The brokerage industry is entering a strong earnings cycle, underpinned by months of benchmark stock index KOSPI’s rally amid steady capital inflows, trading fee income growth and rising expectations for sizable dividend increases, market watchers said Wednesday. Further advancing the optimism is vibrant trading activity, coupled with a growing number of investors orienting their cash from banks to equities. Brokerage stocks are reaching all-time highs, as rising valuations in equity-related assets and higher fee income push the combined industry earnings forecasts well above earlier market consensus. According to financial market data, Kiwoom Securities traded at around 320,000 won ($216) per share on Wednesday, nearing its all-time intraday high of 327,500 won recorded Monday. Mirae Asset Securities traded at 29,250 won, nearing its intraday peak of 30,400 won recorded on Monday. Korea Investment Holdings, the parent of Korea Investment & Securities, also traded near 173,700 won, after recording a record high of 187,400 won last November. The record prices are driven by a bullish mark