| Securities firms get huge profits, end 4 year loss |
SHANGHAI, Feb. 1 -- Bullish stock markets increased the profits of China's securities firms to 25.5 billion yuan (US$3.28 billion) last year, ending a consecutive four-year loss, China Securities News reported today.
Revenue of the securities sector reached 60 billion yuan in the period.
Nineteen first-tier companies, which can deal in innovative businesses, collected a profit of 16.1 billion yuan in the period, with their operation income totaling 37.8 billion yuan.
The Shanghai Composite Index boomed 130 percent last year as a buying spree was led by big and small players alike, including some retirees venturing blindly into the market for the first time.
Turnover on the Shanghai Stock Exchange hit 5.72 trillion yuan of yuan-denominated A shares last year, booming 200.32 percent from a year earlier.
China's banking regulator last month ordered banks to properly monitor and to stop lending to companies and individuals that use the money purely for stock investments to maintain a steady ship by subduing an irrational flow of funds into the market.
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