Chinese security brokerages in rally on improving earnings outlook
Chinese security brokerages in rally on improving earnings outlook

Chinese security brokerages in rally on improving earnings outlook

 

>>REAL-TIME UPDATES IN THE WIRE. CLICK HERE<<<

 

 

An index tracking mainland-listed securities brokerages jumped by 1.8% in the morning session on Monday, making it one of the best-performing sectors in the A-share market on the day.

China Galaxy Securities surged by the daily limit of 10% in Shanghai, Cinda Securities up 6.1%, Bank of China Securities up more than 6% and China Merchants Securities jumping 4.8%.

All 43 listed securities brokerage companies achieved profits in the first quarter of 2023, with 8 of them climbing back into profit and 17 posting a year-on-year net profit growth of more than 100%. 

Securities brokerage firms’ proprietary business was the key factor behind the high growth in their first quarter and looking ahead, the wealth management and investment banking business will likely to see improvement in the second quarter, analysts say.