** Hong Kong shares of Ping An Insurance (Group) Co of China
fall 7.5% to HK$32.85, their lowest since Feb 14
** Stock on course for the biggest one-day pct decline since October 2022; biggest pct loser in Hang Seng Finance Index
and third-biggest decliner in Hang Seng Composite Index on financials stocks
** Ping An's Shanghai stocks fall 4.1% to 40.29 yuan, lowest since Feb 5
** The insurance giant saw a 22.8% drop in net profit to 85.67 bln yuan ($11.9 bln) in 2023, as compared to 111.01 bln yuan profit a year earlier
** Citi revises down Ping An's estimates after profit misses forecast, trims target price of Ping An's Hong Kong shares to HK$52.6 from HK$54.5 and cuts A-share target price to 48.4 yuan from 50.1 yuan
** Hang Seng Composite Index tracking financials stocks
falls 1.9%, Hang Seng Finance Index declines 2% and Hang Seng Index down 3.04%
** Ping An's Hong Kong stock down 6.6% YTD
(Reporting by Donny Kwok)
((donny.kwok@thomsonreuters.com))
Comments