Broker's net surges to US$1.06b
CHINA'S CITIC Securities said yesterday its net profit for the first nine months of this year is likely to be about 8.5 times the figure for the same period of last year.
The country's largest listed brokerage is estimated to earn more than eight billion yuan (US$1.06 billion) between January and September. Its net profit was 944.88 million yuan, or 0.317 yuan per share, for the first three quarters of last year.
A flood of transactions in the booming stock market has resulted in the huge increase in turnover, CITIC said in a statement to the Shanghai Stock Exchange.
China's benchmark Shanghai Composite Index closed at 6,036.28 points yesterday, a dip of 0.92 percent from Tuesday. It has risen 127.7 percent since the beginning of the year.