China shares shoot up

Chinese stocks shot to a five-year high yesterday, the Wall Street Journal reported, powered by Industrial and Commercial Bank of China's upcoming IPO and a newfound belief in China's stock markets. Heavy trading after the National Day holiday sent the Shanghai Composite Index up 1.9% to 1758.39, its highest level since September 2001. The nuclear test in North Korea, which sent other markets tumbling, did not seem to affect China. The country's benchmark index is up 54% this year following restructuring measures by regulators to better bridge the gap between the interests of minority shareholders and the government. In 2001, the market started a descent that wiped out about half of its value. To date, the index is still below the June 2001 high of 2237.49, the newspaper reported.