Oct. 19 (Bloomberg) -- China Pacific Insurance (Group) Co., the nation’s third-biggest insurer, fell the most in three weeks in Hong Kong trading after losses from stock investments crimped earnings.
The stock dropped as much as 8 percent and traded 4.4 percent lower at HK$22.70 as of 11:03 a.m. local time, extending this year’s decline to 30 percent. The Hang Seng Index gained 1.7 percent.
Third-quarter net income excluding non-recurring items fell 36.4 percent from a year earlier, as management expenses and commissions rose and a 15 percent slump in China’s benchmark Shanghai Composite Index led to trading and impairment losses, the company said yesterday.
“Although this does not materially change our fundamental stock view, weaker headline earnings may result in some short- term selling pressure,” Barclays Plc analyst Mark Kellock said in an e-mailed report today.
--Zhang Dingmin. Editors: Andreea Papuc, James Gunsalus
To contact the Bloomberg News staff for this story: Zhang Dingmin in Beijing at Dzhang14@bloomberg.net
To contact the editor responsible for this story: Andreea Papuc at firstname.lastname@example.org