Chinese Stocks Open Lower as Country's Biggest Insurer Posts Earnings Warning
Tang Shihua
DATE:  Jan 30 2019
/ SOURCE:  yicai

 (Yicai Global) Jan. 30 -- China's stock markets  opened lower this morning after the nation's largest insurer China Life  posted an earnings warning for the 2018 financial year.

The Shanghai Composite Index was down 0.25 percent  at 2,587.64 points as of 9.50 a.m. after opening 0.37 percent lower. The  Shenzhen Component Index was down 0.15 percent at 7,540 at the same  time after opening 0.44 percent lower. The ChiNext Price Index, which  tracks growth enterprises in Shenzhen, was down 0.15 percent at 1241.77  after opening 0.43 percent lower.

China Life's turnover for 2018 could be between 50  percent and 70 percent lower than that of 2018, the Beijing-based firm  said in a statement last night. The company blamed the result on equity  investment losses on the local stock market. The benchmark Shanghai  Composite Index has fallen as much as 30 percent over the past 12  months. 

China Life's stock [HKG:2628; SHA:601628] was down 2.23 percent in Shanghai as of 9.50 a.m. and 3.43 percent down in Hong Kong. 

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Keywords:   Stock market,China Life Insurance Company,Shanghai Composite Index,Shenzhen Component Index