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BUZZ-Prudential: Barclays, SocGen say China concerns overdone

Reuters - UK Focus

** Prudential (HKSE: 2378.HK - news) 's shares up 4.7 pct, top of the FTSE 100, after Barclays (LSE: BARC.L - news) reiterates "overweight" on the stock and Societe Generale (Swiss: 519928.SW - news) keeps "buy" rating

** Stock top of Stoxx 600 Insurance Index

** Brokerages say concerns regarding tightening restrictions on insurance products in China are overdone; shares fell 8 pct on Tuesday

** Bloomberg reported that purchasing insurance producrts overseas would be capped at $5,000 by the currency regulator (http://bloom.bg/1SqfNpk)

** Barclays analysts say "this change, even if extended to all transactions above $5,000, is unlikely to materially impact Hong Kong sales", add 96 pct of co's sales to mainland Chinese residents is expected to be below the cap

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** Societe Generale analysts estimate 5.5 pct of group new business profit at worst would be at risk in 2015E, add there is no suggestion the existing Hong Kong book of business is at risk

** Shares (Berlin: DI6.BE - news) now at 1,279p - still well off Monday's close of 1326.5p (venkateshasoumithri.mamidipudi.thomsonreuters.com@reuters.net)