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Shanghai shares down 0.35% led by insurers, media firms
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SHANGHAI stocks declined this morning, dragged down by financial and media firms. The key Shanghai Composite Index dropped 0.35 percent, or 7.06 point, to 2,031.62. Turnover was 38.5 billion yuan (US$6.3 billion) by the noon break.
Insurers led the decline of financial shares after the China Insurance Regulatory Commission issued a notice yesterday that insurance companies are forbidden to sell insurance policies linked to gambling.
The watchdog made the decision at a time when some insurers introduced products associated with match betting during the World Cup now taking place in Brazil.
Ping An Insurance (Group) Company of China fell 1.1 percent to 38.83 yuan. China Pacific Insurance dropped 3.3 percent to 17.50 yuan. New China Life Insurance shed 1.2 percent to 20.53 yuan.
Media firms also declined. Chinese Universe Publishing & Media lost 2.9 percent to 13.50 yuan. Jiangsu Phoenix Publishing & Media fell 1.3 percent to 9.24 yuan.
The three new listings on the Shenzhen market – Feitian Technologies, Wuxi Xuelang Environmental Technology and Shandong Longda Meat Foodstuff – all surged by the daily limit of 10 percent after jumping by the first-day trading limit of 44 percent yesterday.
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