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2015.01.1400:02:40UTC+00Chinese stocks rally most in a week led by financial shares

Chinese stocks advanced most in today’s session after banks surged amid bets of government stimulus to bolster economic growth.

The Shanghai Composite Index added 0.4% to 3,248.28. Hong Kong’s Hang Seng China Enterprises Index rose by 0.4% as well. The Hang Seng Index and the CSI 300 Index also advanced by 0.2% and 0.4% respectively.

Industrial & Commercial Bank of China Ltd. along with China Construction Bank Co. rallied by more than 1.7% each. Power Construction Corporation of China Ltd. soared by 5.3% while Jiangxi Copper Co. shed 2.9%.

China’s benchmark index has already advanced a total of 61% for the year 2014, making it the best performer out of 93 global indices. Speculations of a government stimulus to support the economy in the form of easing in the monetary policy is still spreading across the market.

Meanwhile crude oil prices continued to drop as it reached a six-year low. Brent brought prices well below the $50 mark at $45.19  while West Texas Intermediate priced in at $45.89 per barrel, losing 0.4%. US stocks rallied in early trade before erasing gains of as much as 282 points for the Dow after commodity prices plummeted. 

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