Shanghai Composite Index tops 5,000 for first time since 2008

The Shanghai Composite Index climbed above 5,000 points for the first time in seven years, the latest milestone in a world-beating rally. -- PHOTO: EPA
The Shanghai Composite Index climbed above 5,000 points for the first time in seven years, the latest milestone in a world-beating rally. -- PHOTO: EPA

SHANGHAI (BLOOMBERG) - The Shanghai Composite Index climbed above 5,000 points for the first time in seven years, the latest milestone in a world-beating rally.

China's benchmark gauge rose 2 per cent to 5,046.04 at 9:31 a.m. local time. Gains were led by Bank of China Ltd. and PetroChina Co.

The index has rallied 147 per cent in the past 12 months, helping add more than US$4 trillion to China's market capitalization. Fueled by record margin debt, stocks have risen as the government takes steps to boost faltering growth in the second-largest economy and widens foreign access to the nation's financial markets.