Ping An Insurance's HK shares rise most in 6 weeks on share buyback plan

Reuters2021-08-27

** Hong Kong shares of Ping An Insurance Group Co of China rise 3.6% to HK$64.25, their biggest daily percentage gain since July 15

** Stock hit the highest since Aug 23, on track to snap two straight sessions of losses; biggest percentage gainer on Hang Seng Finance Index and third-biggest gainer on Hang Seng Index

** Shanghai shares of China's largest insurer by market value rise 3.3%

** Ping An plans to repurchase 5 bln-10 bln yuan ($0.77 bln -$1.54 bln) worth of A shares in a bid to ease investors' concerns over its large exposure to property firms as the government tightened grip over property sector

** Ping An reported a 15.5% fall in H1 net profit after a 20.8 bln yuan loss suffered on investments in developer China Fortune Land Development

** Citi expects stock price to react moderately positive on investor sentiment improvement supported by the repurchase plan despite the set of broadly in-line results

** Daiwa maintains "hold" rating, saying Ping An's H1 results featured weak core operation in life insurance

** The Hang Seng Finance Index , Hang Seng Composite Index tracking financials stocks both gain 0.5%

** The Hang Seng China Enterprises Index climbs 0.1% and the benchmark index gains 0.2%

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