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China stocks cap second weekly gain

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advance7 January 20, 2012 (Chinavestor) China stocks extended their rally in Asia on Friday. The Shanghai Composite Index (SHA:000001) advanced 23.0 points or 1.0% on Friday, or a total of 75.16 points or 3.35% for the week. Investors embraced change in bank lending rules allowing banks to lend more, and slower manufacturing growth that may prompt additional fiscal easing. The Hang Seng Index (INDEXHANGSENG:.HSI) advanced 167.4 points or 0.8% on Friday rising 905.95 points or 4.72% for the week.

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China Shipping Development (HKG:1138) surged 8.2% on Friday, the most among 42 components of the Hang Seng Index (INDEXHANGSENG:.HSI), catching up with larger rival China COSCO (HKG:1919). Chinese container shippers rose on European bound export outlook for the week. But Ping An Insurance (HKG:2318) and Sinopec Corp. (HKG:0386) succumbed to profit taking after strong advances earlier the week.

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China Telecom (HKG:0728) was the best performing component of the iShares FTSE/Xinhua China 25 Index (NYSE:FXI) on Friday. Chinese telecom shares, China Mobile (HKG:0941), China Unicom (HKG:0762) and China Telecom (HKG:0728), advanced after adding a record 8.34 million new smartphone users earlier the month. China Life insurance (HKG:2628), China's largest life insurer, rose 2.1% on Friday or 10.75% for the week as outlook for investment related returns improved.



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