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Record bank profits lift China stocks

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cash_1 August 25, 2011 (Chinavestor) Chinese stocks advanced in Asia on Thursday for two main reasons. Hong Kong investors pushed the Hang Seng Index (INDEXHANGSENG:.HSI) 285.7 or 1.4% higher after a broad rally lifted the DJIA a day before. Fears are easing about global economic slowdown, evidenced by a resurgent DJIA and Hang Seng. The second reason for the rally was better than expected banking profits in China, reassuring investors on the Mainland that the economy remained resilient to global woes. The Shanghai Composite Index (SHA:000001) surged 74.2 points or 2.8% on Thursday in a broad rally.

Industrial and Commercial Bank of China (SHA:601398), the largest financial institution in the world, surged 2.5% after reporting record profits. Each and every major financial institution, including Bank of China (SHA:601988) and China Construction Bank (SHA:601939), reported record profits thanks to strong lending. The rally was universal in Shanghai, all of the 50 largest components of the Shanghai Composite Index (SHA:000001) advanced.

Investors in Hong Kong kept an eye on the U.S. trimming gains for the day. Only seven out of 42 components of the Hang Seng Index (INDEXHANGSENG:.HSI) shed for the day but the rest advanced. China Unicom (HKG:0762) surged 12.3% after a much better quarterly report. China Mobile (NYSE:CHL) and China Telecom (NYSE:CHL) reported earnings earlier the week with China Unicom (NYSE:CHU) delivering the most bang among the three. But China Life Insurance (HKG:2628) continued a slide after a disappointing financial report.

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Most components of the iShares FTSE/Xinhua China 25 Index (NYSE:FXI) advanced in Hong Kong, boding well for the ETF. Small caps enjoyed a similarly broad rally for stocks that advanced outnumbered those that fell seven to one among 150 plus components of the Guggenheim China Small Cap ETF (NYSE:HAO).

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Most of the earnings announcements done for ther week, investors continue to digest what's been said.China stock earnings calendar, Aug. 22-26 Aluminum Corp. of China (NYSE:ACH) is to report later the week.



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