. As the CMA interest rate fell all at once, there was a lot of criticism that securities companies were adjusting product interest rates in a ‘follow-through’ manner, believing only that they were better than deposits.
According to the financial investment industry on the 18th, domestic securities companies are collectively adjusting their CMA yields downward. This can be interpreted as the effect of the Bank of Korea lowering the base interest rate by 0.25 percentage points from 3.5% to 3.25% on the 11th.
First, KB Securities lowered the repurchase agreement (RP) type CMA rate of return by 0.25% from the previous day from 3.00% to 2.75%. In addition to the RP type, the money market wrap (MMW) type CMA rate of return was also lowered by 0.25 percentage points from 3.37% to 3.12%.
In addition, Mirae Asset, NH, Samsung, Korea Investment, Meritz, Hana, and Daishin Securities applied the MMW-type CMA rate of return, which was lowered by 0.25% points from the trading day (October 14th) immediately following the news of the interest rate cut. Among RP-type CMAs, Hyundai Motor Securities and DB Financial Investment were lowered by 0.30% points and 0.25% points, respectively.
CMA, which is classified as a representative stock market standby fund, is an account where a securities company receives investors’ funds and returns the profits earned by investing in financial products such as commercial paper (CP), government bonds, and certificates of deposit (CD) to investors.
However, despite securities companies adjusting CMA yields, funds are flocking to CMA. According to the Korea Financial Investment Association, the CMA balance as of the 15th was 86.3576 trillion won.
This is 7.54% higher compared to the 10th of this month (80.304 trillion won), the day before the Bank of Korea’s interest rate cut. Considering that it rose 15.48% from January 2 (74.7814 trillion won), the first trading day of the year, the inflow of funds is significant even after the interest rate cut.
As a background to this, the sluggish domestic stock market is primarily mentioned. This year, unlike the upward trend of major global countries such as the United States and China, the domestic stock market is showing a sluggish trend, stuck in a box range.
In fact, the S&P 500 index, the representative U.S. stock index, rose by a whopping 24.18% (4704.81 → 5842.47) until the 16th (local time, closing price) this year. China’s Shanghai Composite Index and Japan’s Nikkei 225 index also rose 6.99% (2962.28 → 3169.38) and 16.89% (33,288.29 → 38,911.19), respectively, from January 2 to the 17th.
On the other hand, Korea’s representative indices, KOSPI and KOSDAQ, fell 2.27% (2669.81 → 2609.30) and 12.96% (878.93 → 765.06), respectively, this year (January 2 to October 17).
It is analyzed that investors who want stable profits due to the ‘lonely weakness’ of the domestic stock market are flocking to CMA. The representative principal guaranteed product is a bank’s term deposit, but as the interest rate on term deposits continues to drop significantly, the attractiveness of CMA is highlighted.
Currently, the banking sector’s term deposit interest rate is 2.13% to 3.75%, which is a noticeably lower minimum interest rate compared to a year ago when the term deposit interest rate was 3.45% to 3.9%. During the same period, the minimum interest rate of domestic securities companies’ CMA rate of return also decreased from 3.4% to 3.6% to 2.5% to 3.3%, but the amount of adjustment compared to deposits was small.
ⓒPixabay
In the market, there is an analysis that unlike deposits, which do not receive the agreed interest rate when CMA is canceled early, the fact that deposits and withdrawals can be made at any time and that interest income can be earned by investing for just one day were factors that attracted investment sentiment.
Above all, unlike deposits where the highest interest rate can only be applied if certain preferential conditions are met, the CMA is believed to be effective in that anyone can enjoy the highest interest rate by simply opening an account.
An official in the financial investment industry explained, “While there are not many products in the market that are suitable for making a lump sum, CMA provides interest even if you deposit it for just one day, and the interest rate is as high as that of a deposit,” adding, “It is optimal for investors to store their funds.”
However, some are pointing out that securities companies are scrambling to adjust yields just because the Bank of Korea lowered interest rates.
The CMA yield has been slightly reduced periodically, but this adjustment is due to the fact that it coincides exactly with the timing of the base interest rate cut. As CMA has many advantages over deposits, there is also criticism that it was driven by arrogance that exceeded the confidence that there would be no capital outflow even if the rate of return was lowered.
An industry official said, “We have no choice but to determine the CMA rate of return considering the market situation, but it is true that the rate of return was adjusted downward at the same time less than a week after the interest rate cut was made.” He added, “Some investors have inquired about the sudden rate cut without any notice. “I did it,” he said.
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