Stocks post worst week in 28 months

CHINA’S stocks fell sharply Friday to end the week lower, in line with global markets, with the blue-chip index posting its worst week in 28 months, as a rout in global bonds sent yields flying and dampened appetite for risky assets.

The blue-chip CSI300 index fell 2.4 percent to 5,336.76, while the Shanghai Composite Index dropped 2.1 percent to 3,509.08 points. For the week, the CSI300 index slumped 7.7 percent, its steepest weekly decline since Oct. 12, 2018, while the Shanghai Composite Index dropped 5.1 percent.

Privately offered funds expand in January

CHINA’S privately offered funds reached 17.06 trillion yuan (US$2.64 trillion) at the end of January, industry association data showed.

The figure was up around 1.09 trillion yuan, or 6.8 percent, from the end of the previous month, according to the Asset Management Association of China (AMAC). At the end of January, the number of registered privately offered funds reached 98,977, rising 2.19 percent from one month earlier, according to the AMAC. Some 24,587 securities, futures trading and venture capital institutions managed these funds as of the end of January, AMAC data showed.

Soymeal futures post sharpest drop in 8 years

CHINA’S soymeal futures slid nearly 5 percent in their sharpest decline in eight years Friday, as investors took profit and new African swine fever outbreaks stirred concerns over demand.

The most actively traded soymeal futures on the Dalian Commodity Exchange for May delivery fell 4.86 percent to 3,485 yuan (US$539.57) per ton following four days of gains, amid worries the new pig disease cases would hit demand for the major feed ingredient.

Securities sector posts rising profits in 2020

CHINA’S securities sector saw its net profits rise 27.98 percent year on year in 2020, data from the Securities Association of China showed.

Last year, the sector’s net profits totaled 157.5 billion yuan (US$24.3 billion). The operating revenue of the sector increased by 24.41 percent from the previous year to 448.5 billion yuan. By the end of 2020, the sector’s total assets rose 22.5 percent year on year to 8.9 trillion yuan, the data showed.