April 19, 2012 (Chinavestor) Chinese stocks took a breather in Asia on Thursday following a big market day a day before. The Hang Seng Index (INDEXHANGSENG:.HSI) rose 214.3 points or 1.0% while the Shanghai Composite Index (SHA:000001) slid 2.2 points or 0.1%. Chinese insurance companies did best in Asia on market outlook. China Life Insurance (HKG:2628) rose 3.9%, the most among components of the 42 member Hang Seng Index (INDEXHANGSENG:.HSI). Ping An Insurance (HKG:2318), the second largest insurer, rose 3.0%. China Pacific Insurance (SHA:601601) and A-shares of China Life Insurance (SHA:601628) led large cap stocks in Shanghai. Chinese insurers derive 10%-15% of their net income from investment related income, something that is tied to the performance of the broad market. When market outlook improves, Chinese insurers get a significant boost.
To find big movers from Shanghai, Hong Kong and the DJIA from last ninght, visit the chart below.