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Sichuan quake casts shadow over key index
http://www.ecns.cn/business/2013/04-23/60166.shtml
Apr 22nd 2013, 23:53
2013-04-23 08:53 Shanghai Daily Web Editor: qindexing
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Shanghai stocks dipped yesterday as investor sentiment was impacted by a deadly earthquake that jolted Ya'an City in southwest China's Sichuan Province.
The Shanghai Composite Index shed 0.11 percent, or 2.47 points, to 2,242.17 points.
"The natural disaster tends to have a negative impact on the market in the short term, based on past experiences," Orient Securities said in a report yesterday.
However, a CITIC Securities report said: "The current information indicated that the losses resulted from Saturday's earthquake are concentrated in Ya'an City and may have a limited impact on China's overall economy."
Insurers were hard hit as investors worried that increased damage claims will crimp their profitability. China Life Insurance, the country's biggest insurer, slumped 2.5 percent to 17.22 yuan (US$2.79). Ping An Insurance Co, China's second-largest insurer, shed 2.2 percent to 41.95 yuan. China Pacific Insurance (Group) Co lost 2.3 percent to 19.71 yuan.
Distilleries tumbled after Jiugui Liquor Co's first-quarter earnings slumped 92 percent from a year ago on concerns over the central government's campaign to curb lavish public spending on banquets.
Shanxi Xinghuacun Fen Wine Factory Co slumped 8 percent to 28.24 yuan.
Special report:
7.0-magnitude earthquake jolts Ya'an, Sichuan
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