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Chinese stocks drop on Sichuan earthquake
By Ye Zhen |
April 22, 2013, Monday
|
Online Edition
Online Edition
SHANGHAI stock took a hit from the devastating earthquake that jolted Ya'an City in southwestern Sichuan Province on Saturday.
The benchmark Shanghai Composite Index shed 0.11 percent, or 2.47 points, to settle at 2,242.17 points. Turnover was 82.2 billion yuan (US$13.3 billion) at the trading close.
"The natural disaster tends to have a negative impact on the market in the short term, based on past experiences," the Orient Securities said in a report today.
However, a Citic Securities report said "the current information indicated that the losses resulted from Saturday's earthquake are concentrated in the Ya'an City and may have a limited impact on China's overall economy.
The economic output of the Ya'an City accounted for less than two percent of the economic growth in Sichuan Province and 0.07 percent of China's gross domestic product, according to the report.
Insurers were hard hit as investors worried that an increase in damage claims will crimp their profitability. China Life Insurance, the country's biggest insurer, slumped 2.5 percent to 17.22 yuan. Ping An Insurance Co, China's second-largest insurer, dropped 2.2 percent to 41.95 yuan. China Pacific Insurance (Group) Co lost 2.3 percent to 19.71 yuan.
Distilleries tumbled the most after Jiugui Liquor Co posted an annual drop of 92 percent in first-quarter earnings, fuelling concern that the government campaign to crack down on lavish public spending on banquet will pressure the sector.
Shanxi Xinghuacun Fen Wine Factory Co slumped 8 percent to 28.24 yuan. Kweichow Moutai Co, a leading producer of high-end liquor in China, shed 3.1 percent to 173.71 yuan. Sichuan Tuopai Shede Wine Co slipped 2.5 percent to 18.94 yuan.
Shanghai Stock Exchange said in a statement yesterday that all the 36 Sichuan companies listed on the bourse will be in regular trading today, including four that suffered small damages in the earthquake.
The benchmark Shanghai Composite Index shed 0.11 percent, or 2.47 points, to settle at 2,242.17 points. Turnover was 82.2 billion yuan (US$13.3 billion) at the trading close.
"The natural disaster tends to have a negative impact on the market in the short term, based on past experiences," the Orient Securities said in a report today.
However, a Citic Securities report said "the current information indicated that the losses resulted from Saturday's earthquake are concentrated in the Ya'an City and may have a limited impact on China's overall economy.
The economic output of the Ya'an City accounted for less than two percent of the economic growth in Sichuan Province and 0.07 percent of China's gross domestic product, according to the report.
Insurers were hard hit as investors worried that an increase in damage claims will crimp their profitability. China Life Insurance, the country's biggest insurer, slumped 2.5 percent to 17.22 yuan. Ping An Insurance Co, China's second-largest insurer, dropped 2.2 percent to 41.95 yuan. China Pacific Insurance (Group) Co lost 2.3 percent to 19.71 yuan.
Distilleries tumbled the most after Jiugui Liquor Co posted an annual drop of 92 percent in first-quarter earnings, fuelling concern that the government campaign to crack down on lavish public spending on banquet will pressure the sector.
Shanxi Xinghuacun Fen Wine Factory Co slumped 8 percent to 28.24 yuan. Kweichow Moutai Co, a leading producer of high-end liquor in China, shed 3.1 percent to 173.71 yuan. Sichuan Tuopai Shede Wine Co slipped 2.5 percent to 18.94 yuan.
Shanghai Stock Exchange said in a statement yesterday that all the 36 Sichuan companies listed on the bourse will be in regular trading today, including four that suffered small damages in the earthquake.
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