(Yicai Global) April 29 -- Banks and insurers listed on the Chinese mainland performed well today as investors looked to play it safe following a tough month for the country's major stock markets.
Ping An Insurance Group [SHA:601318] finished up nearly 4 percent, while China Life Insurance [SHA:601628] gained more than 3 percent and China Pacific Insurance Group [SHA:601601] climbed 1.6 percent.
Industrial and Commercial Bank of China [SHA:601398], the world's biggest bank by assets, closed almost 1.6 percent higher, Bank of Ningbo [SHE:002141] finished up 2.25 percent and Jiangsu Changshu Rural Commercial Bank, one of the country's smaller rural banks, leaped 3.2 percent.
Overall, the Shanghai Composite Index ended 0.77 percent down at 3,062.50 while the Shenzhen Component Index lost 1.62 percent to close at 9,622.49. The ChiNext Price Index, which tracks growth enterprises listed in Shenzhen, finished down 2.55 percent at 1,615.62.
More than 300 shares hit the 10 percent daily limit down and trading volume across both bourses was lower than usual throughout the day.
Editor: James Boynton