The number of Chinese securities firms with an annual stock
turnover of more than one trillion yuan (137 billion U.S. dollars)
rose to 21 in 2007 from two in the previous year, according to data
released by the country's two bourses.
Firms with a yearly turnover exceeding 100 billion yuan (13.7
billion U.S. dollars) rocketed from 48 in 2006 to 105 in 2007,
according to Wind Info, a financial data provider.
China Galaxy Securities Company topped the nation with 6.9
trillion yuan (945.3 billion U.S. dollars) of turnover from trading
of stocks, funds and options, up more than threefold over the
previous year, with stocks taking up 84 percent of the total
turnover.
Guotai Junan Securities and Shenyin Wanguo Securities ran in the
second and third place with stocks contributing 75 percent and 91
percent respectively.
The total turnover from trading of stocks, funds and options on
both bourses -- Shanghai Stock Exchange and Shenzhen Stock Exchange
-- rose more than threefold to 54.7 trillion yuan (7.5 trillion
U.S. dollars), of which stocks trading rose fourfold to 46 trillion
yuan (6.3 trillion U.S. dollars).
A total of 61 securities firms posted stronger earnings from
stocks trading than the average level on the markets.
Almost all securities firms in China chalked up more than 60
billion yuan (8.2 billion U.S. dollars) of stocks turnover.
Calculating by the average 1.5-percent commission refund, they
earned averagely at least 900 million yuan (123.3 million U.S.
dollars).
The champion China Galaxy Securities Company collected 9.2
billion yuan (1.3 billion U.S. dollars) of commission fee and
Guotai Junan securities, eight billion yuan (1.1 billion U.S.
dollars).
After gaining 2,586.09 points since the last trading day of
2006, the benchmark Shanghai Composite Index closed at 5,261.56
points on the last trading day of 2007.
The number of stock accounts increased 37.79 million to 112.59
million by Dec. 26, of which 112.1 million were held by
individuals, according to statistics from the China Securities
Depository and Clearing Co., Ltd.
Institutions became a major stabilizing factor in the market
over the past year and now hold up to 46 percent of total market
capitalization.
Most analysts believed that China's bull market would continue
in 2008 but the opportunities for speculative profit would be more
limited. And with the government expected to persist with its
tightening policies, investors are expected to become more
selective.
(Xinhua News Agency January 10, 2008)
