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Securities firms see 75% profit increase in Q1

TAIPEI, Taiwan -- Securities companies operating in Taiwan posted a total of NT$8.25 billion in net income for the first quarter, a 75-percent increase year-on-year, in line with Taiwan's strengthening stock market.

For the first quarter, net profit posted by local securities firms rose 75 percent from a year earlier to NT$8.2 billion, a result of the local market responding positively to the Financial Supervisory Commission's (FSC) market stimulus measure, United Evening News reported.

The local stock index, TAIEX, gained 9.87 percent to close at 8,687.45, producing momentum for the first-quarter bottom line of overall securities industry, according to analysts.

Analysts told United Evening News that as the government continues to drive the market upward, the profitability of securities companies in Taiwan is expected to improve in the second quarter.

According to United Evening News, the combined net income of securities companies registered NT$8.25 billion, increasing by 75 percent from the same period of last year.

Among 46 integrated securities firms, 38 are profitable while eight reported losses. A total of 23 out of 33 brokerage houses reported profits while others posted quarterly losses. Only one futures/securities firm reported a profitable first quarter.

Local securities firms saw their combined net profit rise more than 10 percent month-on-month in March with the help of rising share prices, according to the Taiwan Stock Exchange (TWSE).

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