Stocks advance on optimism over earnings

SHANGHAI - Stocks on the Chinese mainland advanced on Friday.

The rise capped a weekly gain for the benchmark index, as signs of an expanding economy bolstered optimism that earnings will increase.

A gauge of financial companies gained the most in six weeks as Bank of China Ltd climbed after reporting record profit. Gree Electric Appliances Inc surged to an all-time high as Sinolink Securities Co boosted its earnings estimates after the maker of domestic air conditioners recorded a jump in annual net income. Hainan Airlines Co, the carrier whose profit soared 800 percent in 2010, rose 5.95 percent on government plans to allow tax-free shopping on the island.