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Stocks rise to 5-month high

(China Daily)
Updated: 2009-02-17 07:48

China's benchmark stock index yesterday rose to a five-and-a-half-month high on investor confidence over added liquidity in the market.

The benchmark Shanghai Composite Index rose 3 percent, or 68.59 points, to 2,389.59, its highest close since Aug 29. And the Shenzhen Composite Index added 1.9 percent to close at 763.3.

The rise was driven not by economic fundamentals, but by a surge in bank lending, which has sent money flowing into the market, analysts said.