Ping An Insurance (2318), a major Chinese insurer, posted gross premium incomes increased 1.4% on year to 561.74 billion yuan in the first eight months of the year.
Recently, the company also announced that 1H net income declined 29.7% on year to 68.68 billion yuan while operating profit grew 1.2% to 74.31 billion yuan on revenue of 683.28 billion yuan, down 1.0%. The company declared an interim dividend of 0.80 yuan per share, up from 0.75 yuan per share last year. After that Bank of America lowered its target prices from HK$99 and to HK$94.
Bearish readers could set the resistance level at HK$86.7, while support levels would be located at HK$79.5 and HK$74.6 respectively.
Source: GAIN Capital, TradingView
Recently, the company also announced that 1H net income declined 29.7% on year to 68.68 billion yuan while operating profit grew 1.2% to 74.31 billion yuan on revenue of 683.28 billion yuan, down 1.0%. The company declared an interim dividend of 0.80 yuan per share, up from 0.75 yuan per share last year. After that Bank of America lowered its target prices from HK$99 and to HK$94.
From a technical point of view, the stock broke below the rising trend line drawn from March, indicating a bearish reversal signal. Currently, it is trading below both 20-day and 50-day moving average and is capped by a declining trend line drawn from July.
Bearish readers could set the resistance level at HK$86.7, while support levels would be located at HK$79.5 and HK$74.6 respectively.
Source: GAIN Capital, TradingView
