China Brokerage Slides After Market-Beating Rally Spurs Warning
- Everbright Securities says business conditions unchanged
- Brokerage shares retreat Thursday after strong run of gains
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China’s top-performing stock fell Thursday after the firm, Everbright Securities Co., warned investors there’s little change in the company’s business environment to trigger the rally.
The brokerage firm fell 7.2% to end a nine-day run of gains, during which the stock hit the 10% daily limit in several sessions. Everbright Securities said in an exchange filing that traders should be “rational and prudent” as the valuation of its stock has risen above the industry’s average after the surge. The stock is still up 60% for the month.