Movement Alert｜ICBC Falls 3.16% in Regular Trading, Halts Personal Precious Metals Trading Business Amid Banking Sector Selloff

Market Focus06-24 13:28

On June 24, ICBC (01398.HK) declined 3.16% in regular trading, trading at HKD 6.74/share, with turnover of HKD 828 million.

On the news front, ICBC announced that starting from the end-of-day clearing on July 24, the bank will cease its agency business for personal precious metals competitive trading on the Shanghai Gold Exchange. The affected contract varieties include Au99.99, Au100g, Au99.95, Au(T+D), mAu(T+D), Ag(T+D), and others. After the closure, position-holding clients will face restrictions on liquidation, selling, and delivery operations. The bank cited precious metals risk management and business needs as the rationale.

Meanwhile, the broader banking sector remained under pressure. ICBC had recently completed a RMB 50 billion Tier 2 capital bond issuance at a coupon rate of 1.95% with a 10-year tenor, as well as a Dubai branch issuance of RMB 2.8 billion and USD 300 million notes. The market continues to monitor this intensive financing pace, compounding post-dividend seasonal pullback pressure as short-term speculative capital exits the sector.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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