Ping An shares drop for 3rd day after bank deal
Published: 16 Jun 2009 18:23:40 PSTHONG KONG, June 17 - Shares in Ping An <2318.HK> dropped sharply for a third straight day on Wednesday after announcing a deal to increase its stake in mid-sized lender Shenzhen Development Bank <000001.SZ> to up to 30 percent.
Ping An shares have given up more than 10 percent, or $2 billion, in market value this week as analysts deemed the deal expensive and cut their rating on China's second largest insurer.
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