South Korea’s major brokerage houses are projected to have raked in nearly $1 billion in net profit in the third quarter as stock turnover reached all-time high amid retail stock fad.

According to Seoul-based market tracker FnGuide on Tuesday, the combined net profit of the country’s top five brokerages was estimated to have reached 1.11 trillion won ($984.5 million) in the third quarter ended September, up 57.4 percent from the same period a year ago. Their operating profit also jumped 78.2 percent on year to 479.7 billion won.

Korea Investment Securities saw its net profit rise 7.88 percent on year to 243.5 billion won. Mirae Asset Daewoo is projected to report a 64.77 percent jump in net income to 226.9 billion won. Samsung Securities and Kiwoom Securities are also believed to have recorded triple-digit net profit margin in the period.

NH Securities disclosed on Tuesday that its operating profit surged 201.3 percent on year to 353.7 billion won, reaching above market consensus.

The strong earnings have been buoyed by brisk retail stock transactions. Korea Exchange, the nation’s sole stock exchange operator, said that the daily stock trading volume reached 27.6 trillion won during the July to September period, up 26.7 percent from the previous quarter.

The binge may come to an end as retailers turned net sellers in the market this month.

Retail traders sold off 1.28 trillion won in the nation’s main Kospi bourse on Tuesday. Market analysts believe retailers are cashing out by the rising uncertainties in the global market in the run-up to the U.S. presidential election as well as the Korean government’s plan to impose a stock transfer tax on individuals holding more than 300 million won in a single stock from April next year. Retail investors are expected to keep dumping their stocks until December to avoid the tax burden as tax rates are assessed at the end of every year.

But some think the stock fad won’t easily die down.

Amid the ultra-low interest rate environment and ample liquidity, retail investors will remain active in the stock market next year,” Kim Ji-young, an analyst from Kyobo Securities said, adding the increase in retail players’ overseas stock trading and recovery in the initial public offering (IPO) market would help them maintain sound performance.

By Pulse

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