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Brokerages' commission up 37% in first five months

By Zhang Jiawei (chinadaily.com.cn)
Updated: 2009-06-10 16:26

Brokerages have reaped a large commission income so far this year, collecting 47.6 billion yuan ($6.97 billion) in the first five months, up 37 percent year-on-year, according to the Shanghai and Shenzhen stock exchanges.

Their commission income in May was 9.91 billion yuan, up 22 percent from a year earlier, Securities Times reported on Tuesday

China's stock market has been largely on a bull run since the beginning of the year, with the Shanghai Composite Index up 42 percent so far. Brokerages' stocks and funds transaction value has kept a positive year-on-year growth of four consecutive months since February, the newspaper said.

Related readings:  Brokerages jump on M&A bandwagon  Brokerages still in the black  Citigroup, Morgan Stanley merge brokerages  Property transaction rebound cheers up local brokerages

The combined turnover of brokerages' transactions in the first five months was more than 35.16 trillion yuan, accounting for 65.36 percent of the total sum of last year.

April saw the most active transactions with an average daily turnover of 224.1 billion yuan, rising 69.1 percent from a year earlier and 28.9 percent from March.

Also, the number of newly added accounts on the A-share market in the first five months rebounded to above 1 million per month, while hitting a record high of 1.5 million in February.

Some analysts are optimistic about the stock market in the second half of the year and expect brokerages to perform even better.

Liang Jing, an analyst with Guotai Junan Securities, said brokerages' commission income would keep steady in the following two quarters and the kind of slump seen in the first quarter would be avoided.