Taiwan's stock market fell hard in July, but brokers still made money — a sign the industry is holding up better than the market itself.

• Taiwan's main index dropped sharply in July, yet brokerages together earned over NT$10 billion for the month.
• Trading volume fell about a fifth from June, cutting the commissions brokers earn from handling customer trades.
• Brokers lost money trading for their own accounts and lost money on underwriting new share offerings — both swung from profit to loss.
• For the year so far, brokers are far ahead: profits through July are more than triple the same stretch last year.

Outlook: If trading stays quiet and the market keeps falling, monthly profits will likely keep shrinking even though the full-year picture still looks strong.