China’s benchmark stock index rebounded from the biggest loss in seven weeks after Ping An Insurance (2318) (Group) Co. posted a jump in profit and a gauge of small-company shares halted a six-day slide.
Ping An Insurance, the nation’s second-biggest insurer, climbed 1.8 percent after first-quarter profit rose 46 percent. Leshi Internet Information & Technology Co. advanced 2 percent as the ChiNext index snapped a six-day, 8.7 percent slide. China Petroleum & Chemical Corp. (386), Asia’s biggest refiner, and China Vanke Co. (000002), the biggest-listed Chinese developer, slid at least 2 percent after they reported a decline in net income.
The Shanghai Composite Index (SHCOMP) rose for the first time in five days, adding 0.3 percent to 2,008.99 at 10 a.m. local time. The index lost 3.3 percent over the previous four days on speculation new share sales will divert funds. The total number of Chinese companies seeking initial public offerings has climbed to 144 after 22 more prospectuses were posted on the website of the securties regulator yesterday.
Source: Bloomberg
