Futu Holdings led financial stocks down in week's action, Grupo Aval led gainers
An online brokerage firm that operate in China, Futu Holdings (NASDAQ:FUTU), ended the last week of the year as the biggest decliner in the financial sector (with market cap over $2B) after a Chinese…

An online brokerage firm that operate in China, Futu Holdings (NASDAQ:FUTU), ended the last week of the year as the biggest decliner in the financial sector (with market cap over $2B) after a Chinese regulator told it to fix their "illegal" activities.
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Their performance contrasts with the financial sector, overall, which managed to end the week in the green. The Financial Select Sector SPDR ETF (XLF), rose 0.8% in the holiday-shortened week. But for the year, XLF dropped 12%.
For the week ended Dec. 30, Futu (FUTU) tumbled almost 35% after the China Securities Regulatory Commissioned said the company has been operating cross-border securities trading businesses for years without the commission's approval. FUTU said it would cooperate with the CSRC. UP Fintech Holding (TIGR), which has a market cap of under $1B, dropped 31% for the week, as it too was warned by the CSRC.
Following FUTU are: Mortgage wholesaler UWM Holdings (UWMC), fell 12%, in a week when mortgage rates rose after weeks of falling;
Erie Indemnity (ERIE) dropped 10% for the week;
Woori Financial (WF) slid 8.3%; and
Trupanion (TRUP), which offers pet health insurance, declined 6.8%;
Financial stocks ending the year on an upbeat note were headed Colombian bank Grupo Aval Acciones y Valores (AVAL), which gained 9.5%; followed by
Argentinean bank Grupo Financiero Galicia (GGAL), which rose 8.7%;
Auto lender Credit Acceptance Corp. (CACC) drove up 7.2%;
SVB Financial (SIVB), the parent of Silicon Valley Bank and SVB Capital, climbed 5.6% for the week; and
Texas Capital Bancshares (TCBI) increased 5.7%.
On Thursday, Paysafe (PSFE) and Lightspeed (LSPD) led fintech names up in a risk-on market.
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