Shanghai shares close at highest in over 7 weeks
HONG KONG: Shanghai shares closed at their highest level in more than 7 weeks on Friday as Chinese banks were buoyed by stronger-than-expected lending data, adding to hopes that the economy is stabilising.
The Shanghai Composite Index ended up 0.9 per cent at 2,070.71 points, its highest close since April 22.
The CSI300 of the leading Shanghai and Shenzhen A-share listings jumped 1.1 per cent to close at a one-month high.
On the week, the CSI300 and the Shanghai benchmark were both up around 2 per cent.
Bank of China and Agricultural Bank of China
climbed 1.5 and 1.2 per cent to their highest since mid-December.
The auto sector also outperformed after Tesla Motors said it would allow others to use its intellectual property in hopes of speeding up development of electric cars by all manufacturers.
Warren Buffett-backed BYD spiked 5.9 per cent, and was the leading CSI300 per centage gainer. Chongqing Changan Automobile leapt 3.7 per cent.
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