Profits of brokers tumble
By Feng Jianmin |
July 11, 2012, Wednesday
|
Print Edition
Print Edition
THE weak performance of China's stock markets has caused profits of listed brokerages to tumble nearly 24 percent in June. The 18 listed securities houses saw their combined profit drop 23.5 percent to 1.74 billion yuan last month, according to calculations based on their earning reports.
Guodu Securities said in a report that the brokerages are facing huge pressure from falling commission rates and declining average daily trading volume of domestic yuan-listed shares for two years.
Southwest Securities Co lost 18.6 million yuan (US$2.9 million) in June.
But CITIC Securities earned 360 million yuan, Haitong netted 290 million yuan and Everbright achieved 220 million yuan in profits last month.
Pan Hongwen, a researcher with CITIC Securities, said that combined profits for listed brokerages in the first six months may decline 15 percent.
Guodu Securities said in a report that the brokerages are facing huge pressure from falling commission rates and declining average daily trading volume of domestic yuan-listed shares for two years.
Southwest Securities Co lost 18.6 million yuan (US$2.9 million) in June.
But CITIC Securities earned 360 million yuan, Haitong netted 290 million yuan and Everbright achieved 220 million yuan in profits last month.
Pan Hongwen, a researcher with CITIC Securities, said that combined profits for listed brokerages in the first six months may decline 15 percent.
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