China Pacific Insurance shares closes up 1.07% on first trad

Shares of China Pacific Insurance, the country's third-largest life insurer, closed up 1.07 percent to close at HK$28.3 ($3.65) on its first trading day on the Hong Kong Stock Exchange.

The company's IPO price was HK$28 and the shares opened flat in the morning.

"Pacific Insurance's valuation is attractive to some extent," said Nan Sheng, a Shanghai-based analyst at UOB Kayhian Investment "Most brokerages are recommending insurance stocks for next year because rising interest rates will benefit their investment returns."

The firm raised $3.1 billion in the world's seventh-largest IPO this year.
 

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