Leo Zhang/Shanghai Daily news

Shanghai shares extended their gains for a seventh straight week after full-year reports by fund managers showed their optimism in China's securities industry this year by boosting their portfolios.
The Shanghai Composite Index, which tracks yuan-backed Class A shares and hard-currency Class B stock, added 0.24 percent to 1,254.60, wrapping up the week with a nearly 3 percent gain. The A-share index grew 0.23 percent to 1,315.46 and the B-share index gained 0.79 percent to 85.48.
China's 50 securities-investment funds, which have unveiled their 2005 financial reports, boosted exposure to stock and bonds to 71.15 percent of total assets they manage, up 0.51 percentage point from a quarter earlier, the Shanghai Securities News reported, citing a stock consultancy firm.
Most of the fund managers expect the stock market to rise as conversion of non-tradable equities into traded common stock will enhance the investment value, the newspaper said.
Gold miners jumped after metal futures climbed 2.7 percent in New York to US$559 an ounce, the highest close since January 21, 1981.
Zhongjin Gold Corp, China's biggest listed gold producer, added 3.47 percent to 10.73 yuan (US$1.30). Shandong Gold Mining Co soared 5.52 percent to 17.20 yuan.
Baoshan Iron & Steel Co, China's biggest steelmaker, shed 0.25 percent to 4.06 yuan.