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Sichuan quake depresses morning trading
By Ye Zhen |
April 22, 2013, Monday
|
Online Edition
Online Edition
SHANGHAI stocks took a hit this morning from the deadly earthquake that jolted Ya'an City in southwestern Sichuan Province on Saturday.
The benchmark Shanghai Composite Index fell 0.42 percent, or 9.32 points, to 2,235.32 points. Turnover was 50.3 billion yuan (US$8.1 billion) by midday.
"The natural disaster will have a big negative impact on the market in the short term, based on past experiences," said the Orient Securities.
Insurers were hard hit and worried that an increase in damage claims will crimp their profitability. China Life Insurance, the country's biggest insurer, slumped 2.7 percent to 17.19 yuan. Ping An Insurance Co, China's second-largest insurer, dropped 1.7 percent to 42.16 yuan. China Pacific Insurance (Group) Co lost 2.5 percent to 19.67 yuan.
Distilleries tumbled the most after Jiugui Liquor Co posted an annual drop of 92 percent in first-quarter earnings. Kweichow Moutai Co, a leading producer of high-end liquor in China, shed 2.5 percent to 174.79 yuan. Sichuan Tuopai Shede Wine Co slipped 2.8 percent to 18.88 yuan.
Property developers also declined. Poly Real Estate, China's second-largest home builder, fell 3.1 percent to 12.27 yuan. Gemdale Corporation shrank 3.4 percent to 7.29 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 fell 0.42 percent, or 9.32 points, to 2,235.32 points. Turnover was 50.3 billion yuan (US$8.1 billion) by midday.
"The natural disaster will have a big negative impact on the market in the short term, based on past experiences," said the Orient Securities.
Insurers were hard hit and worried that an increase in damage claims will crimp their profitability. China Life Insurance, the country's biggest insurer, slumped 2.7 percent to 17.19 yuan. Ping An Insurance Co, China's second-largest insurer, dropped 1.7 percent to 42.16 yuan. China Pacific Insurance (Group) Co lost 2.5 percent to 19.67 yuan.
Distilleries tumbled the most after Jiugui Liquor Co posted an annual drop of 92 percent in first-quarter earnings. Kweichow Moutai Co, a leading producer of high-end liquor in China, shed 2.5 percent to 174.79 yuan. Sichuan Tuopai Shede Wine Co slipped 2.8 percent to 18.88 yuan.
Property developers also declined. Poly Real Estate, China's second-largest home builder, fell 3.1 percent to 12.27 yuan. Gemdale Corporation shrank 3.4 percent to 7.29 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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