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Shanghai's stocks advanced, led by Bank of China Ltd after it said 2006 profit rose more than 50 percent.

The Shanghai Composite Index, the most widely followed indicator of the Chinese stock market, rose 2.87 percent today to close at 3,014.44 points. The smaller Shenzhen Component Index climbed 1.59 percent to close at 8,276.80 points. Turnover on the Shanghai Stock Exchange amounted to 94.82 billion yuan (US$12.26 billion).

Graphical chart of Composite Index on the Shanghai Stock Exchange. [stockstar.com]

Bank of China, the country's second-biggest listed lender, rose 0.29 yuan, or 5.8 percent, to 5.29 yuan. The lender said 2006 profit surged more than 50 percent after its income tax bill was reduced by 4.6 billion yuan. The lender didn't provide a profit figure in its statement to the Shanghai Stock Exchange today.

Related readings:  Interest rate up to check lending growth  China raises benchmark interest rates by 0.27%  Minsheng profit up

China Minsheng Banking Corp jumped after the country's two biggest insurers bought a 10 percent stake in the lender, according to Bloomberg.

Minsheng Banking, the nation's first privately controlled lender, advanced 0.89 yuan, or 7.89 percent, to 11.90 yuan. China Life Insurance Co and Ping An Insurance (Group) Co paid a combined 10.8 billion yuan for about 10 percent of the lender.

"Solid earnings growth will attract more institutional investors into the banking sector," said Fan Dizhao, who helps manage the equivalent of US$1.8 billion at Guotai Asset Management Co in Shanghai.

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