The cashable assets held by Koreas listed companies edged down in the third quarter from a year earlier as a solid economic recovery spurred more corporate investment, data showed yesterday.

The cashable assets of 553 of the 647 firms listed on the Seoul main bourse reached 65.3 trillion won ($57.7 billion) as of the end of September, compared with 65.4 trillion won a year earlier, according to the Korea Exchange and the Korea Listed Companies Association.

Cashable assets cover cash, bank deposits, cash equivalents and other short-term financial instruments that could be readily turned into cash.

The slight decline came as companies started to open their wallets to invest in new plants and equipment as solid economic growth pushes up demand. Last year, amid economic uncertainties, firms were reluctant to invest, hoarding cash.

Koreas top automaker Hyundai Motor held the largest cashable assets, worth 7.9 trillion won, followed by leading steelmaker Posco with nearly 3 trillion won.

Yonhap