Carlyle's exit prompts sell-down in insurance stocks

Mainland insurers fell in Hong Kong and Shanghai yesterday, led by Ping An Insurance and China Pacific Insurance, as investors rushed to cash out from a sector that was seen as overbought in the recent rally.

The selldown was triggered by US private-equity firm Carlyle's decision to pull out of China Pacific Insurance, the nation's No 3 insurer, on Monday. After rallying more than 40 per cent in the past year, the insurer yesterday fell 2.58 per cent to close at HK$30.20.

Analysts said Carlyle's exit had removed the uncertainty that had been weighing on the stock.

via Business feed http://www.scmp.com/business/money/markets-investing/article/1123347/carlyles-exit-prompts-sell-down-insurance-stocks