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Shares lose on weaker insurers and brokers
SHANGHAI shares drop in the morning session, led by insurance and brokerage companies, on concerns their earnings growth may not be sustained in the second half as economic growth moderates.
The Shanghai Composite Index, which tracks the bigger mainland bourse, lost 0.47 percent to 2,640.29. Losers outnumbered gainer by 504 against 344 while 64 counters remained unchanged.
"Financial plays dropped on jitters that they may not repeat strong growth in the second half," said Liu Yu, an Orient Securities Co trader.
GF Securities Co lost 2.24 percent to 30.07 yuan (US$4.42). Changjiang Securities eased 1.90 percent to 11.33 yuan. Citic Securities Co tumbled 1.85 percent to 11.70 yuan.
China Life Insurance Co withdrew 1.28 percent to 22.30 yuan. China Pacific Insurance Group Co went down 1.86 percent to 23.72 yuan.
The Shanghai Composite Index, which tracks the bigger mainland bourse, lost 0.47 percent to 2,640.29. Losers outnumbered gainer by 504 against 344 while 64 counters remained unchanged.
"Financial plays dropped on jitters that they may not repeat strong growth in the second half," said Liu Yu, an Orient Securities Co trader.
GF Securities Co lost 2.24 percent to 30.07 yuan (US$4.42). Changjiang Securities eased 1.90 percent to 11.33 yuan. Citic Securities Co tumbled 1.85 percent to 11.70 yuan.
China Life Insurance Co withdrew 1.28 percent to 22.30 yuan. China Pacific Insurance Group Co went down 1.86 percent to 23.72 yuan.
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