CITIC Securities, China’s biggest brokerage, on Monday (Oct 30) reported a 4.9 per cent fall in third-quarter profit as fees and commissions slid.

Net profit for the three months to September 30 fell to 5.11 billion yuan (S$954.4 million) from 5.37 billion yuan a year earlier, the company said in a stock exchange filing.

Fees and commissions earned from its brokerage business fell by 10.9 per cent to 7.83 billion yuan in the first nine months, the filing showed.

Investment gains were 11.63 billion yuan in the first nine months, plunging 49.76 per cent from the same period last year.

China has introduced a slew of stimulus measures to draw investors back into the country’s US$10.5 trillion stock market, particularly the foreign buyers that have fled in droves this year.

Citic shares in Hong Kong closed down 0.79 per cent on Monday at HK$15.16 prior to the results being announced, compared with a flat close in the broader market. REUTERS

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