China’s Stocks Decline; China Life, Sinopec Fall on Earnings
China’s stocks fell for the first time in five days after China Life Insurance Co. and China Petroleum & Chemical Corp. reported lower profits in the first quarter.
The CSI 300 Index, which tracks yuan-denominated A shares listed on China’s two exchanges, declined 27.68, or 0.7 percent, to 3,775.39 as of 9:43 a.m. local time. Two shares dropped for each one that advanced.
China Life, the nation’s biggest insurer retreated 1.40 yuan, or 4.1 percent, to 32.81, the first decline in six days. The company said first-quarter profit plummeted 61 percent to 3.47 billion yuan ($496 million) as a domestic stock-market slump hurt investment returns.
China Petroleum, Asia’s biggest oil refiner, also known as Sinopec, lost 0.48 yuan, or 4.1 percent, to 11.38, the biggest decline in a week. The company said first-quarter profit fell 69 percent because of higher crude-oil costs and state-imposed ceilings on fuel prices.
Tags: China-Life, investment, Sinopec, stock-market