Cathay Securities had prosperous 2012
The China Post news staffTAIPEI, Taiwan -- Cathay Securities Corp. had a prosperous 2012 despite sluggishness in stocks last year, the firm said at a recent event.
March 8, 2013, 6:16 pm TWN
According to Cathay Securities, stocks began 2012 on a high note yet subsequently went on a declining trend, due to various negative factors including the stock capital gains tax and the supplementary health insurance fee, which is to be deducted from stock dividends. These factors resulted in subdued trading, which stood at a daily average of NT$95.7 billion, a new low in seven years.
Yet despite that, the firm gave a strong performance last year, posting total sales of NT$1.117 billion, a rise of 68 percent compared to the NT$665 million for 2011. The company also saw a 24-percent rise in market share last year.
As individual investors account for 65 percent of the firm's customer base, Cathay Securities expanded its presence to allow more access for investors. In May 2012 the company added four branches in Daan District of Taipei City, Xinzhuang District of New Taipei City, Taoyuan and Tainan.
Being a subsidiary of Cathay Financial Holding, Cathay Securities capitalizes on the parent corporation's channeling prowess and allows customers to open accounts at Cathay United Banks island-wide. The company has also diversified its operations to allow the trading of U.S. stocks, Hong Kong stocks, exchange-traded funds and overseas bonds.