Citic Securities Q3 profit doubles on market recovery

SHANGHAI, Oct 30 - Citic Securities Co <600030.SS>, China's biggest listed brokerage, said its third-quarter profit doubled as a stock market recovery boosted trading commissions and underwriting fees.

The company, a unit of China's biggest financial conglomerate Citic Group, recorded a net profit of 2.46 billion yuan ($360 million) for the quarter ended Sept. 30, compared with 1.13 billion yuan a year earlier, it said in a statement to the Shanghai Stock Exchange on Friday.

China's stock market has rebounded more than 60 percent this year, following a 65 percent tumble in 2008, fuelled by government stimulus and an economic recovery.

Stock trading volumes in Shanghai nearly doubled in the third quarter from a year earlier, boosting trading commissions. Brokerages also benefited from China's decision in July to resume public share offerings after a 10-month hiatus.

Citic Securities shares fell 11.5 percent in Shanghai in the third quarter, underperforming a 6.1 percent drop in the benchmark Shanghai Composite Index <.SSEC>. ($1=6.832 Yuan)