Hong Kong's securities industry reported a profitability fall in the first half of the year over the second half last year, according to the latest issue of the Financial Review of the Securities Industry.

The Securities & Futures Commission report said overall net profit of all Stock Exchange of Hong Kong participants was $9.6 billion, compared with $21.3 billion in the second half of last year.

The report also noted daily average market turnover amounted to $87 billion, compared to $116 billion for the second half of 2007.

The net profit of Category A brokers fell to $5.58 billion from $8.58 billion, while that of Category B dropped to $3.46 billion from $8.68 billion. For Category C, earnings fell to $600 million from $3.98 billion.

The lower profitability was attributable directly to lower commission income resulting from a fall in market turnover.

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