Citic shares fall after magazine reports police probe

Dog Detective

Citic Securities fell after a magazine reported that three members of the executive committee of China’s biggest brokerage had been asked to assist police investigating suspected securities trading violations.

Bloomberg News reports that Citic dropped as much as 5.5% in Hong Kong on Friday, after Caixin on Thursday named eight employees that it said were asked to help. 

The decline may reflect 'investors’ knee-jerk reaction to any negative news or uncertainty at a time when sentiment is still fragile as the stock market is still trying to find its feet', Linus Yip, a Hong Kong-based strategist at First Shanghai Securities Ltd., said by phone. 'We have to wait for more information to see if the incident will have an impact on the brokerage’s operations'.

To access the complete Bloomberg News article hit the link below:

Citic Securities Falls After Report on Police Probe of Trading

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