Chinese Brokers Post `Ugly' January Profits Amid Rout, CICC Says
- Combined net income for 18 brokerages sank 87% last month
- Shanghai Composite Index plunged 23 percent in January
An investor observes the stock market at an exchange hall on January 28, 2016 in Nanjing, Jiangsu Province of China. Chinese shares continued to decline for several days with the Shanghai Composite Index dropped 2.92% to 2,655.66 points and Shenzhen Composite Index shed 3.61% to 9,082.59 points.
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Chinese brokerages posted “ugly” earnings for January amid the stock market’s worst start to a year, China International Capital Corp. said.
Combined net income for 18 publicly traded brokerages plunged 87 percent in January from a year earlier to 980 million yuan ($149 million), according to CICC, which tallied up data for the month disclosed by firms including Citic Securities Co., Haitong Securities Co. and GF Securities Co.