Constructive Reactions to First Quarter Outcomes

China Life Insurance coverage, one of many largest Chinese language insurance coverage teams, introduced that 1Q web earnings dropped 34.4% on yr to 17.09 billion yuan whereas working earnings grew 8.2% to 33.78 billion yuan on insurance coverage income of 307.78 billion yuan, up 13.0%. Whereas headline outcomes confirmed the detrimental impacts of coronavirus, decline in fairness markets and a downward pattern in rates of interest, a highlight was positioned on new enterprise value which grew 8.3% on yr.  Chinese language funding financial institution CICC mentioned new enterprise value was higher than the corporate’s rivals and sees progress “considerably outpacing” friends in 2020.

From a technical standpoint, China Life Insurance coverage H share (2628.HK) is extending its rebound as proven on the day by day chart. It has damaged above a bearish pattern line drawn from January, after forming a bullish flag sample in March. Bullish traders may take into account $14.70 as the closest assist, with costs more likely to advance to the first and 2nd resistance at $17.30 and $18.50 respectively, filling the gaps beforehand made in early March. In an alternatively state of affairs, a break under $14.70 might set off a pull-back to the following assist at $13.50.

Supply: TradingView, GAIN Capital