China Stocks: China Life, Industrial Bank, Ping An, Vanke
The Shanghai Composite Index (SHCOMP), which tracks the bigger of China’s stock exchanges, fell 34.56 points, or 1.4 percent, to 2,410.45. The CSI 300 Index (SHSZ300) declined 1.6 percent to 2,621.05.
Insurance stocks: China Life Insurance Co. (601628) (601628 CH), the nation’s biggest insurer, slid 3.5 percent to 17.69 yuan. Ping An Insurance (Group) Co. (601318) (601318 CH), the second largest, fell 1.7 percent to 39.44 yuan. China Pacific Insurance (Group) Co. (601601 CH), the third biggest, lost 2.5 percent to 20.24 yuan.
Analysts including Capital Securities Corp.’s Xie Jiyong and Orient Securities Co’s Chen Hongxia said insurers may report “low” premiums for February.
China Vanke Co. (000002) (000002 CH), the nation’s biggest listed property developer, dropped 0.9 percent to 8.43 yuan. Its sales dropped 27 percent in the first two months of 2012 from a year earlier to 19.05 billion yuan ($3.02 billion). Sales last month slumped 40 percent from January, the company said.
Industrial Bank Co. (601166) (601166 CH), part-owned by a unit of HSBC Holdings Plc, lost 3 percent to 13.88 yuan, its biggest loss since Nov. 16. The lender said it plans to raise 26.4 billion yuan selling new stock in a private sale to replenish core capital. Buyers include PICC Property & Casualty Co., the nation’s largest non-life insurer.
--Zhang Shidong. Editor: Richard Frost
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