Insurers and steel makers pull shares down

Source: Xinhua | 2018-04-04

SHANGHAI stocks fell yesterday after insurers and iron and steel producers declined amid cautious investor sentiment.

The Shanghai Composite Index shed 0.84 percent to 3,136.63 points. Iron and steel producers, insurers and carmakers were among the biggest decliners. Iron and steel firms as a whole fell 1.99 percent and insurers shed 1.43 percent, said financial information provider Tonghuashun.

China’s insurance regulator said yesterday that total premiums of the industry were 970.34 billion yuan (US$154.41 billion) in the first two months of this year, down 18.48 percent year on year.

Xinjiang Bayi Iron & Steel Co Ltd shed 4.61 percent to 12.42 yuan (US$1.98), China Life Insurance Co Ltd lost 1.38 percent to 25.06 yuan and Bank Of Chengdu Co Ltd fell 2.21 percent to 10.62 yuan.