As much as $13 billion have been yanked out of bank accounts so far this year in South Korea to suggest the bulk could have headed to the asset market amid housing and stock frenzy.

The outstanding balance of checking accounts at the country’s five major banks – KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup – stood at 603.8 trillion won ($546.5 billion) as of Jan. 14, down 11.8 trillion won compared to two weeks ago.

The balance of credit loans extended by the banks is also expanding fast. It reached 135.5 trillion won on Jan. 14, up 1.9 trillion won in just two weeks.

When combined, nearly 14 trillion won worth capital has lately been withdrawn from banks.

Market observers believe the bulk would have gone to the stock market on the continued rally of the local stock market The Kospi has broke 3,000-threshold in the new year.

Other data also suggest the capital movement.

According to the Bank of Korea data, households placed a record high 22.5 trillion won in equities and investment funds in the July-September quarter, up 1.2 trillion won from the previous quarter. Their deposits at banks, however, fell 51 percent on quarter to 24.5 trillion won.

By Moon Il-ho, Kim Gyu-sik, and Cho Jeehyun

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]