Oil, insurance majors may report poor earnings

Industry heavyweights in the oil and insurance businesses may post poor earnings results for 2008, analysts have said.

Seven industry behemoths, including PetroChina, Sinopec, China Shenhua Energy Co and China Life, which together account for more than 40 percent of the market capitalization at the bourses, are scheduled to release their 2008 earnings results this week.

"The companies in the oil and petrochemicals sector have experienced a tough time in 2008," said Qian Qimin, analyst, Shenyin & Wanguo Securities. However, he said "the market may have already discounted such gloomy news to some extent."