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China shares halt losing streak on solid earnings
April 29, 2014 / 7:10 AM / 3 years ago

China shares halt losing streak on solid earnings

BEIJING, April 29 (Reuters) - China’s two main indexes broke four-day losing streaks on Tuesday, as a strong earnings report from insurance giant Ping An spurred solid gains.

The Shanghai Composite Index ended up 0.84 percent at 2020.34 points. The CSI300 of the leading Shanghai and Shenzhen A-share listings rose 1.1 percent.

Ping An Insurance Group of China Co Ltd had a strong impact on both indexes after it reported a 46 percent rise in first-quarter profit, sending its shares up 2.6 percent.

Datong Coal Industry Co Ltd shares jumped 10 percent, their biggest one-day gain in nine months, after the company reported a 1.04 billion yuan ($166.32 million) first-quarter profit.

But property stocks had a rough day, with the CSI real estate sub-index down 0.9 percent after investors sold some firms, underlining the challenges the industry faces as the property market shows increasing signs of slowing. (Reporting by Natalie Thomas; Editing by Richard Borsuk)

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