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China shares up in Asia on July 12

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advance2 July 12, 2010 (Chinavestor) Traders were cautious in Hong Kong ahead of the U.S. earnings season but not that much in Shanghai as the second trading week in July kicked into high gear. The Hang Seng Index (INDEXHANGSENG:.HSI) rose 88.8 points or 0.44 percent to 20,467.43 as investors snapped up resource and leisure stocks. Aluminum Corp. of China (HKG:2600) (NYSE:ACH), the third largest aluminum maker of the world, advanced 1.8 percent while China Eastern Airlines (HKG:0670) (NYSE:CEA), the second largest carrier in China, and China Southern Airlines (HKG:1055) (NYSE:ZNH), the largest Chinese carrier by fleet size, rose 2.6 percent and 2.1 percent, respectively. Chinese insurers fell following the loss of price controls: "China's insurance regulator said it scrap price caps on  guaranteed rate of return for some life insurance contracts, a move that could open the door to increased price competition." Chinese Insurers Hurt By Loss Of Price Controls China Life Insurance (HKG:2628) (NYSE:LFC), the largest life insurer  in China, fell 3.7 percent.

Chinese insurers were the only stocks that fell in Shanghai where 48 pout of the largest 50 stocks advanced. Coal and resource players rose the most, China Shenhua (SHA:601088), the largest Chinese coal miner, rose 4.3 percent. China Coal Energy (SHA:601898), the second largest coal miner, rose 3.9 percent.

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European indices fell on Monday ahead of U.S .earnings and renewed concerns about the Euro zone debt situation. The falling euro hurt the outlook for resource and energy stocks on Monday, hampering the chances of a strong market day for Aluminum Corp. of China (NYSE:ACH). But lower oil means cheaper kerosene for airliners, boosting the outlook for China Eastern Airlines (NYSE:CEA) and China Souther Airlines (NYSE:ZNH). CEA parent reported a profit of RMB2.2 billion for the first six months of 2010, suggesting the industry is in a solid footing for the rest of the year.



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