off-the-wire

BUZZ-Ping An Insurance's HK shares soar on strong Q1

Kitco Media
By Reuters
Published:
Updated:
Reuters

** Hong Kong shares of Ping An Insurance (Group) Co of China Ltd jump as much as 9% to HK$56.20, on course for the biggest daily pct rise since Dec. 5
** Stock hits the highest since March 7, extending gains for a second session; the biggest pct gainer in Hang Seng Index , Hang Seng Finance Index and Hang Seng Composite Index on financials stocks
** Ping An Insurance saw a 48.9% rise in first-quarter net profit as its investment income improved, China's largest insurer by market value reported on Wednesday


** Shanghai-listed shares surge as much as 9.2% to 50 yuan, highest since March 6, and on track to snap four straight sessions of decline
** Jefferies reiterates Ping An as its top pick within China domestic insurers and the strong growth in new business value should be welcomed by investors


** The Hang Seng Composite Index on financials stocks surges 1.5%, the Hang Seng Finance Index rises 1.4% and the Hang Seng Index gains 0.3% (Reporting by Donny Kwok)

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