June 13, 2014 / 7:10 AM / 4 years ago

Shanghai shares close at highest in over 7 weeks

HONG KONG, June 13 (Reuters) - 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 high.

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 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 percent, and was the leading CSI300 percentage gainer. Chongqing Changan Automobile leapt 3.7 percent. (Reporting by Grace Li; Editing by Kim Coghill)

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