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Going for brokerages cools the market
STOCKS fell more than 2 percent yesterday, led by declines in financial and infrastructure shares, as market sentiment dimmed after companies posted worse-than-expected earnings.
The Shanghai Composite Index lost 2.13 percent to close at 2,645.85 points.
The brokerages sector dropped 4.61 percent and insurers fell 3.72 percent.
According to data from the Securities Association of China, the net profit of China’s 131 major securities brokers totalled 49.66 billion yuan (US$7.15 billion). A total of 105 companies made profits in the third quarter of this year.
The overall performance of securities brokers retreated in the third quarter of this year.
In the third quarter of 2016, the net profit of China’s 127 major securities brokers totalled 95.82 billion yuan. A total 116 companies made profits in the third quarter of 2016, data from the association showed. The association did not release data for the third quarter of 2017.
“Earnings momentum has cooled this year along with the economy and we expect the trend to extend into 2019,” wrote Gao Ting, head of China Strategy at UBS Securities in his 2019 China equity market outlook report.
Wei Fengchun, chief economist and strategist at Bosera Asset Management Co Ltd said it is difficult to see improvement in the overall profit forecast of listed companies.
Meanwhile, Beijing Urban Construction Investment & Development Co Ltd lost 6.65 percent to 8.42 yuan and Central China Securities Co Ltd fell 6.56 percent to 4.84 yuan.
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