HONG KONG, June 13 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 percent 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 percent to close at a one-month
On the week, the CSI300 and the Shanghai benchmark were both
up around 2 percent.
Bank of China and Agricultural Bank of China
climbed 1.5 and 1.2 percent to their highest since
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 percent,
and was the leading CSI300 percentage gainer. Chongqing Changan
Automobile leapt 3.7 percent.
(Reporting by Grace Li; Editing by Kim Coghill)