The bulls ran amok in the last trading hour on the Shanghai and Shenzhen stock exchanges yesterday, sending prices to their highest levels since the interest rate cuts on May 1.
Analysts said the benign domestic economic background, talk of another cut in interest rates in July, and speculation of stronger Beijing support for Pudong lifted investor confidence.
For the first time in about three weeks - when the markets began rallying on rumours of the first interest rate cuts - Shanghai led Shenzhen in yesterday's price climb.
The Shanghai A-Share Index climbed 31 points, or 4.34 per cent, to 742.49 points.
Nearly four-fifths of the gain were recorded in the last hour, when investors went on a buying binge, especially in stocks tied to Pudong's development.
Lujiazui Finance and Free Trade Zone, Zhangjiang Hi-tech Co and Jinqiao Export Processing Zone - all involved in developing Pudong - were among the favourites.
