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Market Update : 
China Life and PetroChina Decline
Author: 123jump.com Staff
123jump.com
Last Update: 1:41 PM EDT April 28 2008

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China Life Insurance reported first quarter earnings declined 61% on recent weakness in stock market volatility. Earnings in the quarter fell to 3.47 billion yuan from 8.89 billion yuan on 5.5 billion yuan loss in its investment portfolio. China Life relies on the stock market gains for most of its portfolio and Shanghai market has lost nearly 33% of its value in the quarter. Gross premium in the quarter rose 39.5% to 101.5 billion yuan. Bank of China earnings rose 85%.

 
CNOOC climbed 3.6% to HK$13.74 ahead of its earnings release after the market close.

China Construction Bank jumped 2.5% to HK$6.93 after it posted a net profit of Rmb 32.1 billion in the first quarter of 2008 and the Bank of Communications increased nearly 2% to HK$11.36 ahead of its first-quarter earnings report tomorrow.

China Life Insurance Co declined 3.3% to HK$32.70 after it reported a 61% decline in first-quarter profits and Ping An slipped 2.3% to HK$70.15.

Refiner Sinopec Corp declined 3% to HK$8.03 after it posted a 69% fall in first-quarter net profit yesterday.

Foxconn International also advanced 2.3% to HK$11.58 after client Samsung Electronics profits rose 37% last week.
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