China’s stocks rose to the highest level since March 2008, led by technology and industrial companies, on speculation the government will do more to support the economy.
CSR Corp. and China CNR Corp. both surged by the 10 percent daily limit after the two trainmakers said their merger got regulatory approvals. TCL Corp., China’s biggest publicly traded consumer-electronics maker, jumped 3.7 percent on a plan to buy shares of a lender. Large-company shares also rallied, with Industrial & Commercial Bank of China Ltd. and Jiangxi Copper Co. climbing at least 1.4 percent.
The Shanghai Composite Index rose 1 percent to 3,903.43 at 9:58 a.m. The gauge has soared 90 percent over the past 12 months, the best performing major global index among 93 measures tracked by Bloomberg, on speculation the central bank will continue to lower borrowing costs and on increased use of leverage to buy stocks.