KVB Kunlun Owner, CITIC Securities, Reports Quarterly Earnings

CITIC Securities (SHA: 600030), China's largest investment bank, reported net earnings of 3.52 billion yuan ($550 mln) for the third quarter of the year, a 54 per cent improvement on the year, the company said in a regulatory filing.

This growth rate is slower when compared to previous quarters. The chaos that gripped the Chinese stock markets after June were the main cause of the slower growth rates. After a sharp decline in new IPO filings during the summer months, the niche market picked up some speed, benefiting companies like CITIC.

In addition the rampant Volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, or stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Trad In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, or stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Trad Read this Term on the country's stock market has boosted revenues from commissions, a trend which is likely to persist in the coming months.

Economy slowdown felt

For the first nine months of the year, CITIC said it booked profits totaling 16 billion yuan, a whopping 151.2 per cent annual increase, which was driven by the then-blooming stock market. However, the growth of the Chinese economy is slowing down, with the central bank cutting interest rates several times since the start of the year in a bid to counter the slack in economic activity.

Manufacturing index readings for the last few months, compiled by the China Academy of New Supply-Side Economics and Minsheng Banking Corp, reveal a contraction, reaching 43 points in September. Any reading below 50 is considered a contraction.

CITIC Securities is part of the CITIC (HKG:0267) conglomerate, which comprises companies specializing in sectors ranging from commodities, energy, engineering and manufacturing, to financial services, telecoms, and real estate.

Back in January, Finance Magnates reported that the unit has also purchased Hong Kong listed Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and CFDs brokerage KVB Kunlun.

The financial services division of the group comprises CITIC Securities along with CITIC Bank, which earlier this week reported a 2 per cent increase in net profits for the first nine months of 2015 to 32.9 billion yuan, CITIC Trust, and CITIC Prudential.