Insurers, banks post sharp drops
Shanghai stocks ended nearly flat yesterday, with falls seen in financial and insurance firms.
The Shanghai Composite Index edged up 0.1 percent to close at 2,994.32 points.
Banks were vulnerable following investor concerns that curbs on their investment in wealth-management products might restrict capital flow.
China Everbright Bank lost 1.55 percent to 3.82 yuan (57 US cents), and China Merchants Bank shed 1.32 percent to 17.14 yuan.
China Life Insurance Co fell 1.35 percent and Ping An Insurance Group lost 1.04 percent after the China Insurance Regulatory Commission said local insurers’ combined profits plunged more than 54 percent in the first half due to lower investment return despite growing premium income.
Airlines gained as oil prices declined, with China Eastern Airlines adding 1.29 percent to 7.01 yuan and China Southern Airlines jumping 1.85 percent to close at 8.54 yuan.