Small fry gain in share of market

PUBLISHED : Wednesday, 21 April, 1999, 12:00am
UPDATED : Wednesday, 21 April, 1999, 12:00am

Hong Kong's smallest brokers clawed back market share from the largest trading firms last month, latest exchange figures show.

The 14 biggest brokers of Category A accounted for 40.82 per cent of market turnover last month, down from 45.96 per cent in February and 46.28 per cent in January, according to the stock exchange's market share report.

The market share of the more than 400 small brokers falling into Category C rose to 28.79 per cent, up from 23.42 per cent in February, and 24.37 per cent in January.

The 51 medium-sized brokers which make up Category B maintained their market share.

They took 30.39 per cent last month, almost unchanged from 30.62 per cent in February and 29.35 per cent in January.

Brokers said that the increase in market share of the smallest brokers was probably related to the rising number of retail investors returning to the market as it rallied.

Average daily market turnover was $5.18 billion last month, against $3.17 billion in February and $5.23 billion in January.

Total turnover last month was $119.99 billion.


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