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2013.05.1002:30:22UTC+00Hong Kong stocks advance; China resources power down

Hong Kong stocks pushed higher in a back and forth trading early Friday, with Chinese property developers and banks leading the gains to offset a steep decline in shares of China Resources Power Holdings Co. The Hang Seng Index jumped 0.2% at 23,249.82 and the Hang Seng China Enterprises Index bolstered 0.4% to 11,312.09. Shares of China Resources Power down turned 9.3% after the utility declared plans to take over piped-gas distributor China Resources Gas Ltd. via a stock offer. China Resources Gas up 0.2%. The diminishing remarks in the China Resources Power shares was countered by a 0.4% rebound in shares of China Overseas Land & Investment Ltd. and a 0.8% bounce for China Construction Bank Corp. from Thursday's steep declines. Refining giant China Petroleum & Chemical Corp., or Sinopec, recorded a 0.4% gain on reports China will increase motor fuel prices with effect from Friday. China's Shanghai Composite traded 0.5% higher after Thursday's decline in the wake of a higher-than-expected increase in April consumer prices.

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